Canadian Solar Inc. (NASDAQ:CSIQ) Shares Bought by State Street Corp

State Street Corp grew its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 5.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 486,800 shares of the solar energy provider’s stock after acquiring an additional 25,901 shares during the quarter. State Street Corp owned 0.74% of Canadian Solar worth $8,159,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CSIQ. Mackenzie Financial Corp boosted its stake in Canadian Solar by 25.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after purchasing an additional 1,037,800 shares in the last quarter. SIR Capital Management L.P. acquired a new stake in shares of Canadian Solar during the second quarter worth $3,994,000. Foundry Partners LLC purchased a new stake in shares of Canadian Solar during the second quarter valued at $3,667,000. Cerity Partners LLC increased its position in shares of Canadian Solar by 131.5% in the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock valued at $7,186,000 after acquiring an additional 243,542 shares during the period. Finally, Quantbot Technologies LP purchased a new position in Canadian Solar in the 3rd quarter worth $1,109,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Price Performance

Shares of CSIQ opened at $11.38 on Friday. The stock has a market cap of $752.89 million, a PE ratio of -94.83, a P/E/G ratio of 8.89 and a beta of 1.29. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.06 and a quick ratio of 0.85. The firm has a 50-day simple moving average of $12.51 and a two-hundred day simple moving average of $14.03. Canadian Solar Inc. has a 1-year low of $10.60 and a 1-year high of $26.85.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.13. The company had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.71 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. The firm’s quarterly revenue was down 18.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. As a group, analysts forecast that Canadian Solar Inc. will post 0.06 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Jefferies Financial Group assumed coverage on Canadian Solar in a report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price for the company. Citigroup cut shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $19.00 to $11.00 in a research note on Tuesday, October 22nd. Wells Fargo & Company cut their price objective on shares of Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, December 5th. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, December 18th. Finally, The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and cut their price target for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Five research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, Canadian Solar has a consensus rating of “Hold” and an average target price of $18.58.

Canadian Solar Company Profile

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.