Legal & General Group Plc Reduces Holdings in Canadian Solar Inc. $CSIQ

Legal & General Group Plc decreased its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 25.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,523,837 shares of the solar energy provider’s stock after selling 527,391 shares during the period. Legal & General Group Plc’s holdings in Canadian Solar were worth $36,224,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Invesco Ltd. grew its stake in shares of Canadian Solar by 19.3% in the 3rd quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after buying an additional 356,625 shares during the period. Polunin Capital Partners Ltd purchased a new stake in shares of Canadian Solar in the 4th quarter valued at approximately $43,692,000. Two Sigma Investments LP purchased a new stake in shares of Canadian Solar in the 3rd quarter valued at approximately $11,544,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Canadian Solar by 20.9% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider’s stock valued at $9,539,000 after buying an additional 145,867 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in shares of Canadian Solar by 18.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 661,186 shares of the solar energy provider’s stock valued at $8,622,000 after buying an additional 104,364 shares during the period. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Down 6.1%

Shares of NASDAQ CSIQ opened at $19.02 on Friday. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -7.55 and a beta of 1.44. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. Canadian Solar Inc. has a 52-week low of $9.41 and a 52-week high of $34.59. The business’s 50 day moving average is $15.34 and its two-hundred day moving average is $19.84.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.35. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm’s quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.07) earnings per share. Research analysts predict that Canadian Solar Inc. will post -1.16 EPS for the current year.

Insider Buying and Selling

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total value of $28,610.16. Additional details regarding this sale are available in the official SEC disclosure. 21.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CSIQ. Weiss Ratings reissued a “sell (d+)” rating on shares of Canadian Solar in a research note on Friday, March 27th. Oppenheimer dropped their price target on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, March 20th. Mizuho dropped their price target on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a research note on Monday, March 23rd. Wall Street Zen raised shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Finally, Freedom Capital cut shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $18.36.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.