Guinness Asset Management LTD Trims Holdings in Canadian Solar Inc. $CSIQ

Guinness Asset Management LTD lessened its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 8.4% during the third quarter, Holdings Channel.com reports. The firm owned 359,996 shares of the solar energy provider’s stock after selling 33,120 shares during the quarter. Guinness Asset Management LTD’s holdings in Canadian Solar were worth $4,648,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Mackenzie Financial Corp grew its position in Canadian Solar by 7.4% during the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock valued at $64,969,000 after purchasing an additional 405,800 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Canadian Solar by 21.7% in the 2nd quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock worth $20,039,000 after buying an additional 324,254 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Canadian Solar by 20.9% during 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 purchasing an additional 145,867 shares during the period. Goldman Sachs Group Inc. increased its holdings in Canadian Solar by 20.1% during the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider’s stock valued at $4,748,000 after buying an additional 92,002 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Canadian Solar by 646.2% during the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock valued at $3,081,000 after purchasing an additional 204,623 shares in the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Stock Down 8.2%

NASDAQ CSIQ opened at $18.98 on Friday. The stock has a 50 day moving average price of $22.81 and a 200-day moving average price of $18.13. Canadian Solar Inc. has a one year low of $6.57 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.86 and a current ratio of 1.07. The company has a market capitalization of $1.27 billion, a P/E ratio of -52.72 and a beta of 1.28.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, November 13th. The solar energy provider reported ($0.58) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.50. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The company had revenue of $1.49 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the prior year, the firm earned ($0.31) earnings per share. Canadian Solar’s revenue was down 1.3% on a year-over-year basis. As a group, equities analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CSIQ shares. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Canadian Solar in a report on Monday, December 29th. UBS Group lifted their target price on Canadian Solar from $15.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, November 19th. Jefferies Financial Group restated a “hold” rating and issued a $19.64 price target (up from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd. Roth Mkm boosted their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday, November 17th. Finally, Citigroup reaffirmed a “sell” rating and set a $11.00 target price on shares of Canadian Solar in a research note on Tuesday, October 21st. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and five have assigned a Sell rating to the company. According to data from MarketBeat, Canadian Solar has a consensus rating of “Reduce” and a consensus target price of $19.85.

Canadian Solar Profile

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.