Varma Mutual Pension Insurance Co Makes New $15.97 Million Investment in Canadian Solar Inc. $CSIQ

Varma Mutual Pension Insurance Co purchased a new position in Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, HoldingsChannel.com reports. The fund purchased 133,846 shares of the solar energy provider’s stock, valued at approximately $15,967,000.

Other large investors have also made changes to their positions in the company. Westpac Banking Corp acquired a new position in Canadian Solar in the 2nd quarter valued at about $245,000. Sumitomo Life Insurance Co. acquired a new stake in shares of Canadian Solar during the 2nd quarter worth about $1,174,000. Korea Investment CORP acquired a new stake in shares of Canadian Solar during the 2nd quarter worth about $26,611,000. EP Wealth Advisors LLC purchased a new stake in shares of Canadian Solar during the second quarter worth about $337,000. Finally, Callan Family Office LLC purchased a new stake in shares of Canadian Solar during the second quarter worth about $2,308,000. Institutional investors and hedge funds own 52.36% of the company’s stock.

Insider Transactions at Canadian Solar

In related news, Director Leslie Li Hsien Chang sold 1,767 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 21.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CSIQ. 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. Mizuho lifted their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, June 15th. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Finally, Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $11.00 to $18.00 in a report on Wednesday, July 22nd. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Canadian Solar has an average rating of “Hold” and an average target price of $19.36.

Canadian Solar Trading Down 1.2%

Shares of CSIQ stock opened at $14.55 on Friday. The firm has a market cap of $987.95 million, a P/E ratio of -5.77 and a beta of 1.52. Canadian Solar Inc. has a 1-year low of $9.41 and a 1-year high of $34.59. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The firm’s 50-day simple moving average is $15.20 and its 200-day simple moving average is $16.29.

Canadian Solar Company 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.