Canadian Solar Inc. (NASDAQ:CSIQ) Shares Sold by Guinness Asset Management LTD

Guinness Asset Management LTD cut its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 24.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 731,812 shares of the solar energy provider’s stock after selling 234,396 shares during the period. Guinness Asset Management LTD’s holdings in Canadian Solar were worth $8,139,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CSIQ. Mackenzie Financial Corp increased its position in shares of Canadian Solar by 25.4% in the second quarter. Mackenzie Financial Corp now owns 5,115,665 shares of the solar energy provider’s stock worth $75,456,000 after acquiring an additional 1,037,800 shares in the last quarter. Cerity Partners LLC boosted its position in Canadian Solar by 131.5% during the 3rd quarter. Cerity Partners LLC now owns 428,733 shares of the solar energy provider’s stock worth $7,186,000 after purchasing an additional 243,542 shares during the period. Barclays PLC increased its holdings in Canadian Solar by 494.4% in the 3rd quarter. Barclays PLC now owns 115,328 shares of the solar energy provider’s stock valued at $1,932,000 after purchasing an additional 95,924 shares in the last quarter. Quantbot Technologies LP purchased a new position in Canadian Solar in the third quarter valued at about $1,109,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Canadian Solar by 101.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 113,461 shares of the solar energy provider’s stock worth $1,902,000 after purchasing an additional 57,246 shares in the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Trading Down 0.6 %

Shares of NASDAQ CSIQ opened at $11.05 on Monday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The stock’s 50 day moving average price is $11.94 and its two-hundred day moving average price is $13.56. Canadian Solar Inc. has a 52-week low of $10.60 and a 52-week high of $25.43.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period last year, the business posted $0.32 earnings per share. The firm’s revenue for the quarter was down 18.4% on a year-over-year basis. As a group, equities research analysts predict that Canadian Solar Inc. will post -0.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group lowered Canadian Solar from a “neutral” rating to a “sell” rating and lowered their target price for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday. Wells Fargo & Company reduced their target price on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Finally, Mizuho assumed coverage on shares of Canadian Solar in a report on Friday, December 13th. They issued an “outperform” rating and a $20.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $18.31.

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.