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

Guinness Asset Management LTD trimmed its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 12.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 316,459 shares of the solar energy provider’s stock after selling 43,537 shares during the period. Guinness Asset Management LTD owned approximately 0.47% of Canadian Solar worth $7,693,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Invesco Ltd. lifted its holdings in shares of Canadian Solar by 19.3% during the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider’s stock valued at $28,696,000 after purchasing an additional 356,625 shares during the last quarter. Legal & General Group Plc lifted its holdings in shares of Canadian Solar by 13.0% during the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider’s stock valued at $26,741,000 after purchasing an additional 236,115 shares during the last quarter. Polunin Capital Partners Ltd purchased a new position in shares of Canadian Solar during the fourth quarter valued at approximately $43,692,000. Two Sigma Investments LP purchased a new position in shares of Canadian Solar during the third quarter valued at approximately $11,544,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Canadian Solar by 20.9% during the second 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 last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Trading Up 4.3%

NASDAQ:CSIQ opened at $18.88 on Friday. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. Canadian Solar Inc. has a 12 month low of $9.41 and a 12 month high of $34.59. The company has a market cap of $1.28 billion, a PE ratio of -7.49 and a beta of 1.44. The company has a 50 day simple moving average of $15.24 and a two-hundred day simple moving average of $20.04.

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

Insider Buying and Selling

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar 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. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 21.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Canadian Solar from $23.00 to $17.00 and set an “equal weight” rating for the company in a report on Wednesday, April 8th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a report on Friday, March 27th. Mizuho decreased their price objective on shares of Canadian Solar from $19.00 to $15.00 and set a “neutral” rating for the company in a report on Monday, March 23rd. Oppenheimer decreased their price objective on shares of Canadian Solar from $38.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, March 20th. Finally, Wall Street Zen upgraded shares of Canadian Solar from a “strong sell” rating to a “sell” rating in a report on Saturday. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat, Canadian Solar presently has an average rating of “Reduce” and a consensus price target of $18.36.

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.