California Public Employees Retirement System decreased its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 2.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,100 shares of the company’s stock after selling 3,800 shares during the period. California Public Employees Retirement System owned approximately 0.27% of Canadian Solar worth $2,315,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Guinness Asset Management Ltd raised its position in shares of Canadian Solar by 53.2% in the second quarter. Guinness Asset Management Ltd now owns 12,100 shares of the company’s stock valued at $183,000 after buying an additional 4,200 shares in the last quarter. Tairen Capital Ltd acquired a new position in shares of Canadian Solar during the second quarter valued at about $191,000. Fox Run Management L.L.C. acquired a new position in shares of Canadian Solar during the second quarter valued at about $206,000. Palo Capital Inc. acquired a new position in shares of Canadian Solar during the second quarter valued at about $374,000. Finally, Quantitative Systematic Strategies LLC raised its position in shares of Canadian Solar by 27.2% in the second quarter. Quantitative Systematic Strategies LLC now owns 25,421 shares of the company’s stock valued at $378,000 after buying an additional 5,435 shares in the last quarter. 34.50% of the stock is currently owned by institutional investors.
Shares of Canadian Solar Inc. (NASDAQ:CSIQ) traded up 1.929% during trading on Monday, reaching $14.005. The company’s stock had a trading volume of 1,142,801 shares. Canadian Solar Inc. has a 52 week low of $11.72 and a 52 week high of $29.83. The company has a 50 day moving average price of $13.02 and a 200 day moving average price of $15.89. The firm has a market capitalization of $806.76 million, a P/E ratio of 5.307 and a beta of 2.57.
Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings results on Thursday, August 18th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.31. The company earned $805.90 million during the quarter, compared to the consensus estimate of $735.82 million. Canadian Solar had a return on equity of 19.71% and a net margin of 4.45%. Canadian Solar’s revenue for the quarter was up 26.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 EPS. On average, equities research analysts expect that Canadian Solar Inc. will post $1.56 EPS for the current fiscal year.
Several research analysts recently issued reports on the company. Cowen and Company assumed coverage on Canadian Solar in a research report on Thursday, August 25th. They set an “outperform” rating and a $28.50 target price on the stock. Barclays PLC downgraded Canadian Solar from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $24.00 to $14.00 in a research note on Wednesday, August 24th. FBR & Co reiterated a “buy” rating and set a $32.00 price target on shares of Canadian Solar in a research note on Monday, June 27th. Zacks Investment Research upgraded Canadian Solar from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research note on Tuesday, July 5th. Finally, Standpoint Research reiterated a “buy” rating and set a $18.00 price target on shares of Canadian Solar in a research note on Tuesday, September 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $23.07.
About Canadian Solar
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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