DnB Asset Management AS Decreases Stock Position in Canadian Solar Inc. (NASDAQ:CSIQ)

DnB Asset Management AS reduced its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 13.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 859,216 shares of the solar energy provider’s stock after selling 137,520 shares during the quarter. DnB Asset Management AS owned approximately 1.30% of Canadian Solar worth $9,554,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. USCF Advisers LLC increased its stake in shares of Canadian Solar by 66.7% during the 4th quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after purchasing an additional 1,000 shares in the last quarter. Sciencast Management LP purchased a new position in Canadian Solar during the fourth quarter worth $113,000. Miracle Mile Advisors LLC acquired a new position in shares of Canadian Solar in the fourth quarter worth $133,000. Daiwa Securities Group Inc. raised its holdings in shares of Canadian Solar by 20.3% in the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Canadian Solar by 28.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 38,193 shares of the solar energy provider’s stock valued at $466,000 after acquiring an additional 8,505 shares in the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Trading Down 3.8 %

Shares of CSIQ opened at $9.23 on Friday. The stock’s fifty day simple moving average is $10.26 and its 200 day simple moving average is $12.04. Canadian Solar Inc. has a twelve month low of $9.13 and a twelve month high of $21.05. The company has a current ratio of 1.06, a quick ratio of 0.85 and a debt-to-equity ratio of 0.65. The firm has a market capitalization of $610.65 million, a P/E ratio of -76.92, a price-to-earnings-growth ratio of 0.74 and a beta of 1.34.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Tuesday, March 25th. The solar energy provider reported ($1.47) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($1.26). The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.57 billion. Canadian Solar had a net margin of 0.01% and a return on equity of 0.02%. During the same period in the prior year, the firm earned ($0.02) earnings per share. The business’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, equities research analysts forecast that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on CSIQ. Mizuho started coverage on shares of Canadian Solar in a research note on Friday, December 13th. They issued an “outperform” rating and a $20.00 target price for the company. Citigroup cut their price objective on shares of Canadian Solar from $12.00 to $11.00 and set a “sell” rating for the company in a research report on Wednesday. StockNews.com lowered shares of Canadian Solar from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. The Goldman Sachs Group lowered their target price on shares of Canadian Solar from $11.00 to $9.00 and set a “sell” rating for the company in a research note on Wednesday. Finally, Wells Fargo & Company reduced their price target on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Five equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Canadian Solar presently has a consensus rating of “Hold” and a consensus target price of $17.84.

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.