First Trust Advisors LP boosted its position in Canadian Solar Inc. (NASDAQ:CSIQ) by 1.4% during the second quarter, Holdings Channel reports. The fund owned 56,443 shares of the company’s stock after buying an additional 801 shares during the period. First Trust Advisors LP owned about 0.10% of Canadian Solar worth $853,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in the company. Guinness Asset Management Ltd increased 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 worth $183,000 after buying an additional 4,200 shares in the last quarter. Gamco Investors INC. ET AL bought a new position in shares of Canadian Solar during the second quarter worth about $184,000. Cambridge Investment Research Advisors Inc. bought a new position in shares of Canadian Solar during the second quarter worth about $189,000. Tairen Capital Ltd bought a new position in shares of Canadian Solar during the second quarter worth about $191,000. Finally, Fox Run Management L.L.C. bought a new position in shares of Canadian Solar during the second quarter worth about $206,000. Institutional investors own 34.50% of the company’s stock.
Canadian Solar Inc. (NASDAQ:CSIQ) traded down 3.37% during midday trading on Friday, hitting $14.34. 1,005,319 shares of the company traded hands. The stock has a 50 day moving average price of $13.19 and a 200-day moving average price of $15.72. Canadian Solar Inc. has a 12-month low of $11.72 and a 12-month high of $29.83. The company has a market cap of $826.06 million, a PE ratio of 5.43 and a beta of 2.57.
Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, August 18th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.31. Canadian Solar had a return on equity of 19.71% and a net margin of 4.45%. The business had revenue of $805.90 million for the quarter, compared to analyst estimates of $735.82 million. During the same quarter last year, the firm earned $0.31 EPS. Canadian Solar’s revenue for the quarter was up 26.6% compared to the same quarter last year. Analysts expect that Canadian Solar Inc. will post $1.56 EPS for the current year.
CSIQ has been the subject of several recent research reports. Vetr upgraded shares of Canadian Solar from a “hold” rating to a “buy” rating and set a $14.92 target price for the company in a report on Tuesday. Cowen and Company initiated coverage on shares of Canadian Solar in a report on Thursday, August 25th. They set an “outperform” rating and a $28.50 target price for the company. Canaccord Genuity set a $20.00 target price on shares of Canadian Solar and gave the company a “buy” rating in a report on Friday, August 19th. JMP Securities initiated coverage on shares of Canadian Solar in a report on Thursday, September 8th. They set a “market perform” rating for the company. Finally, FBR & Co dropped their target price on shares of Canadian Solar from $32.00 to $23.00 and set an “outperform” rating for the company in a report on Friday, August 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $23.10.
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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