The Manufacturers Life Insurance Company Takes Position in Canadian Solar Inc. $CSIQ

The Manufacturers Life Insurance Company acquired a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, HoldingsChannel reports. The fund acquired 5,303,746 shares of the solar energy provider’s stock, valued at approximately $631,683,000. The Manufacturers Life Insurance Company owned approximately 0.08% of Canadian Solar at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Deutsche Bank AG bought a new stake in Canadian Solar in the 2nd quarter valued at about $722,850,000. UBS Group AG grew its position in Canadian Solar by 71.3% in the 4th quarter. UBS Group AG now owns 399,963 shares of the solar energy provider’s stock worth $9,507,000 after purchasing an additional 166,412 shares during the last quarter. Hsbc Holdings PLC grew its position in Canadian Solar by 930.3% in the 1st quarter. Hsbc Holdings PLC now owns 120,450 shares of the solar energy provider’s stock worth $1,668,000 after purchasing an additional 108,759 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in shares of Canadian Solar in the fourth quarter valued at approximately $2,995,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Canadian Solar by 14,259.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 224,011 shares of the solar energy provider’s stock valued at $5,325,000 after purchasing an additional 222,451 shares during the period. Institutional investors and hedge funds own 52.36% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Citigroup upgraded Canadian Solar from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $11.00 to $18.00 in a research report on Wednesday, July 22nd. Wall Street Zen upgraded Canadian Solar from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Freedom Capital downgraded Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 19th. Finally, Mizuho boosted their price target on Canadian Solar from $15.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, June 15th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.36.

Canadian Solar Stock Down 1.6%

CSIQ stock opened at $14.32 on Tuesday. The firm’s 50-day moving average is $15.15 and its two-hundred day moving average is $16.23. The company has a market capitalization of $972.33 million, a price-to-earnings ratio of -5.68 and a beta of 1.52. Canadian Solar Inc. has a 52 week low of $9.41 and a 52 week high of $34.59. 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 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.