Logan Capital Management Inc. Trims Position in Canadian Solar Inc. (NASDAQ:CSIQ)

Logan Capital Management Inc. reduced its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 86.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,214 shares of the solar energy provider’s stock after selling 39,515 shares during the period. Logan Capital Management Inc.’s holdings in Canadian Solar were worth $104,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Quarry LP purchased a new position in shares of Canadian Solar during the 2nd quarter valued at approximately $31,000. Daiwa Securities Group Inc. grew its position in Canadian Solar by 20.3% during the third quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock valued at $149,000 after buying an additional 1,500 shares during the period. Private Advisor Group LLC purchased a new position in Canadian Solar in the third quarter valued at $219,000. Northwestern Mutual Wealth Management Co. raised its position in shares of Canadian Solar by 43.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock worth $232,000 after acquiring an additional 4,739 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its stake in shares of Canadian Solar by 27.6% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock worth $257,000 after acquiring an additional 3,768 shares in the last quarter. 52.36% of the stock is owned by hedge funds and other institutional investors.

Canadian Solar Stock Up 2.5 %

Shares of NASDAQ CSIQ opened at $12.69 on Friday. 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 company has a 50-day moving average of $13.00 and a 200 day moving average of $14.54. Canadian Solar Inc. has a 12-month low of $10.91 and a 12-month high of $26.85. The stock has a market cap of $839.56 million, a PE ratio of -105.75, a P/E/G ratio of 8.89 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings results on Thursday, December 5th. The solar energy provider reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.44) by $0.13. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.71 billion. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The business’s revenue for the quarter was down 18.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 earnings per share. As a group, sell-side analysts predict that Canadian Solar Inc. will post 0.06 EPS for the current fiscal year.

Analyst Ratings Changes

CSIQ has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price target on Canadian Solar from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, December 5th. Jefferies Financial Group initiated coverage on Canadian Solar in a research report on Friday, November 22nd. They set a “buy” rating and a $14.15 target price on the stock. Roth Mkm cut their price target on shares of Canadian Solar from $25.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 26th. Citigroup downgraded shares of Canadian Solar from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $19.00 to $11.00 in a report on Tuesday, October 22nd. Finally, The Goldman Sachs Group cut their target price on shares of Canadian Solar from $18.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, August 26th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $19.04.

About Canadian Solar

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.