Guinness Asset Management LTD Cuts Position in Canadian Solar Inc. (NASDAQ:CSIQ)

Guinness Asset Management LTD reduced its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 24.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 731,812 shares of the solar energy provider’s stock after selling 234,396 shares during the period. Guinness Asset Management LTD owned approximately 1.11% of Canadian Solar worth $8,139,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. USCF Advisers LLC boosted its holdings in Canadian Solar by 66.7% during the fourth quarter. USCF Advisers LLC now owns 2,500 shares of the solar energy provider’s stock worth $28,000 after buying an additional 1,000 shares in the last quarter. American Century Companies Inc. lifted its position in shares of Canadian Solar by 8.0% during the 2nd quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Canadian Solar by 20.3% during the 3rd 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 in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Canadian Solar by 1.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 110,188 shares of the solar energy provider’s stock worth $1,847,000 after acquiring an additional 1,522 shares during the period. Finally, Quarry LP purchased a new position in Canadian Solar in the 2nd quarter valued at approximately $31,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Trading Down 0.6 %

CSIQ stock opened at $11.05 on Monday. The stock’s fifty day simple moving average is $11.94 and its 200-day simple moving average is $13.56. Canadian Solar Inc. has a 52-week low of $10.60 and a 52-week high of $25.43. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06.

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 company 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 firm’s revenue was down 18.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 EPS. Equities analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CSIQ shares. Jefferies Financial Group initiated coverage on Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 target price on the stock. Citigroup lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and lowered their price target for the company from $19.00 to $11.00 in a research report on Tuesday, October 22nd. Wells Fargo & Company cut their price objective on Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday. Finally, The Goldman Sachs Group downgraded Canadian Solar from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $14.00 to $11.00 in a research report on Tuesday, December 17th. Five research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $18.31.

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.