Acadian Asset Management LLC decreased its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 56.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 140,347 shares of the solar energy provider’s stock after selling 184,031 shares during the period. Acadian Asset Management LLC owned approximately 0.24% of Canadian Solar worth $4,925,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale lifted its stake in shares of Canadian Solar by 20.0% in the third quarter. DekaBank Deutsche Girozentrale now owns 132,000 shares of the solar energy provider’s stock valued at $4,505,000 after purchasing an additional 22,000 shares during the period. Sei Investments Co. acquired a new stake in shares of Canadian Solar in the second quarter valued at about $436,000. Morgan Stanley lifted its stake in shares of Canadian Solar by 16.3% in the first quarter. Morgan Stanley now owns 2,031,349 shares of the solar energy provider’s stock valued at $32,319,000 after purchasing an additional 284,991 shares during the period. Standard Life Aberdeen plc lifted its stake in shares of Canadian Solar by 1.4% in the third quarter. Standard Life Aberdeen plc now owns 36,968 shares of the solar energy provider’s stock valued at $1,298,000 after purchasing an additional 495 shares during the period. Finally, Trexquant Investment LP acquired a new stake in shares of Canadian Solar in the second quarter valued at about $334,000. Hedge funds and other institutional investors own 40.17% of the company’s stock.
CSIQ has been the subject of several recent analyst reports. BidaskClub upgraded shares of Canadian Solar from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, September 30th. Oppenheimer lifted their target price on shares of Canadian Solar from $33.00 to $48.00 and gave the stock an “outperform” rating in a research report on Friday. Roth Capital lifted their target price on shares of Canadian Solar from $32.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Canadian Solar from $30.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 21st. Finally, ValuEngine upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, October 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $37.17.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Wednesday, November 18th. The solar energy provider reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.20. The business had revenue of $914.36 million during the quarter, compared to the consensus estimate of $860.54 million. Canadian Solar had a net margin of 8.04% and a return on equity of 13.22%. During the same period in the previous year, the firm posted $0.96 earnings per share. As a group, analysts forecast that Canadian Solar Inc. will post 1.91 EPS for the current fiscal year.
About Canadian Solar
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products. The company operates through two segments, Module and System Solutions (MSS), and Energy. The MSS segment engages in the design, development, manufacture, and sale of a range of solar power products, including standard solar modules, specialty solar products, and solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories.
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