Schwab Charles Investment Management Inc. boosted its holdings in Canadian Solar Inc. (NASDAQ:CSIQ) by 83.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,323 shares of the solar energy provider’s stock after purchasing an additional 22,399 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.09% of Canadian Solar worth $786,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Paloma Partners Management Co acquired a new position in Canadian Solar in the first quarter valued at $303,000. Fox Run Management L.L.C. acquired a new position in Canadian Solar in the second quarter valued at $476,000. Global X Management Co. LLC increased its stake in Canadian Solar by 67.7% in the second quarter. Global X Management Co. LLC now owns 37,481 shares of the solar energy provider’s stock valued at $597,000 after purchasing an additional 15,136 shares during the last quarter. Trellus Management Company LLC increased its stake in Canadian Solar by 88.0% during the second quarter. Trellus Management Company LLC now owns 37,600 shares of the solar energy provider’s stock worth $599,000 after acquiring an additional 17,600 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in Canadian Solar by 2.1% during the first quarter. California Public Employees Retirement System now owns 143,600 shares of the solar energy provider’s stock worth $1,762,000 after acquiring an additional 2,900 shares during the last quarter. Hedge funds and other institutional investors own 39.51% of the company’s stock.
CSIQ has been the subject of several research analyst reports. Zacks Investment Research lowered Canadian Solar from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 28th. Cowen and Company set a $13.00 price target on Canadian Solar and gave the stock a “hold” rating in a research note on Monday, July 10th. Barclays PLC lowered Canadian Solar from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $12.00 to $14.00 in a research note on Monday, August 21st. Axiom Securities restated a “buy” rating on shares of Canadian Solar in a research note on Saturday, July 22nd. Finally, BidaskClub lowered Canadian Solar from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $17.51.
Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Monday, August 14th. The solar energy provider reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.01. The firm had revenue of $692.37 million during the quarter, compared to analysts’ expectations of $631.05 million. Canadian Solar had a return on equity of 1.71% and a net margin of 1.01%. The business’s revenue for the quarter was down 14.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 earnings per share.
Canadian Solar Profile
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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