Van ECK Associates Corp Lowers Position in Canadian Solar Inc. (CSIQ)

Van ECK Associates Corp trimmed its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 34.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 55,244 shares of the solar energy provider’s stock after selling 29,192 shares during the quarter. Van ECK Associates Corp owned 0.10% of Canadian Solar worth $930,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Columbus Circle Investors increased its stake in Canadian Solar by 292.7% during the 3rd quarter. Columbus Circle Investors now owns 78,380 shares of the solar energy provider’s stock worth $1,320,000 after purchasing an additional 58,421 shares in the last quarter. Cipher Capital LP increased its stake in Canadian Solar by 11.7% during the 3rd quarter. Cipher Capital LP now owns 108,975 shares of the solar energy provider’s stock worth $1,835,000 after purchasing an additional 11,394 shares in the last quarter. Global X MANAGEMENT CO LLC increased its stake in Canadian Solar by 9.5% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 41,031 shares of the solar energy provider’s stock worth $691,000 after purchasing an additional 3,550 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new stake in Canadian Solar during the 3rd quarter worth approximately $2,526,000. Finally, J&P China Capital Management CO. Ltd. bought a new stake in Canadian Solar during the 3rd quarter worth approximately $11,792,000. 42.52% of the stock is owned by institutional investors and hedge funds.

Several equities analysts have recently weighed in on the stock. B. Riley reaffirmed a “neutral” rating on shares of Canadian Solar in a research note on Wednesday, November 1st. Roth Capital raised shares of Canadian Solar from a “neutral” rating to a “buy” rating and set a $24.00 price target for the company in a research note on Friday, November 10th. Zacks Investment Research cut shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. Axiom Securities set a $26.00 price target on shares of Canadian Solar and gave the stock a “buy” rating in a research note on Wednesday, November 15th. Finally, BidaskClub raised shares of Canadian Solar from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $20.01.

Shares of Canadian Solar Inc. (NASDAQ:CSIQ) opened at $17.97 on Friday. The company has a market capitalization of $1,042.32, a P/E ratio of 85.57, a PEG ratio of 0.71 and a beta of 3.09. The company has a quick ratio of 0.88, a current ratio of 0.95 and a debt-to-equity ratio of 0.45. Canadian Solar Inc. has a twelve month low of $10.86 and a twelve month high of $19.09.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, November 9th. The solar energy provider reported $0.22 EPS for the quarter, meeting the consensus estimate of $0.22. The company had revenue of $912.20 million during the quarter, compared to the consensus estimate of $812.37 million. Canadian Solar had a return on equity of 1.32% and a net margin of 0.84%. The firm’s revenue for the quarter was up 38.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.27 EPS. analysts forecast that Canadian Solar Inc. will post 0.97 earnings per share for the current year.

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About Canadian Solar

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.

Institutional Ownership by Quarter for Canadian Solar (NASDAQ:CSIQ)

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