Bank of Nova Scotia Acquires New Holdings in Canadian Solar Inc. (NASDAQ:CSIQ)

Bank of Nova Scotia acquired a new stake in shares of Canadian Solar Inc. (NASDAQ:CSIQGet Rating) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 34,320 shares of the solar energy provider’s stock, valued at approximately $1,069,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CSIQ. FinTrust Capital Advisors LLC acquired a new position in shares of Canadian Solar in the first quarter valued at approximately $40,000. Great West Life Assurance Co. Can boosted its holdings in shares of Canadian Solar by 115.7% in the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock valued at $41,000 after buying an additional 589 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Canadian Solar by 13.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,203 shares of the solar energy provider’s stock valued at $131,000 after buying an additional 483 shares during the period. Daiwa Securities Group Inc. boosted its holdings in shares of Canadian Solar by 91.3% in the first quarter. Daiwa Securities Group Inc. now owns 4,400 shares of the solar energy provider’s stock valued at $156,000 after buying an additional 2,100 shares during the period. Finally, Sustainable Insight Capital Management LLC acquired a new position in shares of Canadian Solar in the first quarter valued at approximately $202,000. Institutional investors and hedge funds own 50.21% of the company’s stock.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $36.21 on Friday. The company’s fifty day simple moving average is $35.14 and its 200-day simple moving average is $34.56. The company has a quick ratio of 0.86, a current ratio of 1.20 and a debt-to-equity ratio of 0.48. The firm has a market cap of $2.32 billion, a PE ratio of 17.08 and a beta of 1.28. Canadian Solar Inc. has a 12 month low of $22.15 and a 12 month high of $47.69.

Canadian Solar (NASDAQ:CSIQGet Rating) last posted its quarterly earnings results on Thursday, August 18th. The solar energy provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.37. Canadian Solar had a net margin of 2.29% and a return on equity of 5.81%. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.23 billion. During the same period in the prior year, the firm posted $0.18 earnings per share. The company’s quarterly revenue was up 61.8% compared to the same quarter last year. Equities research analysts expect that Canadian Solar Inc. will post 2.66 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. StockNews.com began coverage on shares of Canadian Solar in a report on Wednesday, October 12th. They issued a “hold” rating for the company. JPMorgan Chase & Co. cut their price objective on shares of Canadian Solar from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, October 20th. Finally, The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $43.00 to $38.00 in a research report on Wednesday, September 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $42.25.

About Canadian Solar

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Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.

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

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