Russell Investments Group Ltd. Cuts Stock Holdings in Canadian Solar Inc. (NASDAQ:CSIQ)

Russell Investments Group Ltd. trimmed its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) by 45.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 65,508 shares of the solar energy provider’s stock after selling 54,654 shares during the period. Russell Investments Group Ltd. owned about 0.10% of Canadian Solar worth $2,024,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Great West Life Assurance Co. Can boosted its position in Canadian Solar by 115.7% during 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. Toroso Investments LLC boosted its holdings in shares of Canadian Solar by 24.2% during the third quarter. Toroso Investments LLC now owns 2,727 shares of the solar energy provider’s stock worth $102,000 after purchasing an additional 531 shares during the period. Credit Agricole S A purchased a new stake in shares of Canadian Solar during the third quarter worth about $149,000. Daiwa Securities Group Inc. boosted its holdings in shares of Canadian Solar by 12.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 5,400 shares of the solar energy provider’s stock worth $167,000 after purchasing an additional 600 shares during the period. Finally, McGowan Group Asset Management Inc. purchased a new stake in shares of Canadian Solar during the third quarter worth about $219,000. 47.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup lowered shares of Canadian Solar from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $45.00 to $44.00 in a report on Thursday, March 9th. Wells Fargo & Company increased their target price on shares of Canadian Solar from $33.00 to $46.00 and gave the stock an “equal weight” rating in a report on Thursday, February 9th. StockNews.com assumed coverage on shares of Canadian Solar in a report on Thursday. They set a “hold” rating for the company. The Goldman Sachs Group increased their target price on shares of Canadian Solar from $33.00 to $36.00 in a report on Monday, January 30th. Finally, Oppenheimer increased their price target on shares of Canadian Solar from $60.00 to $68.00 in a research note on Friday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $47.20.

Canadian Solar Price Performance

CSIQ stock opened at $40.21 on Monday. Canadian Solar Inc. has a 1 year low of $26.86 and a 1 year high of $47.69. The company has a market cap of $2.58 billion, a P/E ratio of 8.96 and a beta of 1.46. The firm has a 50-day moving average of $38.21 and a 200 day moving average of $37.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.07 and a quick ratio of 0.78.

Canadian Solar (NASDAQ:CSIQ – Get Rating) last released its quarterly earnings results on Thursday, May 18th. The solar energy provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.71. Canadian Solar had a net margin of 3.97% and a return on equity of 14.44%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the firm earned $0.14 earnings per share. Canadian Solar’s revenue was up 36.1% on a year-over-year basis. On average, sell-side analysts forecast that Canadian Solar Inc. will post 5.3 EPS for the current year.

About Canadian Solar

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Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules, provision of solar energy and battery storage solutions, and development of utility-scale solar and battery storage products. It operates through the CSI Solar and Global Energy segments. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.