Vanguard Group Inc. Purchases 8,317 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Vanguard Group Inc. lifted its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,964,359 shares of the solar energy provider’s stock after purchasing an additional 8,317 shares during the period. Vanguard Group Inc. owned 3.05% of Canadian Solar worth $48,343,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CSIQ. Adirondack Trust Co. increased its position in Canadian Solar by 200.0% during the third quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock worth $37,000 after buying an additional 1,000 shares during the last quarter. Quarry LP increased its holdings in shares of Canadian Solar by 1,268.6% in the first quarter. Quarry LP now owns 958 shares of the solar energy provider’s stock valued at $38,000 after purchasing an additional 888 shares during the last quarter. Great West Life Assurance Co. Can grew its stake in Canadian Solar by 115.7% in the 1st 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 last quarter. State of Tennessee Treasury Department acquired a new position in shares of Canadian Solar in the second quarter valued at approximately $54,000. Finally, Assetmark Inc. increased its position in Canadian Solar by 71.2% during the 3rd quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider’s stock worth $59,000 after buying an additional 993 shares during the period. 52.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on CSIQ shares. The Goldman Sachs Group decreased their target price on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Daiwa Capital Markets started coverage on Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price objective for the company. Wells Fargo & Company reduced their target price on Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 19th. Citigroup dropped their price target on Canadian Solar from $26.00 to $24.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $31.78.

Canadian Solar Stock Up 1.3 %

CSIQ stock opened at $17.37 on Tuesday. The firm has a 50-day moving average price of $20.64 and a 200-day moving average price of $21.86. Canadian Solar Inc. has a 12 month low of $17.08 and a 12 month high of $45.29. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $1.12 billion, a P/E ratio of 4.48, a price-to-earnings-growth ratio of 0.27 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.11. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.69 billion. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The firm’s revenue was down 13.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.11 EPS. As a group, equities research analysts anticipate that Canadian Solar Inc. will post 2.57 EPS for the current fiscal year.

Canadian Solar Profile

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.