Canadian Solar Inc. (NASDAQ:CSIQ) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB cut its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 31.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,096,448 shares of the solar energy provider’s stock after selling 501,827 shares during the period. Handelsbanken Fonder AB owned 1.70% of Canadian Solar worth $28,760,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Canadian Solar by 3.6% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 15,844 shares of the solar energy provider’s stock valued at $390,000 after buying an additional 556 shares during the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Canadian Solar by 8.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock valued at $326,000 after buying an additional 928 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Canadian Solar by 71.2% during the third quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider’s stock valued at $59,000 after buying an additional 993 shares during the last quarter. Adirondack Trust Co. grew its holdings in shares of Canadian Solar by 200.0% during the third quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock valued at $37,000 after buying an additional 1,000 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Canadian Solar by 1.7% during the third quarter. California Public Employees Retirement System now owns 93,479 shares of the solar energy provider’s stock valued at $2,301,000 after buying an additional 1,595 shares during the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group dropped their price objective on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Citigroup dropped their price objective on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Wells Fargo & Company dropped their price objective on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, March 19th. Daiwa Capital Markets began coverage on shares of Canadian Solar in a report on Monday, March 11th. They issued a “neutral” rating and a $21.00 price target on the stock. Finally, StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Canadian Solar has a consensus rating of “Hold” and an average price target of $31.78.

Canadian Solar Trading Up 3.9 %

CSIQ stock opened at $14.97 on Tuesday. The company’s 50-day simple moving average is $19.36 and its 200-day simple moving average is $21.29. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. Canadian Solar Inc. has a 52-week low of $14.11 and a 52-week high of $45.29. The firm has a market cap of $965.65 million, a P/E ratio of 3.86, a PEG ratio of 0.22 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.11. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period in the prior year, the company posted $1.11 EPS. The company’s revenue for the quarter was down 13.7% on a year-over-year basis. As a group, equities analysts forecast that Canadian Solar Inc. will post 2.58 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.