California Public Employees Retirement System Has $2.33 Million Stock Position in Canadian Solar Inc. (NASDAQ:CSIQ)

California Public Employees Retirement System lowered its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 4.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 88,896 shares of the solar energy provider’s stock after selling 4,583 shares during the quarter. California Public Employees Retirement System owned about 0.14% of Canadian Solar worth $2,332,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CSIQ. Mackenzie Financial Corp boosted its stake in Canadian Solar by 23.4% in the 3rd quarter. Mackenzie Financial Corp now owns 3,108,915 shares of the solar energy provider’s stock worth $69,795,000 after purchasing an additional 589,400 shares during the period. Clear Harbor Asset Management LLC lifted its holdings in shares of Canadian Solar by 21.5% in the third quarter. Clear Harbor Asset Management LLC now owns 11,870 shares of the solar energy provider’s stock valued at $292,000 after purchasing an additional 2,100 shares in the last quarter. Assetmark Inc. boosted its position 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 worth $59,000 after buying an additional 993 shares during the period. 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 worth $37,000 after buying an additional 1,000 shares in the last quarter. Finally, Duality Advisers LP raised its position in Canadian Solar by 31.8% in the 3rd quarter. Duality Advisers LP now owns 38,767 shares of the solar energy provider’s stock valued at $954,000 after buying an additional 9,362 shares during the last quarter. Institutional investors and hedge funds own 52.36% of the company’s stock.

Canadian Solar Stock Performance

Shares of NASDAQ CSIQ opened at $16.79 on Monday. 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 company has a market capitalization of $1.11 billion, a P/E ratio of 4.33, a P/E/G ratio of 0.26 and a beta of 1.29. Canadian Solar Inc. has a 12 month low of $14.11 and a 12 month high of $45.29. The stock has a 50 day moving average of $18.15 and a 200-day moving average of $20.87.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. StockNews.com raised shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Thursday, April 11th. Citigroup lowered their price target on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Wells Fargo & Company cut their price target on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. Daiwa Capital Markets began 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. Finally, The Goldman Sachs Group dropped their target price on Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. 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 company. According to MarketBeat, Canadian Solar has a consensus rating of “Hold” and a consensus target price of $31.78.

About Canadian Solar

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