Van ECK Associates Corp Buys 47,126 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Van ECK Associates Corp increased its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 262.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 65,081 shares of the solar energy provider’s stock after buying an additional 47,126 shares during the period. Van ECK Associates Corp owned about 0.10% of Canadian Solar worth $1,707,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Adirondack Trust Co. increased its holdings in Canadian Solar by 200.0% in the 3rd quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock worth $37,000 after acquiring an additional 1,000 shares during the last quarter. USCF Advisers LLC increased its stake in shares of Canadian Solar by 87.5% in the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock worth $39,000 after purchasing an additional 700 shares in the last quarter. Assetmark Inc. raised its position in shares of Canadian Solar by 71.2% in the third quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider’s stock valued at $59,000 after purchasing an additional 993 shares during the period. Campbell & CO Investment Adviser LLC lifted its stake in shares of Canadian Solar by 51.3% during the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 8,447 shares of the solar energy provider’s stock valued at $208,000 after buying an additional 2,865 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new position in Canadian Solar in the 3rd quarter worth approximately $310,000. Institutional investors own 52.36% of the company’s stock.

Wall Street Analyst Weigh In

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

Canadian Solar Stock Up 0.2 %

CSIQ opened at $17.60 on Thursday. The business’s fifty day simple moving average is $17.93 and its 200 day simple moving average is $20.78. Canadian Solar Inc. has a 52 week low of $14.11 and a 52 week high of $45.29. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The stock has a market cap of $1.16 billion, a PE ratio of 4.54, a P/E/G ratio of 0.26 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last announced 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 firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.69 billion. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The company’s revenue was down 13.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.11 EPS. As a group, research analysts expect that Canadian Solar Inc. will post 2.58 earnings per share for the current fiscal year.

Canadian Solar Company Profile

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.