JPMorgan Chase & Co. Decreases Stock Holdings in Canadian Solar Inc. (NASDAQ:CSIQ)

JPMorgan Chase & Co. trimmed its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 10.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 8,552 shares of the solar energy provider’s stock after selling 974 shares during the quarter. JPMorgan Chase & Co.’s holdings in Canadian Solar were worth $143,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of CSIQ. Quarry LP purchased a new position in Canadian Solar during the 2nd quarter valued at about $31,000. Daiwa Securities Group Inc. grew its position in shares of Canadian Solar by 20.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,900 shares of the solar energy provider’s stock worth $149,000 after buying an additional 1,500 shares during the last quarter. Private Advisor Group LLC purchased a new position in shares of Canadian Solar during the third quarter valued at approximately $219,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Canadian Solar by 43.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,733 shares of the solar energy provider’s stock valued at $232,000 after acquiring an additional 4,739 shares in the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Canadian Solar by 8.0% during the second quarter. American Century Companies Inc. now owns 18,716 shares of the solar energy provider’s stock valued at $276,000 after acquiring an additional 1,383 shares in the last quarter. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

CSIQ stock opened at $10.31 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.85 and a current ratio of 1.06. The firm has a 50 day moving average price of $11.73 and a 200-day moving average price of $13.19. Canadian Solar Inc. has a 52-week low of $10.09 and a 52-week high of $24.32. The firm has a market capitalization of $682.11 million, a price-to-earnings ratio of -85.92, a PEG ratio of 0.67 and a beta of 1.27.

Canadian Solar (NASDAQ:CSIQ) last posted its quarterly earnings data on Thursday, December 5th. The solar energy provider reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.13. Canadian Solar had a return on equity of 0.02% and a net margin of 0.01%. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the company earned $0.32 EPS. The firm’s revenue for the quarter was down 18.4% on a year-over-year basis. Equities research analysts forecast that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Canadian Solar from $13.00 to $10.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. The Goldman Sachs Group lowered shares of Canadian Solar from a “neutral” rating to a “sell” rating and cut their target price for the company from $14.00 to $11.00 in a research note on Tuesday, December 17th. StockNews.com downgraded shares of Canadian Solar from a “hold” rating to a “sell” rating in a research note on Friday. Jefferies Financial Group assumed coverage on shares of Canadian Solar in a report on Friday, November 22nd. They issued a “buy” rating and a $14.15 price objective for the company. Finally, Mizuho started coverage on Canadian Solar in a report on Friday, December 13th. They set an “outperform” rating and a $20.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Canadian Solar currently has an average rating of “Hold” and a consensus target price of $18.31.

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.