JinkoSolar (NYSE:JKS) Announces Quarterly Earnings Results, Misses Estimates By $1.78 EPS

Key Points

• JinkoSolar reported a quarterly loss of $2.53 per share, missing analysts’ estimate of a $0.75 loss by $1.78. The company posted a negative 9.52% return on equity and a negative 5.62% net margin.
• Shares opened at $15.60 and were down 3.5%, with the stock trading near its 52-week low of $14.55 and well below its 200-day moving average of $21.27.
• Analysts maintain a consensus “Hold” rating, with an average price target of $24.38; ratings include one Strong Buy, one Buy, three Holds and two Sells.

JinkoSolar (NYSE:JKS - Get Free Report) posted its quarterly earnings results on Wednesday. The semiconductor company reported ($2.53) EPS for the quarter, missing analysts' consensus estimates of ($0.75) by ($1.78), Zacks reports. JinkoSolar had a negative return on equity of 9.52% and a negative net margin of 5.62%.

JinkoSolar Stock Down 3.5%

JKS stock opened at $15.60 on Wednesday. The stock has a fifty day moving average of $16.30 and a 200-day moving average of $21.27. JinkoSolar has a fifty-two week low of $14.55 and a fifty-two week high of $31.88. The company has a market capitalization of $816.87 million, a price-to-earnings ratio of -1.60 and a beta of 0.52. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.95 and a current ratio of 1.26.

JinkoSolar Dividend Announcement

The company also recently declared an annual dividend, which was paid on Thursday, July 9th. Stockholders of record on Monday, June 22nd were given a dividend of $1.50 per share. This represents a dividend yield of 837.0%. The ex-dividend date of this dividend was Monday, June 22nd. JinkoSolar's dividend payout ratio is currently -15.20%.

Insider Transactions at JinkoSolar

In related news, Director Wing Keong Siew sold 16,000 shares of the business's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $16.49, for a total value of $263,840.00. Following the sale, the director directly owned 170,000 shares in the company, valued at approximately $2,803,300. The trade was a 8.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 19.80% of the company's stock.

Institutional Trading of JinkoSolar

A number of institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. bought a new stake in JinkoSolar during the second quarter worth about $47,000. Federation des caisses Desjardins du Quebec lifted its position in shares of JinkoSolar by 277.9% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 7,086 shares of the semiconductor company's stock worth $183,000 after purchasing an additional 5,211 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of JinkoSolar during the 4th quarter valued at about $209,000. Russell Investments Group Ltd. purchased a new position in shares of JinkoSolar during the fourth quarter valued at about $215,000. Finally, JPMorgan Chase & Co. increased its position in shares of JinkoSolar by 7,759.6% during the second quarter. JPMorgan Chase & Co. now owns 11,082 shares of the semiconductor company's stock valued at $235,000 after buying an additional 10,941 shares during the period. 35.82% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. UBS Group increased their price target on JinkoSolar from $23.00 to $24.00 and gave the stock a "neutral" rating in a report on Friday, May 29th. Wall Street Zen upgraded JinkoSolar from a "sell" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Weiss Ratings restated a "sell (d)" rating on shares of JinkoSolar in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $24.38.

About JinkoSolar

JinkoSolar Holding Co, Ltd. NYSE: JKS is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world's largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers.

JinkoSolar's product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source