Findlay Park Partners LLP purchased a new stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,826,068 shares of the solar energy provider's stock, valued at approximately $217,740,000. Canadian Solar accounts for approximately 2.9% of Findlay Park Partners LLP's investment portfolio, making the stock its 8th biggest position. Findlay Park Partners LLP owned about 2.69% of Canadian Solar at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Deutsche Bank AG bought a new position in Canadian Solar during the 2nd quarter worth $722,850,000. BlackRock Inc. bought a new stake in shares of Canadian Solar in the second quarter valued at about $85,219,000. Invesco Ltd. boosted its position in shares of Canadian Solar by 19.3% in the third quarter. Invesco Ltd. now owns 2,200,622 shares of the solar energy provider's stock valued at $28,696,000 after acquiring an additional 356,625 shares during the period. Legal & General Group Plc grew its stake in shares of Canadian Solar by 13.0% in the third quarter. Legal & General Group Plc now owns 2,051,228 shares of the solar energy provider's stock valued at $26,741,000 after acquiring an additional 236,115 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in shares of Canadian Solar by 292.7% in the first quarter. Bank of America Corp DE now owns 1,071,486 shares of the solar energy provider's stock valued at $14,840,000 after acquiring an additional 798,610 shares in the last quarter. 52.36% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, Director Leslie Li Hsien Chang sold 1,767 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total transaction of $34,368.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 21.50% of the stock is owned by corporate insiders.
Canadian Solar Stock Performance
CSIQ opened at $14.55 on Friday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. Canadian Solar Inc. has a 52-week low of $9.41 and a 52-week high of $34.59. The firm has a market cap of $987.95 million, a P/E ratio of -5.77 and a beta of 1.52. The business's fifty day moving average is $15.20 and its 200-day moving average is $16.29.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on CSIQ shares. Wall Street Zen upgraded shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. Freedom Capital lowered shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Mizuho raised their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, June 15th. Finally, Citigroup upgraded shares of Canadian Solar from a "sell" rating to a "neutral" rating and lifted their price target for the company from $11.00 to $18.00 in a research report on Wednesday, July 22nd. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $19.36.
Read Our Latest Analysis on CSIQ
Canadian Solar Company Profile
(
Free Report)
Canadian Solar Inc NASDAQ: CSIQ is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world's largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.
In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.
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