Alberta Investment Management Corp Takes $89.51 Million Position in Canadian Solar Inc. $CSIQ

Alberta Investment Management Corp bought a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 750,814 shares of the solar energy provider's stock, valued at approximately $89,510,000. Canadian Solar makes up approximately 0.5% of Alberta Investment Management Corp's portfolio, making the stock its 28th largest position. Alberta Investment Management Corp owned about 1.11% of Canadian Solar at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CSIQ. Bank of New York Mellon Corp purchased a new position in Canadian Solar during the 2nd quarter valued at about $1,875,000. Centric Wealth Management purchased a new stake in Canadian Solar during the second quarter worth about $528,000. Focus Partners Advisor Solutions LLC acquired a new stake in Canadian Solar in the 2nd quarter valued at about $244,000. State of Wyoming purchased a new position in shares of Canadian Solar in the 2nd quarter valued at about $945,000. Finally, Kelleher Financial Advisors purchased a new position in shares of Canadian Solar in the 2nd quarter valued at about $186,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Canadian Solar Price Performance

CSIQ opened at $15.14 on Monday. Canadian Solar Inc. has a one year low of $9.41 and a one year high of $34.59. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06. The stock has a market capitalization of $1.03 billion, a P/E ratio of -6.01 and a beta of 1.52. The business's 50-day simple moving average is $15.33 and its 200-day simple moving average is $16.46.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its quarterly earnings results on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.06) by $0.35. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $950.43 million. Canadian Solar had a negative return on equity of 4.20% and a negative net margin of 1.87%.The firm's quarterly revenue was down 9.9% compared to the same quarter last year. During the same quarter last year, the business posted ($1.07) EPS. Analysts anticipate that Canadian Solar Inc. will post -1.81 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CSIQ. Wall Street Zen raised shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a report on Saturday, May 23rd. Mizuho boosted their price target 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. Freedom Capital downgraded shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 19th. Finally, Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and lifted their price objective for the stock from $11.00 to $18.00 in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $19.36.

Insider Activity

In other news, Director Andrew Luen Cheung Wong sold 1,752 shares of the business's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $16.33, for a total value of $28,610.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Leslie Li Hsien Chang sold 1,767 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $19.45, for a total value of $34,368.15. The SEC filing for this sale provides additional information. Insiders own 21.50% of the company's stock.

Canadian Solar Profile

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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