Bank of New York Mellon Corp Makes New Investment in Canadian Solar Inc. $CSIQ

Key Points

• Bank of New York Mellon acquired 117,036 Canadian Solar shares worth approximately $1.875 million, representing a 0.17% stake. Other institutions also initiated positions, while institutional investors and hedge funds collectively own 52.36% of the company.
• Canadian Solar shares opened at $13.87 after recently trading up 4.9%, but the company reported a significant quarterly loss of $1.40 per share, missing estimates by $1.22, while revenue declined 28.7% year over year to $1.21 billion.
• Analyst sentiment remains cautious: three analysts rate CSIQ a Buy, seven a Hold, and four a Sell, producing an average rating of “Reduce” and an average price target of $17.75.

Bank of New York Mellon Corp acquired a new stake in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 117,036 shares of the solar energy provider's stock, valued at approximately $1,875,000. Bank of New York Mellon Corp owned 0.17% of Canadian Solar at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CSIQ. Kelleher Financial Advisors purchased a new stake in shares of Canadian Solar in the second quarter valued at about $186,000. Bridgewater Advisors Inc. purchased a new stake in Canadian Solar during the 2nd quarter valued at approximately $213,000. Focus Partners Advisor Solutions LLC purchased a new stake in Canadian Solar during the 2nd quarter valued at approximately $244,000. Quarry LP acquired a new stake in Canadian Solar during the 4th quarter worth approximately $54,000. Finally, Taikang Asset Management Hong Kong Co Ltd acquired a new stake in Canadian Solar during the 4th quarter worth approximately $69,000. 52.36% of the stock is owned by institutional investors and hedge funds.

Canadian Solar Trading Up 4.9%

Shares of CSIQ opened at $13.87 on Wednesday. Canadian Solar Inc. has a twelve month low of $10.56 and a twelve month high of $34.59. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $941.73 million, a P/E ratio of -3.61 and a beta of 1.51. The firm's 50-day moving average is $14.64 and its two-hundred day moving average is $15.71.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings results on Thursday, August 27th. The solar energy provider reported ($1.40) EPS for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The firm had revenue of $1.21 billion for the quarter, compared to analysts' expectations of $1.17 billion. Canadian Solar had a negative return on equity of 5.57% and a negative net margin of 3.73%.Canadian Solar's revenue was down 28.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.53) EPS. On average, research analysts predict that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CSIQ. Freedom Capital lowered Canadian Solar from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 19th. Wells Fargo & Company decreased their price target on Canadian Solar from $18.00 to $17.00 and set an "equal weight" rating for the company in a report on Monday, August 31st. Weiss Ratings lowered shares of Canadian Solar from a "sell (d+)" rating to a "sell (d)" rating in a research report on Thursday, August 27th. Citigroup dropped their price objective on shares of Canadian Solar from $18.00 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, August 27th. Finally, Roth Capital set a $15.00 price objective on shares of Canadian Solar in a research report on Friday, August 28th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Canadian Solar presently has an average rating of "Reduce" and an average price target of $17.75.

Canadian Solar Company 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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