Canadian Solar Inc. $CSIQ Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc cut its Canadian Solar stake by 25.7% in the fourth quarter, selling 527,391 shares and ending with 1.52 million shares valued at about $36.2 million.
• Insider selling continued, with directors Leslie Li Hsien Chang and Andrew Luen Cheung Wong both selling shares in May. Corporate insiders still own about 21.5% of the stock.
• Analyst sentiment remains cautious after multiple target cuts, leaving Canadian Solar with a consensus rating of “Reduce” and an average price target of $18.36.

Legal & General Group Plc lowered its position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 25.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,523,837 shares of the solar energy provider's stock after selling 527,391 shares during the period. Legal & General Group Plc owned about 2.28% of Canadian Solar worth $36,224,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CSIQ. Goldman Sachs Group Inc. raised its position in shares of Canadian Solar by 20.1% in the first quarter. Goldman Sachs Group Inc. now owns 548,853 shares of the solar energy provider's stock worth $4,748,000 after acquiring an additional 92,002 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its position in shares of Canadian Solar by 141.9% in the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 9,100 shares of the solar energy provider's stock worth $100,000 after acquiring an additional 5,338 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Canadian Solar by 20.9% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 842,703 shares of the solar energy provider's stock worth $9,539,000 after acquiring an additional 145,867 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Canadian Solar in the second quarter worth about $33,000. Finally, Balyasny Asset Management L.P. acquired a new position in shares of Canadian Solar during the 2nd quarter worth about $790,000. Institutional investors and hedge funds own 52.36% of the company's stock.

Insider Activity

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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew Luen Cheung Wong sold 1,752 shares of the company's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The disclosure for this sale is available in the SEC filing. 21.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on CSIQ shares. Oppenheimer reduced their price target on shares of Canadian Solar from $38.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, March 20th. Weiss Ratings restated a "sell (d+)" rating on shares of Canadian Solar in a research report on Friday, March 27th. Wells Fargo & Company reduced their price target on shares of Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 8th. Wall Street Zen upgraded shares of Canadian Solar from a "strong sell" rating to a "sell" rating in a research report on Saturday, May 23rd. Finally, Roth Mkm reduced their price target on shares of Canadian Solar from $30.00 to $15.00 and set a "neutral" rating for the company in a research report on Monday, March 23rd. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $18.36.

Canadian Solar Stock Down 6.1%

Shares of NASDAQ CSIQ opened at $19.02 on Friday. Canadian Solar Inc. has a 12-month low of $9.41 and a 12-month high of $34.59. The stock has a market cap of $1.29 billion, a PE ratio of -7.55 and a beta of 1.44. The company has a current ratio of 1.06, a quick ratio of 0.81 and a debt-to-equity ratio of 0.99. The company has a 50-day moving average of $15.34 and a 200 day moving average of $19.84.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its quarterly earnings data on Friday, May 15th. The solar energy provider reported ($0.71) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The company had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $950.43 million. During the same quarter in the prior year, the company earned ($1.07) EPS. Canadian Solar's revenue was down 9.9% compared to the same quarter last year. As a group, sell-side analysts predict that Canadian Solar Inc. will post -1.16 EPS for the current fiscal year.

About Canadian Solar

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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