Mackenzie Financial Corp Has $47.39 Million Position in Canadian Solar Inc. (NASDAQ:CSIQ)

Key Points

• Mackenzie Financial Corp has reduced its stake in Canadian Solar Inc. by 0.8%, now holding approximately 5.5 million shares valued at $47.4 million.
• Canadian Solar's stock has decreased by 2.9% recently, while it reported a quarterly loss of ($1.07) EPS, surpassing analyst expectations.
• Several institutional investors, including Wells Fargo and Cetera Investment Advisers, have increased their holdings in Canadian Solar in the last quarters.

Mackenzie Financial Corp reduced its position in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 0.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,479,065 shares of the solar energy provider's stock after selling 44,500 shares during the quarter. Mackenzie Financial Corp owned 8.28% of Canadian Solar worth $47,394,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. IvyRock Asset Management HK Ltd increased its position in Canadian Solar by 87.8% during the first quarter. IvyRock Asset Management HK Ltd now owns 2,607,700 shares of the solar energy provider's stock worth $22,557,000 after acquiring an additional 1,219,200 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Canadian Solar in the fourth quarter valued at approximately $1,769,000. Cerity Partners LLC grew its position in Canadian Solar by 52.2% during the first quarter. Cerity Partners LLC now owns 374,966 shares of the solar energy provider's stock worth $3,243,000 after buying an additional 128,669 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Canadian Solar by 32.0% during the 4th quarter. BNP Paribas Financial Markets now owns 323,238 shares of the solar energy provider's stock worth $3,594,000 after acquiring an additional 78,306 shares during the period. Finally, Bayesian Capital Management LP acquired a new position in Canadian Solar in the 4th quarter valued at $331,000. 52.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on CSIQ. Wall Street Zen raised Canadian Solar from a "sell" rating to a "hold" rating in a report on Friday, May 16th. The Goldman Sachs Group lifted their price objective on shares of Canadian Solar from $8.00 to $9.00 and gave the company a "sell" rating in a research note on Friday, May 16th. Wells Fargo & Company upped their target price on Canadian Solar from $10.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Friday, May 16th. Roth Capital set a $11.00 target price on Canadian Solar and gave the company a "neutral" rating in a report on Friday, May 16th. Finally, Mizuho lowered their price target on Canadian Solar from $17.00 to $15.00 and set an "outperform" rating for the company in a report on Monday, June 2nd. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Canadian Solar presently has a consensus rating of "Hold" and an average price target of $14.39.

Canadian Solar Trading Down 1.5%

Shares of NASDAQ:CSIQ traded down $0.17 during mid-day trading on Friday, reaching $11.32. 838,092 shares of the company's stock were exchanged, compared to its average volume of 1,678,078. The firm has a market capitalization of $758.12 million, a price-to-earnings ratio of -22.64 and a beta of 1.38. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.80 and a current ratio of 1.07. Canadian Solar Inc. has a twelve month low of $6.57 and a twelve month high of $19.55. The business's fifty day moving average price is $11.59 and its 200-day moving average price is $10.35.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Thursday, May 15th. The solar energy provider reported ($1.07) earnings per share for the quarter, topping analysts' consensus estimates of ($1.50) by $0.43. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.11 billion. Canadian Solar had a negative net margin of 0.18% and a negative return on equity of 4.34%. Canadian Solar's quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.19 earnings per share. On average, research analysts predict that Canadian Solar Inc. will post -0.23 EPS for the current fiscal year.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, provides solar energy and battery energy storage products and solutions in in Asia, the Americas, Europe, and internationally. The company operates through two segments, CSI Solar and Recurrent Energy. The CSI Solar segment designs, develops, and manufactures solar ingots, wafers, cells, modules, and other solar power and battery storage products.