Korea Investment CORP Acquires New Shares in Canadian Solar Inc. $CSIQ

Key Points

• Korea Investment Corp. acquired 223,067 shares of Canadian Solar in the second quarter, valued at approximately $26.6 million, giving it a 0.33% stake.
• Canadian Solar shares opened at $14.55, well below the analyst consensus target of $19.36. Analysts collectively rate the stock “Hold,” with three Buy, seven Hold, and three Sell ratings.
• Institutional investors own 52.36% of the company, while an insider recently sold 1,767 shares at an average price of $19.45.

Korea Investment CORP bought a new position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 223,067 shares of the solar energy provider's stock, valued at approximately $26,611,000. Korea Investment CORP owned 0.33% of Canadian Solar at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in CSIQ. Raymond James Financial Inc. bought a new position in Canadian Solar in the 2nd quarter worth about $33,000. Caitong International Asset Management Co. Ltd grew its holdings in Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider's stock worth $42,000 after buying an additional 2,463 shares in the last quarter. Optiver Holding B.V. acquired a new stake in Canadian Solar in the 1st quarter valued at approximately $44,000. China Universal Asset Management Co. Ltd. acquired a new stake in Canadian Solar in the 4th quarter valued at approximately $48,000. Finally, Quarry LP bought a new stake in Canadian Solar during the 4th quarter valued at $54,000. 52.36% of the stock is currently owned by institutional investors.

Canadian Solar Price Performance

Shares of NASDAQ CSIQ opened at $14.55 on Monday. Canadian Solar Inc. has a twelve month low of $9.41 and a twelve month high of $34.59. 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 firm has a 50-day moving average of $15.20 and a two-hundred day moving average of $16.27. The company has a market capitalization of $987.95 million, a price-to-earnings ratio of -5.77 and a beta of 1.52.

Insider Buying and Selling

In other Canadian Solar news, Director Leslie Li Hsien Chang sold 1,767 shares of Canadian Solar stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $19.45, for a total value of $34,368.15. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 21.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on CSIQ shares. Freedom Capital cut Canadian Solar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. 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 increased their target price on shares of Canadian Solar from $15.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, June 15th. Finally, Citigroup raised shares of Canadian Solar from a "sell" rating to a "neutral" rating and raised their target price for the company from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Three investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $19.36.

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.

Want to see what other hedge funds are holding CSIQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Canadian Solar Inc. (NASDAQ:CSIQ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source