Legal & General Group Plc purchased a new position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,986,362 shares of the solar energy provider's stock, valued at approximately $475,550,000. Legal & General Group Plc owned approximately 5.87% of Canadian Solar at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of CSIQ. The Manufacturers Life Insurance Company bought a new position in shares of Canadian Solar during the 2nd quarter valued at about $192,000. The Manufacturers Life Insurance Company bought a new stake in Canadian Solar during the 2nd quarter worth approximately $631,683,000. Jones Financial Companies Lllp acquired a new stake in Canadian Solar during the 2nd quarter worth approximately $100,000. OMERS ADMINISTRATION Corp bought a new position in Canadian Solar in the second quarter valued at approximately $25,239,000. Finally, Sanctuary Advisors LLC bought a new position in Canadian Solar in the second quarter valued at approximately $978,000. Institutional investors and hedge funds own 52.36% of the company's stock.
Canadian Solar Price Performance
Shares of CSIQ opened at $14.28 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. Canadian Solar Inc. has a twelve month low of $9.41 and a twelve month high of $34.59. The stock has a market capitalization of $969.61 million, a P/E ratio of -5.67 and a beta of 1.52. The company has a 50 day moving average of $15.10 and a 200-day moving average of $16.18.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on CSIQ. Mizuho increased their price objective on shares of Canadian Solar from $15.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, June 15th. Freedom Capital lowered shares of Canadian Solar from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 19th. Citigroup upgraded Canadian Solar from a "sell" rating to a "neutral" rating and increased their target price for the stock from $11.00 to $18.00 in a report on Wednesday, July 22nd. Finally, Wall Street Zen raised Canadian Solar from a "strong sell" rating to a "sell" rating in a research note on Saturday, May 23rd. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Canadian Solar has a consensus rating of "Hold" and a consensus price target of $19.36.
Check Out Our Latest Stock Analysis on CSIQ
Canadian Solar Profile
(
Free Report)
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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