Mackenzie Financial Corp Sells 325,085 Shares of JinkoSolar Holding Company Limited (NYSE:JKS)

Key Points

• Mackenzie Financial Corp has reduced its stake in JinkoSolar by 12.6% to approximately $42.19 million, owning 2,263,223 shares following the sale of 325,085 shares in the first quarter.
• JinkoSolar reported a significant earnings miss with a loss of ($2.85) per share, which was below analyst expectations, although revenue for the quarter was slightly above estimates at $1.91 billion.
• The company has announced a quarterly dividend of $0.325 per share, resulting in an annualized payout of $1.30 and a dividend yield of 5.78% despite a negative payout ratio of -54.98%.

Mackenzie Financial Corp lessened its stake in shares of JinkoSolar Holding Company Limited (NYSE:JKS - Free Report) by 12.6% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,263,223 shares of the semiconductor company's stock after selling 325,085 shares during the quarter. Mackenzie Financial Corp owned about 4.26% of JinkoSolar worth $42,186,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of JKS. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of JinkoSolar by 5.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 20,289 shares of the semiconductor company's stock worth $532,000 after buying an additional 1,028 shares during the last quarter. Pictet Asset Management Holding SA acquired a new stake in JinkoSolar in the 4th quarter worth about $5,948,000. Trexquant Investment LP acquired a new stake in JinkoSolar in the 4th quarter worth about $341,000. Russell Investments Group Ltd. acquired a new stake in JinkoSolar in the 4th quarter worth about $744,000. Finally, Himension Capital Singapore PTE. LTD. raised its stake in JinkoSolar by 472.8% in the 4th quarter. Himension Capital Singapore PTE. LTD. now owns 55,175 shares of the semiconductor company's stock worth $1,374,000 after purchasing an additional 45,542 shares in the last quarter. Institutional investors and hedge funds own 35.82% of the company's stock.

Wall Street Analyst Weigh In

Separately, Citigroup cut shares of JinkoSolar from a "buy" rating to a "sell" rating in a research note on Monday, May 5th. Four analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $27.19.

JinkoSolar Price Performance

Shares of NYSE:JKS traded down $0.40 during midday trading on Friday, hitting $21.54. The stock had a trading volume of 391,362 shares, compared to its average volume of 641,307. The company's 50-day moving average price is $21.27 and its 200-day moving average price is $20.36. The company has a market capitalization of $1.11 billion, a P/E ratio of -4.29 and a beta of 0.21. The company has a quick ratio of 1.07, a current ratio of 1.33 and a debt-to-equity ratio of 1.11. JinkoSolar Holding Company Limited has a fifty-two week low of $13.42 and a fifty-two week high of $37.36.

JinkoSolar (NYSE:JKS - Get Free Report) last issued its earnings results on Tuesday, April 29th. The semiconductor company reported ($2.85) EPS for the quarter, missing the consensus estimate of ($1.45) by ($1.40). The firm had revenue of $1.91 billion during the quarter, compared to analyst estimates of $1.89 billion. JinkoSolar had a negative net margin of 2.23% and a negative return on equity of 2.95%. JinkoSolar's quarterly revenue was down 39.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.34 earnings per share. As a group, equities research analysts predict that JinkoSolar Holding Company Limited will post -0.24 EPS for the current fiscal year.

JinkoSolar Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 16th. Stockholders of record on Wednesday, July 2nd were given a $0.325 dividend. The ex-dividend date was Wednesday, July 2nd. This represents a $1.30 annualized dividend and a dividend yield of 6.0%. JinkoSolar's payout ratio is presently -54.98%.

About JinkoSolar

JinkoSolar Holding Co, Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products. The company offers solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. It also provides solar system integration services; solar power generation and solar system EPC services; and energy storage system, as well as undertakes solar power projects.