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 reduced its holdings in JinkoSolar Holding Company Limited (NYSE:JKS - Free Report) by 12.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,263,223 shares of the semiconductor company's stock after selling 325,085 shares during the quarter. Mackenzie Financial Corp owned 4.26% of JinkoSolar worth $42,186,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hussman Strategic Advisors Inc. purchased a new position in shares of JinkoSolar in the first quarter worth approximately $2,349,000. SG Americas Securities LLC grew its position in JinkoSolar by 8.9% during the first quarter. SG Americas Securities LLC now owns 62,745 shares of the semiconductor company's stock valued at $1,170,000 after purchasing an additional 5,110 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in JinkoSolar by 42.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 49,365 shares of the semiconductor company's stock valued at $1,229,000 after purchasing an additional 14,765 shares in the last quarter. Twinbeech Capital LP grew its position in JinkoSolar by 219.9% during the fourth quarter. Twinbeech Capital LP now owns 25,960 shares of the semiconductor company's stock valued at $646,000 after purchasing an additional 17,846 shares in the last quarter. Finally, Millennium Management LLC purchased a new position in JinkoSolar during the fourth quarter valued at approximately $2,846,000. 35.82% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

JinkoSolar Stock Performance

Shares of JinkoSolar stock traded down $0.40 on Friday, reaching $21.54. The stock had a trading volume of 391,362 shares, compared to its average volume of 641,307. The business's 50-day moving average price is $21.33 and its two-hundred day moving average price is $20.32. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.07 and a current ratio of 1.33. JinkoSolar Holding Company Limited has a fifty-two week low of $13.42 and a fifty-two week high of $37.36. The stock has a market cap of $1.11 billion, a P/E ratio of -4.29 and a beta of 0.21.

JinkoSolar Announces Dividend

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

JinkoSolar Company Profile

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.