Northwestern Mutual Wealth Management Co. Has $5.33 Million Stock Holdings in Canadian Solar Inc. $CSIQ

Key Points

• Northwestern Mutual Wealth Management Co. sharply increased its Canadian Solar stake in the fourth quarter, raising its holdings by 14,259.7% to 224,011 shares worth about $5.33 million.
• Canadian Solar’s latest quarterly results beat expectations, with EPS of -$0.71 versus the expected -$1.06 and revenue of $1.08 billion, above analyst estimates of $950.43 million.
• Analysts remain cautious on the stock: the consensus rating is “Reduce” with a target price of $18.36, while several firms recently cut their price targets.

Northwestern Mutual Wealth Management Co. increased its position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 14,259.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 224,011 shares of the solar energy provider's stock after buying an additional 222,451 shares during the period. Northwestern Mutual Wealth Management Co. owned 0.33% of Canadian Solar worth $5,325,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Hussman Strategic Advisors Inc. bought a new position in Canadian Solar in the 4th quarter valued at about $2,995,000. State of New Jersey Common Pension Fund D bought a new position in Canadian Solar in the 4th quarter valued at about $389,000. UBS Group AG lifted its position in Canadian Solar by 71.3% in the 4th quarter. UBS Group AG now owns 399,963 shares of the solar energy provider's stock valued at $9,507,000 after acquiring an additional 166,412 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new position in Canadian Solar in the 4th quarter valued at about $48,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Canadian Solar by 43.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,880 shares of the solar energy provider's stock valued at $164,000 after acquiring an additional 2,084 shares in the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Canadian Solar

In other Canadian Solar news, Director Andrew Luen Cheung Wong sold 1,752 shares of Canadian Solar stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $16.33, for a total transaction of $28,610.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 21.50% of the stock is currently owned by corporate insiders.

Canadian Solar Price Performance

Canadian Solar stock opened at $18.88 on Friday. Canadian Solar Inc. has a 52 week low of $9.41 and a 52 week high of $34.59. The company's 50 day moving average price is $15.24 and its two-hundred day moving average price is $20.04. The company has a quick ratio of 0.81, a current ratio of 1.06 and a debt-to-equity ratio of 0.99. The stock has a market cap of $1.28 billion, a P/E ratio of -7.49 and a beta of 1.44.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last posted its earnings results on Friday, May 15th. The solar energy provider reported ($0.71) EPS for the quarter, topping the consensus estimate of ($1.06) by $0.35. Canadian Solar had a negative net margin of 1.87% and a negative return on equity of 4.20%. The firm had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $950.43 million. During the same quarter last year, the firm earned ($1.07) EPS. The company's quarterly revenue was down 9.9% compared to the same quarter last year. On average, equities analysts predict that Canadian Solar Inc. will post -1.16 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Oppenheimer dropped their price target on shares of Canadian Solar from $38.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, March 20th. Mizuho dropped their price target on shares of Canadian Solar from $19.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, March 23rd. Roth Mkm dropped their price target on shares of Canadian Solar from $30.00 to $15.00 and set a "neutral" rating on the stock in a research report on Monday, March 23rd. Wells Fargo & Company dropped their price target on shares of Canadian Solar from $23.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 8th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Canadian Solar in a research report on Friday, March 27th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, Canadian Solar has a consensus rating of "Reduce" and a consensus target price of $18.36.

Canadian Solar 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.

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