JinkoSolar (NYSE:JKS) Trading Up 5.6% - Time to Buy?

Key Points

• JinkoSolar's stock price increased by 5.6% during trading, reaching $22.93, despite a significant drop in trading volume compared to the average.
• Citigroup has downgraded JinkoSolar's stock from a "buy" to a "sell" rating, contributing to a consensus rating of "Hold" among analysts.
• JinkoSolar recently announced a quarterly dividend of $0.325 per share, indicating an annualized yield of 5.5% despite a negative dividend payout ratio.

JinkoSolar Holding Company Limited (NYSE:JKS - Get Free Report)'s share price shot up 5.6% on Friday . The company traded as high as $22.57 and last traded at $22.93. 100,838 shares changed hands during trading, a decline of 87% from the average session volume of 771,129 shares. The stock had previously closed at $21.72.

Analyst Ratings Changes

Separately, Citigroup lowered shares of JinkoSolar from a "buy" rating to a "sell" rating in a research report on Monday, May 5th. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Reduce" and a consensus target price of $27.19.

JinkoSolar Stock Performance

The stock's 50-day simple moving average is $22.21 and its 200 day simple moving average is $20.43. The stock has a market capitalization of $1.21 billion, a price-to-earnings ratio of -4.68 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 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 16th. Shareholders of record on Wednesday, July 2nd were issued a dividend of $0.325 per share. This represents a $1.30 annualized dividend and a yield of 5.5%. The ex-dividend date was Wednesday, July 2nd. JinkoSolar's dividend payout ratio (DPR) is -25.50%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in shares of JinkoSolar in the second quarter valued at approximately $47,000. XTX Topco Ltd acquired a new position in JinkoSolar during the second quarter worth $1,160,000. JPMorgan Chase & Co. boosted its holdings in JinkoSolar by 7,759.6% during the second quarter. JPMorgan Chase & Co. now owns 11,082 shares of the semiconductor company's stock worth $235,000 after purchasing an additional 10,941 shares during the last quarter. MTM Investment Management LLC acquired a new position in JinkoSolar during the second quarter worth $28,000. Finally, Geode Capital Management LLC boosted its holdings in JinkoSolar by 9.9% during the second quarter. Geode Capital Management LLC now owns 37,671 shares of the semiconductor company's stock worth $799,000 after purchasing an additional 3,394 shares during the last quarter. 35.82% of the stock is currently owned by institutional investors.

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.