JinkoSolar (NYSE:JKS) Trading 5% Higher After Dividend Announcement

JinkoSolar Holding Co., Ltd. (NYSE:JKS - Get Free Report)'s stock price traded up 5% on Friday after the company announced a dividend. The company traded as high as $19.50 and last traded at $19.89. 182,058 shares traded hands during trading, a decline of 82% from the average session volume of 1,033,196 shares. The stock had previously closed at $18.95.

The newly announced dividend which will be paid on Wednesday, July 16th. Stockholders of record on Wednesday, July 2nd will be given a $0.325 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 6.49%. The ex-dividend date is Wednesday, July 2nd. JinkoSolar's dividend payout ratio is currently -29.48%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on JKS shares. UBS Group lowered their price objective on JinkoSolar from $25.00 to $22.00 and set a "neutral" rating for the company in a research report on Thursday, March 27th. Citigroup downgraded JinkoSolar from a "buy" rating to a "sell" rating in a research report on Monday, May 5th. Finally, The Goldman Sachs Group lowered their price objective on JinkoSolar from $20.00 to $18.00 and set a "sell" rating for the company in a research report on Thursday, March 27th. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $27.19.

JinkoSolar Stock Performance

The stock has a 50-day simple moving average of $17.87 and a 200-day simple moving average of $21.08. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.22 and a quick ratio of 0.97. The stock has a market cap of $1.03 billion, a PE ratio of 33.95 and a beta of 0.18.

JinkoSolar (NYSE:JKS - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The semiconductor company reported ($2.85) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.45) by ($1.40). JinkoSolar had a net margin of 0.53% and a return on equity of 4.18%. The firm had revenue of $1.91 billion for the quarter, compared to analysts' expectations of $1.89 billion. During the same period last year, the firm posted $1.34 EPS. JinkoSolar's revenue was down 39.9% on a year-over-year basis. Equities analysts predict that JinkoSolar Holding Co., Ltd. will post -0.24 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. lifted its stake in shares of JinkoSolar by 15.3% during the first quarter. Invesco Ltd. now owns 1,418,425 shares of the semiconductor company's stock worth $26,439,000 after purchasing an additional 187,930 shares in the last quarter. Greenwoods Asset Management Hong Kong Ltd. lifted its stake in shares of JinkoSolar by 37.0% during the first quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 780,933 shares of the semiconductor company's stock worth $14,557,000 after purchasing an additional 211,000 shares in the last quarter. Acadian Asset Management LLC lifted its stake in shares of JinkoSolar by 41.2% during the first quarter. Acadian Asset Management LLC now owns 387,834 shares of the semiconductor company's stock worth $7,220,000 after purchasing an additional 113,187 shares in the last quarter. Pictet Asset Management Holding SA acquired a new position in shares of JinkoSolar during the fourth quarter worth about $5,948,000. Finally, Balyasny Asset Management L.P. lifted its stake in shares of JinkoSolar by 1,592.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 129,385 shares of the semiconductor company's stock worth $3,222,000 after purchasing an additional 121,740 shares in the last quarter. Institutional investors and hedge funds own 35.82% of the company's stock.

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.