Brokerages expect that Canadian Solar Inc. (NASDAQ:CSIQ) will announce $1.43 billion in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Canadian Solar's earnings. The lowest sales estimate is $1.40 billion and the highest is $1.45 billion. Canadian Solar reported sales of $695.85 million during the same quarter last year, which would suggest a positive year over year growth rate of 105.5%. The company is scheduled to issue its next quarterly earnings report before the market opens on Thursday, August 12th.
On average, analysts expect that Canadian Solar will report full year sales of $5.86 billion for the current year, with estimates ranging from $5.78 billion to $5.98 billion. For the next year, analysts anticipate that the firm will report sales of $6.59 billion, with estimates ranging from $6.18 billion to $7.27 billion. Zacks Investment Research's sales averages are a mean average based on a survey of research analysts that cover Canadian Solar.
Canadian Solar (NASDAQ:CSIQ) last released its earnings results on Wednesday, May 19th. The solar energy provider reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters' consensus estimate of $0.28 by $0.08. Canadian Solar had a net margin of 1.57% and a return on equity of 2.44%. The business had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.04 billion. During the same period last year, the company earned $1.84 earnings per share. The company's quarterly revenue was up 31.9% on a year-over-year basis.
Several research firms recently commented on CSIQ. cut their price target on shares of Canadian Solar from $63.00 to $58.00 and set a "buy" rating on the stock in a report on Tuesday, May 25th. The Goldman Sachs Group raised their price target on shares of Canadian Solar from $43.00 to $47.00 and gave the company a "neutral" rating in a report on Friday, July 2nd. They noted that the move was a valuation call. JPMorgan Chase & Co. raised their price target on shares of Canadian Solar from $49.00 to $51.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Citigroup dropped their price objective on shares of Canadian Solar from $63.00 to $58.00 and set a "buy" rating on the stock in a research note on Tuesday, May 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of "Buy" and a consensus target price of $52.22.
NASDAQ CSIQ opened at $39.02 on Friday. Canadian Solar has a one year low of $21.65 and a one year high of $67.39. The firm has a 50 day simple moving average of $39.95. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.14 and a quick ratio of 0.90. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of 40.65, a price-to-earnings-growth ratio of 2.21 and a beta of 1.41.
Large investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership increased its stake in shares of Canadian Solar by 4.7% in the first quarter. Arrowstreet Capital Limited Partnership now owns 434,077 shares of the solar energy provider's stock worth $21,543,000 after buying an additional 19,386 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in shares of Canadian Solar by 6.8% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 141,000 shares of the solar energy provider's stock worth $7,198,000 after buying an additional 9,000 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Canadian Solar by 3,342.1% in the first quarter. Van ECK Associates Corp now owns 10,395 shares of the solar energy provider's stock worth $515,000 after buying an additional 10,093 shares during the last quarter. Waterfront Wealth Inc. increased its stake in shares of Canadian Solar by 6.8% in the first quarter. Waterfront Wealth Inc. now owns 16,101 shares of the solar energy provider's stock worth $781,000 after buying an additional 1,031 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC increased its stake in shares of Canadian Solar by 172.9% in the first quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,049,204 shares of the solar energy provider's stock worth $52,072,000 after buying an additional 664,774 shares during the last quarter. Institutional investors and hedge funds own 45.12% of the company's stock.
Canadian Solar Company Profile
Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products. The company operates through two segments, Module and System Solutions (MSS), and Energy. The MSS segment engages in the design, development, manufacture, and sale of a range of solar power products, including standard solar modules, specialty solar products, and solar system kits that are a ready-to-install packages comprising inverters, racking systems, and other accessories.
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