Mackenzie Financial Corp Acquires 843,100 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Mackenzie Financial Corp raised its holdings in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 27.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,952,015 shares of the solar energy provider's stock after acquiring an additional 843,100 shares during the quarter. Mackenzie Financial Corp owned about 6.13% of Canadian Solar worth $103,661,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Adirondack Trust Co. raised its position in shares of Canadian Solar by 200.0% in the third quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider's stock valued at $37,000 after purchasing an additional 1,000 shares during the period. Quarry LP raised its position in shares of Canadian Solar by 1,268.6% in the first quarter. Quarry LP now owns 958 shares of the solar energy provider's stock valued at $38,000 after purchasing an additional 888 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Canadian Solar by 115.7% in the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider's stock valued at $41,000 after purchasing an additional 589 shares during the period. State of Tennessee Treasury Department bought a new position in shares of Canadian Solar in the second quarter valued at approximately $54,000. Finally, Assetmark Inc. increased its position in Canadian Solar by 71.2% during the third quarter. Assetmark Inc. now owns 2,387 shares of the solar energy provider's stock worth $59,000 after acquiring an additional 993 shares during the period. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CSIQ. Citigroup dropped their target price on shares of Canadian Solar from $26.00 to $24.00 and set a "neutral" rating on the stock in a research report on Friday, March 15th. StockNews.com raised shares of Canadian Solar from a "sell" rating to a "hold" rating in a research report on Thursday, April 11th. The Goldman Sachs Group dropped their target price on shares of Canadian Solar from $28.00 to $24.00 and set a "neutral" rating on the stock in a research report on Friday, March 15th. Daiwa Capital Markets assumed coverage on Canadian Solar in a research report on Monday, March 11th. They set a "neutral" rating and a $21.00 price objective on the stock. Finally, Wells Fargo & Company reduced their target price on Canadian Solar from $28.00 to $23.00 and set an "equal weight" rating for the company in a research report on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Canadian Solar presently has a consensus rating of "Hold" and a consensus price target of $31.78.

Canadian Solar Stock Performance

CSIQ traded down $0.42 during trading on Tuesday, reaching $15.27. 1,519,557 shares of the company's stock were exchanged, compared to its average volume of 1,360,164. Canadian Solar Inc. has a fifty-two week low of $15.11 and a fifty-two week high of $45.29. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45. The business has a 50 day moving average price of $20.11 and a 200 day moving average price of $21.57. The company has a market capitalization of $985.07 million, a P/E ratio of 4.04, a PEG ratio of 0.25 and a beta of 1.26.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last issued its quarterly earnings data on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.11. The company had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.69 billion. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The business's revenue was down 13.7% on a year-over-year basis. During the same period last year, the business earned $1.11 earnings per share. As a group, analysts predict that Canadian Solar Inc. will post 2.57 earnings per share for the current fiscal year.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power and battery storage products in Asia, the Americas, Europe, and internationally. The company operates through two segments, Canadian Solar Inc (CSI) Solar and Global Energy.