Handelsbanken Fonder AB Sells 501,827 Shares of Canadian Solar Inc. (NASDAQ:CSIQ)

Handelsbanken Fonder AB trimmed its holdings in shares of Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 31.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,096,448 shares of the solar energy provider's stock after selling 501,827 shares during the period. Handelsbanken Fonder AB owned about 1.70% of Canadian Solar worth $28,760,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in CSIQ. Mackenzie Financial Corp boosted its holdings in shares of Canadian Solar by 27.1% during the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider's stock worth $103,661,000 after purchasing an additional 843,100 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Canadian Solar by 0.4% during the third quarter. Vanguard Group Inc. now owns 1,964,359 shares of the solar energy provider's stock worth $48,343,000 after purchasing an additional 8,317 shares during the period. Creative Planning boosted its holdings in shares of Canadian Solar by 103.3% during the third quarter. Creative Planning now owns 404,759 shares of the solar energy provider's stock worth $9,961,000 after purchasing an additional 205,671 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in shares of Canadian Solar by 8.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider's stock worth $326,000 after purchasing an additional 928 shares during the period. Finally, Cerity Partners LLC purchased a new stake in shares of Canadian Solar during the fourth quarter worth about $2,540,000. 52.36% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. StockNews.com upgraded shares of Canadian Solar from a "sell" rating to a "hold" rating in a report on Thursday, April 11th. Citigroup decreased their price target on shares of Canadian Solar from $26.00 to $24.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. Wells Fargo & Company decreased their price target on shares of Canadian Solar from $28.00 to $23.00 and set an "equal weight" rating for the company in a research note on Tuesday, March 19th. Daiwa Capital Markets initiated coverage on shares of Canadian Solar in a research note on Monday, March 11th. They issued a "neutral" rating and a $21.00 price target for the company. Finally, The Goldman Sachs Group decreased their price target on shares of Canadian Solar from $28.00 to $24.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. 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. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $31.78.

Canadian Solar Stock Down 0.7 %

Shares of NASDAQ CSIQ traded down $0.10 on Tuesday, reaching $14.87. 2,069,043 shares of the company's stock traded hands, compared to its average volume of 1,432,450. Canadian Solar Inc. has a 12 month low of $14.11 and a 12 month high of $45.29. The business's 50 day simple moving average is $19.22 and its two-hundred day simple moving average is $21.24. The company has a market cap of $959.26 million, a price-to-earnings ratio of 3.83, a price-to-earnings-growth ratio of 0.22 and a beta of 1.26. The company has a quick ratio of 0.84, a current ratio of 1.04 and a debt-to-equity ratio of 0.45.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last announced its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.11. Canadian Solar had a net margin of 3.60% and a return on equity of 8.31%. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the firm earned $1.11 earnings per share. The business's revenue for the quarter was down 13.7% on a year-over-year basis. As a group, equities research analysts forecast that Canadian Solar Inc. will post 2.58 EPS for the current fiscal year.

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 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.