Canadian Solar Inc. (NASDAQ:CSIQ) Shares Purchased by Van ECK Associates Corp

Van ECK Associates Corp grew its position in Canadian Solar Inc. (NASDAQ:CSIQ - Free Report) by 262.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,081 shares of the solar energy provider's stock after acquiring an additional 47,126 shares during the quarter. Van ECK Associates Corp owned about 0.10% of Canadian Solar worth $1,707,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mackenzie Financial Corp lifted its position in shares of Canadian Solar by 27.1% in the fourth quarter. Mackenzie Financial Corp now owns 3,952,015 shares of the solar energy provider's stock valued at $103,661,000 after acquiring an additional 843,100 shares in the last quarter. Vanguard Group Inc. lifted its position in 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 buying an additional 8,317 shares in the last quarter. Creative Planning lifted its position in 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 buying an additional 205,671 shares in the last quarter. DekaBank Deutsche Girozentrale increased its stake in 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 acquiring an additional 928 shares during the last quarter. Finally, Cerity Partners LLC acquired a new stake in Canadian Solar during the fourth quarter worth $2,540,000. Hedge funds and other institutional investors own 52.36% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on CSIQ. StockNews.com raised Canadian Solar from a "sell" rating to a "hold" rating in a research note on Thursday, April 11th. Citigroup dropped their price objective on Canadian Solar from $26.00 to $24.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. The Goldman Sachs Group dropped their price objective on Canadian Solar from $28.00 to $24.00 and set a "neutral" rating for the company in a research note on Friday, March 15th. Daiwa Capital Markets started coverage on Canadian Solar in a research note on Monday, March 11th. They issued a "neutral" rating and a $21.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on 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. 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 stock. According to data from MarketBeat.com, Canadian Solar currently has an average rating of "Hold" and an average target price of $31.78.

Canadian Solar Stock Down 1.8 %

CSIQ traded down $0.32 on Thursday, hitting $17.28. 5,161,515 shares of the company were exchanged, compared to its average volume of 1,484,315. Canadian Solar Inc. has a twelve month low of $14.11 and a twelve month high of $45.29. The company has a market cap of $1.14 billion, a price-to-earnings ratio of 4.54, a price-to-earnings-growth ratio of 0.26 and a beta of 1.29. The company has a current ratio of 1.04, a quick ratio of 0.84 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average price of $17.93 and a two-hundred day moving average price of $20.78.

Canadian Solar (NASDAQ:CSIQ - Get Free Report) last released its earnings results on Thursday, May 9th. The solar energy provider reported $0.19 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.20. Canadian Solar had a return on equity of 8.31% and a net margin of 3.60%. The firm had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.35 billion. During the same period in the previous year, the firm posted $1.19 EPS. Canadian Solar's revenue for the quarter was down 21.1% on a year-over-year basis. On average, equities analysts predict that Canadian Solar Inc. will post 2.58 earnings per share for the current year.

About Canadian Solar

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