Guinness Asset Management LTD Sells 33,120 Shares of Canadian Solar Inc. $CSIQ

Guinness Asset Management LTD trimmed its stake in shares of Canadian Solar Inc. (NASDAQ:CSIQ) by 8.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 359,996 shares of the solar energy provider’s stock after selling 33,120 shares during the quarter. Guinness Asset Management LTD owned 0.54% of Canadian Solar worth $4,648,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CSIQ. SG Americas Securities LLC grew its stake in Canadian Solar by 646.2% during the third quarter. SG Americas Securities LLC now owns 236,289 shares of the solar energy provider’s stock valued at $3,081,000 after acquiring an additional 204,623 shares in the last quarter. Inceptionr LLC bought a new position in shares of Canadian Solar during the 2nd quarter valued at about $152,000. Mackenzie Financial Corp lifted its position in Canadian Solar by 7.4% in the 2nd quarter. Mackenzie Financial Corp now owns 5,884,865 shares of the solar energy provider’s stock worth $64,969,000 after buying an additional 405,800 shares during the last quarter. Legal & General Group Plc boosted its stake in Canadian Solar by 21.7% in the second quarter. Legal & General Group Plc now owns 1,815,113 shares of the solar energy provider’s stock worth $20,039,000 after buying an additional 324,254 shares in the last quarter. Finally, Bryn Mawr Trust Advisors LLC boosted its stake in Canadian Solar by 12.6% in the second quarter. Bryn Mawr Trust Advisors LLC now owns 24,650 shares of the solar energy provider’s stock worth $272,000 after buying an additional 2,750 shares in the last quarter. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $18.98 on Friday. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -52.72 and a beta of 1.28. The stock has a fifty day moving average of $22.81 and a 200 day moving average of $18.13. Canadian Solar Inc. has a 52 week low of $6.57 and a 52 week high of $34.59. The company has a quick ratio of 0.86, a current ratio of 1.07 and a debt-to-equity ratio of 0.93.

Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings data on Thursday, November 13th. The solar energy provider reported ($0.58) EPS for the quarter, topping the consensus estimate of ($1.08) by $0.50. Canadian Solar had a net margin of 0.27% and a negative return on equity of 5.28%. The business had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business earned ($0.31) EPS. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. As a group, research analysts expect that Canadian Solar Inc. will post -0.23 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CSIQ. Citigroup reaffirmed a “sell” rating and set a $11.00 price objective on shares of Canadian Solar in a research note on Tuesday, October 21st. UBS Group raised their price target on Canadian Solar from $15.00 to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Canadian Solar in a research report on Monday, December 29th. Jefferies Financial Group reissued a “hold” rating and set a $19.64 price objective (up previously from $13.70) on shares of Canadian Solar in a research note on Monday, November 3rd. Finally, Roth Mkm lifted their target price on shares of Canadian Solar from $11.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, Canadian Solar has an average rating of “Reduce” and a consensus price target of $19.85.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.