JinkoSolar (NYSE:JKS) Sets New 1-Year Low on Disappointing Earnings

JinkoSolar Holding Company Limited (NYSE:JKS) shares reached a new 52-week low on Wednesday following a weaker than expected earnings announcement. The company traded as low as $13.66 and last traded at $13.4490, with a volume of 304667 shares changing hands. The stock had previously closed at $15.50.

The semiconductor company reported ($2.53) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.75) by ($1.78). The business had revenue of $1.82 billion for the quarter, compared to analysts’ expectations of $2.17 billion. JinkoSolar had a negative return on equity of 9.93% and a negative net margin of 5.85%.

JinkoSolar Announces Dividend

The firm also recently declared an annual dividend, which was paid on Thursday, July 9th. Investors of record on Monday, June 22nd were given a dividend of $1.50 per share. The ex-dividend date was Monday, June 22nd. This represents a yield of 837.0%. JinkoSolar’s payout ratio is presently -15.20%.

Analyst Ratings Changes

JKS has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of JinkoSolar from a “sell” rating to a “hold” rating in a report on Saturday, May 2nd. Roth Capital restated a “neutral” rating and set a $16.00 target price on shares of JinkoSolar in a report on Thursday. The Goldman Sachs Group set a $11.00 price target on JinkoSolar in a research report on Thursday. UBS Group increased their price target on JinkoSolar from $23.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, May 29th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of JinkoSolar in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $19.88.

Insider Transactions at JinkoSolar

In related news, Director Wing Keong Siew sold 16,000 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $16.49, for a total transaction of $263,840.00. Following the completion of the sale, the director directly owned 170,000 shares in the company, valued at approximately $2,803,300. This trade represents a 8.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 19.80% of the company’s stock.

Hedge Funds Weigh In On JinkoSolar

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of JinkoSolar by 9.9% in the 2nd quarter. Geode Capital Management LLC now owns 37,671 shares of the semiconductor company’s stock valued at $799,000 after buying an additional 3,394 shares during the period. JPMorgan Chase & Co. raised its position in shares of JinkoSolar by 7,759.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 11,082 shares of the semiconductor company’s stock valued at $235,000 after buying an additional 10,941 shares during the period. Raymond James Financial Inc. acquired a new position in JinkoSolar in the second quarter valued at approximately $47,000. Sei Investments Co. acquired a new position in JinkoSolar in the third quarter valued at approximately $525,000. Finally, Invesco Ltd. grew its position in JinkoSolar by 6.7% in the third quarter. Invesco Ltd. now owns 1,390,315 shares of the semiconductor company’s stock worth $33,409,000 after acquiring an additional 87,334 shares during the period. 35.82% of the stock is currently owned by institutional investors and hedge funds.

JinkoSolar Stock Down 1.1%

The firm has a 50-day moving average of $16.08 and a two-hundred day moving average of $21.08. The company has a quick ratio of 0.95, a current ratio of 1.26 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $707.20 million, a PE ratio of -1.45 and a beta of 0.52.

About JinkoSolar

JinkoSolar Holding Co, Ltd. (NYSE: JKS) is a vertically integrated solar photovoltaic (PV) manufacturer headquartered in Shanghai, China. The company specializes in the design, development and production of high-performance solar modules, silicon wafers, solar cells and related components. Since its founding in 2006, JinkoSolar has become one of the world’s largest solar module suppliers, known for delivering reliable products to utility, commercial and residential customers.

JinkoSolar’s product portfolio encompasses a broad range of monocrystalline and polycrystalline PV modules, including half-cell, bifacial and high-efficiency Tiger module series.