Shell Asset Management Co. Makes New Investment in Canadian Solar Inc. (NASDAQ:CSIQ)

Shell Asset Management Co. acquired a new stake in Canadian Solar Inc. (NASDAQ:CSIQ) in the 1st quarter, Holdings Channel reports. The firm acquired 34,148 shares of the solar energy provider’s stock, valued at approximately $675,000.

Several other hedge funds also recently modified their holdings of the business. USCF Advisers LLC boosted its position in shares of Canadian Solar by 87.5% in the fourth quarter. USCF Advisers LLC now owns 1,500 shares of the solar energy provider’s stock valued at $39,000 after acquiring an additional 700 shares during the period. Green Alpha Advisors LLC boosted its position in shares of Canadian Solar by 1.9% in the first quarter. Green Alpha Advisors LLC now owns 41,136 shares of the solar energy provider’s stock valued at $813,000 after acquiring an additional 766 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Canadian Solar by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 12,481 shares of the solar energy provider’s stock valued at $326,000 after acquiring an additional 928 shares during the period. Scotia Capital Inc. boosted its position in shares of Canadian Solar by 3.0% in the fourth quarter. Scotia Capital Inc. now owns 39,400 shares of the solar energy provider’s stock valued at $1,033,000 after acquiring an additional 1,130 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in shares of Canadian Solar by 9.2% in the first quarter. Janney Montgomery Scott LLC now owns 15,291 shares of the solar energy provider’s stock valued at $302,000 after acquiring an additional 1,283 shares during the period. 52.36% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CSIQ. JPMorgan Chase & Co. increased their price objective on Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research report on Tuesday, July 16th. StockNews.com raised Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. Roth Mkm reaffirmed a “buy” rating and issued a $25.00 target price on shares of Canadian Solar in a research report on Wednesday, May 22nd. Finally, UBS Group reduced their target price on Canadian Solar from $38.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $28.67.

Canadian Solar Stock Performance

Canadian Solar stock opened at $17.13 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.02 and a quick ratio of 0.79. The stock has a fifty day moving average price of $16.82 and a two-hundred day moving average price of $18.59. Canadian Solar Inc. has a 52-week low of $13.80 and a 52-week high of $37.39. The firm has a market capitalization of $1.13 billion, a P/E ratio of 5.95, a P/E/G ratio of 0.31 and a beta of 1.29.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, May 9th. The solar energy provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.01) by $0.20. Canadian Solar had a return on equity of 5.61% and a net margin of 2.80%. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company posted $1.19 earnings per share. The business’s revenue for the quarter was down 21.1% compared to the same quarter last year. As a group, analysts anticipate that Canadian Solar Inc. will post 2.07 EPS for the current fiscal 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.