Cerity Partners LLC Takes Position in Canadian Solar Inc. (NASDAQ:CSIQ)

Cerity Partners LLC purchased a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 96,823 shares of the solar energy provider’s stock, valued at approximately $2,540,000. Cerity Partners LLC owned approximately 0.15% of Canadian Solar as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Quarry LP raised its holdings in Canadian Solar by 1,268.6% during the first quarter. Quarry LP now owns 958 shares of the solar energy provider’s stock worth $38,000 after purchasing an additional 888 shares in the last quarter. Great West Life Assurance Co. Can grew its position in Canadian Solar by 115.7% during the first quarter. Great West Life Assurance Co. Can now owns 1,098 shares of the solar energy provider’s stock worth $41,000 after buying an additional 589 shares during the period. State of Tennessee Treasury Department acquired a new position in Canadian Solar during the second quarter worth about $54,000. Adirondack Trust Co. grew its position in Canadian Solar by 200.0% during the third quarter. Adirondack Trust Co. now owns 1,500 shares of the solar energy provider’s stock worth $37,000 after buying an additional 1,000 shares during the period. Finally, Castleview Partners LLC acquired a new position in Canadian Solar during the first quarter worth about $64,000. 52.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on CSIQ shares. Daiwa Capital Markets started coverage on shares of Canadian Solar in a research report on Monday, March 11th. They set a “neutral” rating and a $21.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of Canadian Solar from $28.00 to $23.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 19th. StockNews.com upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research report on Thursday, April 11th. The Goldman Sachs Group lowered their price target on shares of Canadian Solar from $28.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. Finally, Citigroup lowered their price target on shares of Canadian Solar from $26.00 to $24.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $31.78.

Canadian Solar Stock Down 3.9 %

Shares of NASDAQ CSIQ opened at $14.53 on Friday. Canadian Solar Inc. has a 1 year low of $14.11 and a 1 year high of $45.29. The firm’s 50 day moving average price is $19.70 and its 200 day moving average price is $21.41. The firm has a market cap of $937.33 million, a P/E ratio of 3.74, a price-to-earnings-growth ratio of 0.24 and a beta of 1.26. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.84 and a current ratio of 1.04.

Canadian Solar (NASDAQ:CSIQ) last announced its earnings results on Thursday, March 14th. The solar energy provider reported ($0.02) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter last year, the business earned $1.11 earnings per share. Canadian Solar’s revenue was down 13.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Canadian Solar Inc. will post 2.57 earnings per share for the current year.

Canadian Solar 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.