Rhumbline Advisers Has $287,000 Stock Position in Canadian Solar Inc. (NASDAQ:CSIQ)

Rhumbline Advisers increased its stake in Canadian Solar Inc. (NASDAQ:CSIQ) by 34.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 19,459 shares of the solar energy provider’s stock after acquiring an additional 5,003 shares during the quarter. Rhumbline Advisers’ holdings in Canadian Solar were worth $287,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Harel Insurance Investments & Financial Services Ltd. lifted its stake in shares of Canadian Solar by 27.6% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 17,435 shares of the solar energy provider’s stock worth $257,000 after acquiring an additional 3,768 shares during the period. Clear Harbor Asset Management LLC lifted its stake in shares of Canadian Solar by 46.5% in the second quarter. Clear Harbor Asset Management LLC now owns 27,620 shares of the solar energy provider’s stock worth $407,000 after acquiring an additional 8,770 shares during the period. D. Scott Neal Inc. acquired a new position in shares of Canadian Solar in the second quarter worth approximately $3,898,000. SG Americas Securities LLC lifted its stake in shares of Canadian Solar by 337.9% in the second quarter. SG Americas Securities LLC now owns 32,809 shares of the solar energy provider’s stock worth $484,000 after acquiring an additional 25,317 shares during the period. Finally, DNB Asset Management AS lifted its stake in shares of Canadian Solar by 31.4% in the second quarter. DNB Asset Management AS now owns 886,963 shares of the solar energy provider’s stock worth $13,083,000 after acquiring an additional 211,820 shares during the period. 52.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on CSIQ shares. StockNews.com lowered Canadian Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price target on Canadian Solar from $17.00 to $20.00 and gave the company an “underweight” rating in a research note on Tuesday, July 16th. Roth Mkm dropped their price target on Canadian Solar from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. Glj Research boosted their price target on Canadian Solar from $9.10 to $12.28 and gave the company a “sell” rating in a research note on Tuesday, July 30th. Finally, The Goldman Sachs Group dropped their price target on Canadian Solar from $18.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, August 26th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $23.33.

Canadian Solar Trading Up 8.5 %

NASDAQ CSIQ opened at $16.17 on Friday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 5.61, a P/E/G ratio of 4.71 and a beta of 1.29. Canadian Solar Inc. has a 52 week low of $11.41 and a 52 week high of $26.85. The business has a 50 day moving average price of $14.17 and a 200-day moving average price of $16.08. The company has a quick ratio of 0.82, a current ratio of 1.04 and a debt-to-equity ratio of 0.53.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings data on Thursday, August 22nd. The solar energy provider reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. Canadian Solar had a return on equity of 0.99% and a net margin of 0.56%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the previous year, the company posted $2.39 earnings per share. The company’s quarterly revenue was down 30.8% on a year-over-year basis. As a group, equities analysts expect that Canadian Solar Inc. will post 0.12 earnings per share for the current fiscal year.

Canadian Solar Company Profile

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.