Bank of America Corp DE Acquires New Holdings in Canadian Solar Inc. $CSIQ

Bank of America Corp DE bought a new stake in Canadian Solar Inc. (NASDAQ:CSIQ – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 1,269,855 shares of the solar energy provider’s stock, valued at approximately $151,417,000. Bank of America Corp DE owned about 1.87% of Canadian Solar at the end of the most recent reporting period.

Caisse de depot et placement du Quebec purchased a new stake in shares of Canadian Solar in the 2nd quarter valued at approximately $2,262,141,000. Deutsche Bank AG acquired a new position in Canadian Solar during the second quarter worth $722,850,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Canadian Solar during the second quarter worth $676,361,000. BlackRock Inc. purchased a new position in shares of Canadian Solar during the second quarter worth $85,219,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Canadian Solar in the second quarter valued at $631,683,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Wall Street Zen downgraded Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, August 29th. Wells Fargo & Company lowered their target price on Canadian Solar from $18.00 to $17.00 and set an “equal weight” rating for the company in a report on Monday, August 31st. Mizuho dropped their target price on Canadian Solar from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Friday, August 28th. Weiss Ratings lowered shares of Canadian Solar from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, August 27th. Finally, Glj Research reissued a “sell” rating and set a $5.58 price target on shares of Canadian Solar in a research report on Thursday, August 27th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat, Canadian Solar has a consensus rating of “Reduce” and an average price target of $17.75.

Canadian Solar stock opened at $11.75 on Friday. Canadian Solar Inc. has a twelve month low of $11.10 and a twelve month high of $34.59. The stock’s fifty day simple moving average is $14.31 and its 200-day simple moving average is $15.34. The company has a current ratio of 1.02, a quick ratio of 0.78 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $797.83 million, a P/E ratio of -3.06 and a beta of 1.51.

The solar energy provider reported ($1.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($1.22). The company had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.17 billion. Canadian Solar had a negative net margin of 3.73% and a negative return on equity of 5.57%. The firm’s revenue was down 28.7% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.53) earnings per share. As a group, equities analysts expect that Canadian Solar Inc. will post -2.93 earnings per share for the current fiscal year.