Canada Pension Plan Investment Board Purchases New Stake in Canadian Solar Inc. $CSIQ

Canada Pension Plan Investment Board acquired a new position in Canadian Solar Inc. (NASDAQ:CSIQ) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,462,797 shares of the solar energy provider’s stock, valued at approximately $532,044,000. Canada Pension Plan Investment Board owned 0.07% of Canadian Solar as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Legal & General Group Plc bought a new position in shares of Canadian Solar in the 2nd quarter valued at about $42,587,000. The Manufacturers Life Insurance Company bought a new stake in shares of Canadian Solar during the second quarter worth approximately $192,000. The Manufacturers Life Insurance Company bought a new stake in shares of Canadian Solar during the second quarter worth approximately $631,683,000. Jones Financial Companies Lllp acquired a new position in Canadian Solar in the second quarter valued at approximately $100,000. Finally, OMERS ADMINISTRATION Corp bought a new position in Canadian Solar in the second quarter valued at approximately $25,239,000. 52.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CSIQ. Freedom Capital lowered shares of Canadian Solar from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 19th. Wall Street Zen raised Canadian Solar from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Citigroup raised Canadian Solar from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $11.00 to $18.00 in a research note on Wednesday, July 22nd. Finally, Mizuho upped their price objective on Canadian Solar from $15.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, June 15th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $19.36.

Canadian Solar Stock Down 0.3%

Canadian Solar stock opened at $14.28 on Wednesday. The firm has a market capitalization of $969.61 million, a price-to-earnings ratio of -5.67 and a beta of 1.52. The company’s 50 day simple moving average is $15.10 and its 200 day simple moving average is $16.18. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. Canadian Solar Inc. has a fifty-two week low of $9.41 and a fifty-two week high of $34.59.

About Canadian Solar

Canadian Solar Inc (NASDAQ: CSIQ) is a global renewable energy company that specializes in the design, development and manufacturing of solar photovoltaic (PV) modules and system solutions. Founded in 2001 and headquartered in Guelph, Ontario, the company has grown to become one of the world’s largest solar module suppliers. Canadian Solar offers a comprehensive portfolio of products, including mono- and multi-crystalline solar cells and modules, as well as advanced energy storage and system integration solutions tailored for residential, commercial and utility-scale applications.

In addition to manufacturing solar components, Canadian Solar provides end-to-end services encompassing project development, engineering, procurement and construction (EPC), as well as operations and maintenance.