Zacks: Brokerages Anticipate Canadian Solar Inc. (NASDAQ:CSIQ) to Post $0.18 Earnings Per Share

Wall Street brokerages predict that Canadian Solar Inc. (NASDAQ:CSIQ) will post $0.18 earnings per share (EPS) for the current fiscal quarter, Zacks Investment Research reports. Three analysts have made estimates for Canadian Solar’s earnings. The highest EPS estimate is $0.25 and the lowest is $0.06. Canadian Solar posted earnings of $0.15 per share in the same quarter last year, which would suggest a positive year over year growth rate of 20%. The firm is expected to issue its next earnings results on Thursday, November 18th.

On average, analysts expect that Canadian Solar will report full-year earnings of $1.90 per share for the current year, with EPS estimates ranging from $1.28 to $2.34. For the next fiscal year, analysts anticipate that the business will post earnings of $4.14 per share, with EPS estimates ranging from $2.81 to $5.16. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that follow Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Thursday, August 12th. The solar energy provider reported $0.18 earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.49. Canadian Solar had a net margin of 1.11% and a return on equity of 2.62%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter last year, the company earned $0.34 earnings per share.

A number of equities research analysts have recently weighed in on CSIQ shares. lowered their price objective on shares of Canadian Solar from $63.00 to $58.00 and set a “buy” rating for the company in a report on Tuesday, May 25th. Citigroup reduced their price objective on shares of Canadian Solar from $63.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, May 25th. UBS Group downgraded shares of Canadian Solar from a “buy” rating to a “sell” rating and set a $18.00 price objective on the stock. in a research report on Wednesday, August 18th. JPMorgan Chase & Co. boosted their price objective on shares of Canadian Solar from $49.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, July 21st. Finally, The Goldman Sachs Group upped their target price on shares of Canadian Solar from $43.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, July 2nd. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.80.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Canadian Solar by 36.2% during the first quarter. BlackRock Inc. now owns 9,291,392 shares of the solar energy provider’s stock valued at $461,132,000 after acquiring an additional 2,469,975 shares during the period. Grantham Mayo Van Otterloo & Co. LLC increased its position in Canadian Solar by 73.7% during the second quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,822,633 shares of the solar energy provider’s stock worth $81,727,000 after buying an additional 773,429 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Canadian Solar by 81.4% in the second quarter. Mackenzie Financial Corp now owns 1,664,886 shares of the solar energy provider’s stock valued at $74,653,000 after buying an additional 746,850 shares during the period. Albar Capital Ltd bought a new position in shares of Canadian Solar in the second quarter valued at approximately $27,801,000. Finally, Kylin Management LLC acquired a new stake in Canadian Solar during the 2nd quarter worth $27,801,000. 52.89% of the stock is owned by institutional investors.

Shares of CSIQ traded up $0.62 during mid-day trading on Friday, reaching $35.51. The company’s stock had a trading volume of 16,908 shares, compared to its average volume of 1,752,232. The stock has a market cap of $2.13 billion, a PE ratio of 43.61, a P/E/G ratio of 1.60 and a beta of 1.39. The company has a current ratio of 1.13, a quick ratio of 0.84 and a debt-to-equity ratio of 0.38. Canadian Solar has a 52 week low of $28.70 and a 52 week high of $67.39. The company’s fifty day moving average price is $37.83 and its two-hundred day moving average price is $40.53.

About Canadian Solar

Canadian Solar, Inc engages in the manufacture of solar photovoltaic modules and provides solar energy solutions. It operates through the Module and System Solutions (MSS) and Energy segments. The MSS segment involves in the design, development, manufacture, and sales of solar power products and solar system kits, and operation and maintenance services.

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