Canadian Solar Inc. (CSIQ) Issues Quarterly Earnings Results
Canadian Solar Inc. (NASDAQ:CSIQ) announced its earnings results on Tuesday. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.08. The company had revenue of $668.40 million for the quarter, compared to the consensus estimate of $698.57 million. Canadian Solar had a net margin of 4.26% and a return on equity of 15.60%. The firm’s revenue was down 40.3% compared to the same quarter last year. During the same period last year, the business posted $1.05 EPS.
Shares of Canadian Solar (NASDAQ:CSIQ) opened at 13.55 on Tuesday. Canadian Solar has a 52-week low of $10.25 and a 52-week high of $21.35. The stock has a 50 day moving average price of $13.42 and a 200-day moving average price of $13.07. The firm has a market cap of $782.89 million, a PE ratio of 5.65 and a beta of 2.78.
Your IP Address:
This article was originally published by and is the sole property of American Banking News. If you happen to be reading this article on another website, it was stolen and illegally republished in violation of U.S. and International copyright law. The original version of this story can be read at https://www.americanbankingnews.com/2017/03/21/canadian-solar-inc-csiq-issues-quarterly-earnings-results.html
Hedge funds have recently made changes to their positions in the stock. DnB Asset Management AS raised its stake in shares of Canadian Solar by 42.0% in the third quarter. DnB Asset Management AS now owns 4,704,602 shares of the company’s stock worth $64,236,000 after buying an additional 1,392,600 shares during the last quarter. Quentec Asset Management LLC raised its stake in shares of Canadian Solar by 55.9% in the third quarter. Quentec Asset Management LLC now owns 1,598,228 shares of the company’s stock worth $21,960,000 after buying an additional 572,963 shares during the last quarter. BlackRock Group LTD raised its stake in shares of Canadian Solar by 56.8% in the third quarter. BlackRock Group LTD now owns 1,509,978 shares of the company’s stock worth $20,748,000 after buying an additional 547,155 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in shares of Canadian Solar during the fourth quarter worth about $974,000. Finally, Quantitative Investment Management LLC purchased a new stake in shares of Canadian Solar during the third quarter worth about $750,000. 36.88% of the stock is currently owned by institutional investors.
Several analysts have issued reports on the company. JMP Securities reaffirmed a “hold” rating on shares of Canadian Solar in a research report on Tuesday, November 22nd. FBR & Co cut Canadian Solar from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $23.00 to $12.00 in a research report on Tuesday, November 22nd. Roth Capital reaffirmed a “neutral” rating and set a $11.00 target price (down previously from $20.00) on shares of Canadian Solar in a research report on Tuesday, November 22nd. Guggenheim reaffirmed a “neutral” rating on shares of Canadian Solar in a research report on Wednesday, December 21st. Finally, JPMorgan Chase & Co. cut Canadian Solar from an “overweight” rating to a “neutral” rating and increased their target price for the company from $15.36 to $16.00 in a research report on Wednesday, February 22nd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. Canadian Solar currently has a consensus rating of “Hold” and a consensus target price of $19.49.
About Canadian Solar
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
Receive News & Ratings for Canadian Solar Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar Inc. and related companies with MarketBeat.com's FREE daily email newsletter.