Legal & General Group Plc Buys New Shares in Canadian Solar Inc. $CSIQ

Legal & General Group Plc bought a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 3,986,362 shares of the solar energy provider’s stock, valued at approximately $475,550,000. Legal & General Group Plc owned about 0.06% of Canadian Solar as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of CSIQ. Deutsche Bank AG acquired a new position in Canadian Solar during the second quarter worth $722,850,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Canadian Solar in the second quarter valued at $676,361,000. BlackRock Inc. acquired a new stake in Canadian Solar in the second quarter valued at $85,219,000. The Manufacturers Life Insurance Company bought a new position in shares of Canadian Solar in the 2nd quarter valued at about $631,683,000. Finally, Findlay Park Partners LLP bought a new position in shares of Canadian Solar in the 2nd quarter valued at about $217,740,000. 52.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

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

Canadian Solar Trading Down 0.3%

CSIQ stock opened at $14.28 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 1.06 and a quick ratio of 0.81. The company has a fifty day moving average price of $15.10 and a two-hundred day moving average price of $16.18. Canadian Solar Inc. has a one year low of $9.41 and a one year high of $34.59. The stock has a market cap of $969.61 million, a price-to-earnings ratio of -5.67 and a beta of 1.52.

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.