The Manufacturers Life Insurance Company Acquires Shares of 5,303,746 Canadian Solar Inc. $CSIQ

The Manufacturers Life Insurance Company acquired a new position in shares of Canadian Solar Inc. (NASDAQ:CSIQ) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,303,746 shares of the solar energy provider’s stock, valued at approximately $631,683,000. The Manufacturers Life Insurance Company owned approximately 7.81% of Canadian Solar at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of CSIQ. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Canadian Solar in the second quarter valued at about $25,000. Raymond James Financial Inc. acquired a new position in Canadian Solar during the 2nd quarter worth approximately $33,000. Caitong International Asset Management Co. Ltd boosted its holdings in Canadian Solar by 335.1% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,198 shares of the solar energy provider’s stock worth $42,000 after acquiring an additional 2,463 shares during the period. Optiver Holding B.V. purchased a new position in Canadian Solar in the 1st quarter worth approximately $44,000. Finally, China Universal Asset Management Co. Ltd. acquired a new stake in Canadian Solar in the fourth quarter valued at approximately $48,000. Hedge funds and other institutional investors own 52.36% of the company’s stock.

Analyst Ratings Changes

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

Canadian Solar Stock Performance

Shares of CSIQ stock opened at $14.32 on Tuesday. The stock has a market capitalization of $972.33 million, a price-to-earnings ratio of -5.68 and a beta of 1.52. Canadian Solar Inc. has a one year low of $9.41 and a one year high of $34.59. The company’s 50-day simple moving average is $15.15 and its 200-day simple moving average is $16.23. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.81 and a current ratio of 1.06.

Canadian Solar Profile

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.