Zacks: Analysts Anticipate Canadian Solar Inc. (NASDAQ:CSIQ) to Announce $0.23 Earnings Per Share

Wall Street analysts expect Canadian Solar Inc. (NASDAQ:CSIQ) to post earnings of $0.23 per share for the current quarter, according to Zacks. Three analysts have made estimates for Canadian Solar’s earnings, with estimates ranging from $0.17 to $0.28. Canadian Solar posted earnings per share of $0.26 in the same quarter last year, which suggests a negative year-over-year growth rate of 11.5%. The firm is scheduled to report its next quarterly earnings results on Tuesday, August 13th.

According to Zacks, analysts expect that Canadian Solar will report full year earnings of $2.45 per share for the current year, with EPS estimates ranging from $2.29 to $2.77. For the next financial year, analysts expect that the firm will report earnings of $2.88 per share, with EPS estimates ranging from $2.50 to $3.30. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that cover Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last announced its quarterly earnings data on Thursday, May 30th. The solar energy provider reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.15. The company had revenue of $484.70 million during the quarter, compared to analyst estimates of $468.25 million. Canadian Solar had a net margin of 6.29% and a return on equity of 12.92%. The firm’s revenue for the quarter was down 46.2% on a year-over-year basis. During the same quarter last year, the business posted $0.72 EPS.

Several analysts have commented on CSIQ shares. Zacks Investment Research upgraded shares of Hanmi Financial from a “sell” rating to a “hold” rating in a research note on Thursday, June 20th. ValuEngine cut shares of Willdan Group from a “buy” rating to a “hold” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. set a $44.00 target price on shares of Charles Schwab and gave the company a “buy” rating in a research note on Friday, June 21st. Finally, BidaskClub cut shares of Xencor from a “sell” rating to a “strong sell” rating in a research note on Tuesday, June 11th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Canadian Solar currently has an average rating of “Buy” and an average target price of $22.50.

Shares of Canadian Solar stock traded up $0.28 on Friday, reaching $21.01. The stock had a trading volume of 20,383 shares, compared to its average volume of 604,537. The firm’s 50 day moving average price is $21.32. The company has a quick ratio of 0.88, a current ratio of 1.01 and a debt-to-equity ratio of 0.37. Canadian Solar has a 1 year low of $12.30 and a 1 year high of $25.89. The stock has a market cap of $1.23 billion, a PE ratio of 6.41, a P/E/G ratio of 0.26 and a beta of 2.28.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Financial Gravity Wealth Inc. acquired a new position in shares of Canadian Solar during the 1st quarter valued at about $26,000. Macquarie Group Ltd. bought a new stake in shares of Canadian Solar in the 4th quarter worth approximately $118,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Canadian Solar by 260.2% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 7,463 shares of the solar energy provider’s stock worth $139,000 after acquiring an additional 5,391 shares during the period. Nordea Investment Management AB bought a new position in shares of Canadian Solar during the 4th quarter worth approximately $149,000. Finally, Deutsche Bank AG lifted its position in shares of Canadian Solar by 526.9% during the 4th quarter. Deutsche Bank AG now owns 13,691 shares of the solar energy provider’s stock worth $196,000 after buying an additional 11,507 shares during the period. Hedge funds and other institutional investors own 40.69% of the company’s stock.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

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