Wall Street analysts expect Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) to announce $2.23 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have provided estimates for Canadian Solar’s earnings, with estimates ranging from $2.21 billion to $2.25 billion. Canadian Solar reported sales of $1.43 billion during the same quarter last year, which indicates a positive year over year growth rate of 55.9%. The firm is scheduled to announce its next quarterly earnings results on Monday, January 1st.
On average, analysts expect that Canadian Solar will report full-year sales of $7.45 billion for the current fiscal year, with estimates ranging from $7.37 billion to $7.50 billion. For the next financial year, analysts forecast that the business will report sales of $8.38 billion, with estimates ranging from $7.95 billion to $9.09 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that that provide coverage for Canadian Solar.
Canadian Solar (NASDAQ:CSIQ – Get Rating) last issued its earnings results on Tuesday, May 24th. The solar energy provider reported $0.14 earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.31. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.31 billion. Canadian Solar had a return on equity of 2.86% and a net margin of 1.50%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS.
Several brokerages recently weighed in on CSIQ. Citigroup increased their target price on Canadian Solar from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, March 28th. JPMorgan Chase & Co. lowered their price target on Canadian Solar from $41.00 to $39.00 in a report on Friday, March 18th. StockNews.com assumed coverage on Canadian Solar in a report on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Zacks Investment Research upgraded Canadian Solar from a “sell” rating to a “hold” rating and set a $35.00 price target for the company in a report on Wednesday, March 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $38.00.
Institutional investors have recently made changes to their positions in the company. Man Group plc lifted its position in shares of Canadian Solar by 22.0% during the third quarter. Man Group plc now owns 80,822 shares of the solar energy provider’s stock worth $2,796,000 after purchasing an additional 14,561 shares during the last quarter. BBR Partners LLC bought a new position in shares of Canadian Solar during the fourth quarter worth about $219,000. Shelton Capital Management lifted its position in shares of Canadian Solar by 50.0% during the third quarter. Shelton Capital Management now owns 180,000 shares of the solar energy provider’s stock worth $6,226,000 after purchasing an additional 60,000 shares during the last quarter. Cetera Advisor Networks LLC lifted its position in shares of Canadian Solar by 13.4% during the third quarter. Cetera Advisor Networks LLC now owns 10,340 shares of the solar energy provider’s stock worth $358,000 after purchasing an additional 1,222 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Canadian Solar by 3.8% during the third quarter. American Century Companies Inc. now owns 17,424 shares of the solar energy provider’s stock worth $603,000 after purchasing an additional 635 shares during the last quarter. Institutional investors own 46.97% of the company’s stock.
Shares of CSIQ opened at $35.09 on Wednesday. The company has a current ratio of 1.20, a quick …….