$0.88 EPS Expected for Canadian Solar Inc. (NASDAQ:CSIQ) This Quarter

Brokerages expect Canadian Solar Inc. (NASDAQ:CSIQ) to announce earnings of $0.88 per share for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Canadian Solar’s earnings, with estimates ranging from $0.71 to $1.11. Canadian Solar reported earnings per share of $0.96 in the same quarter last year, which would indicate a negative year over year growth rate of 8.3%. The business is expected to report its next quarterly earnings results after the market closes on Tuesday, November 12th.

On average, analysts expect that Canadian Solar will report full year earnings of $3.25 per share for the current financial year, with EPS estimates ranging from $2.72 to $3.56. For the next fiscal year, analysts expect that the business will post earnings of $3.41 per share, with EPS estimates ranging from $3.10 to $4.01. Zacks’ earnings per share calculations are a mean average based on a survey of research firms that cover Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last released its quarterly earnings results on Thursday, August 15th. The solar energy provider reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.54. Canadian Solar had a return on equity of 14.80% and a net margin of 7.01%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $990.29 million. During the same quarter last year, the business posted $0.26 EPS. The company’s revenue for the quarter was up 59.4% on a year-over-year basis.

A number of equities research analysts have recently issued reports on the company. ValuEngine cut Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Tuesday, September 10th. Cascend Securities restated a “buy” rating and set a $30.00 price objective (up previously from $25.00) on shares of Canadian Solar in a report on Friday, August 16th. Roth Capital boosted their price objective on Canadian Solar from $27.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, BidaskClub cut Canadian Solar from a “sell” rating to a “strong sell” rating in a report on Saturday, November 2nd. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Canadian Solar currently has a consensus rating of “Hold” and a consensus price target of $25.50.

Shares of CSIQ traded down $0.22 during midday trading on Tuesday, hitting $16.90. The stock had a trading volume of 540,500 shares, compared to its average volume of 789,690. Canadian Solar has a twelve month low of $13.24 and a twelve month high of $25.89. The firm has a market cap of $1.03 billion, a price-to-earnings ratio of 5.15, a price-to-earnings-growth ratio of 0.18 and a beta of 2.02. The company has a 50 day simple moving average of $18.62 and a two-hundred day simple moving average of $20.43. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.87.

Several hedge funds have recently modified their holdings of CSIQ. Schroder Investment Management Group increased its holdings in shares of Canadian Solar by 48.3% during the second quarter. Schroder Investment Management Group now owns 4,096,857 shares of the solar energy provider’s stock worth $89,435,000 after buying an additional 1,334,899 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Canadian Solar by 106.6% during the second quarter. JPMorgan Chase & Co. now owns 528,380 shares of the solar energy provider’s stock worth $11,624,000 after buying an additional 272,574 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Canadian Solar during the third quarter worth $4,400,000. Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Canadian Solar by 12.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,629,322 shares of the solar energy provider’s stock worth $35,568,000 after buying an additional 176,171 shares in the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in shares of Canadian Solar during the second quarter worth $3,270,000. Institutional investors and hedge funds own 41.62% of the company’s stock.

Canadian Solar Company Profile

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.

Further Reading: Is the QQQ ETF safe?

Get a free copy of the Zacks research report on Canadian Solar (CSIQ)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.