E Fund Management Hong Kong Co. Ltd. purchased a new stake in JinkoSolar Holding Co., Ltd. (NYSE:JKS – Get Rating) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 35,000 shares of the semiconductor company's stock, valued at approximately $2,421,000. JinkoSolar makes up 1.7% of E Fund Management Hong Kong Co. Ltd.'s holdings, making the stock its 16th largest holding. E Fund Management Hong Kong Co. Ltd. owned 0.07% of JinkoSolar as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in JKS. BlackRock Inc. boosted its stake in JinkoSolar by 16.2% in the first quarter. BlackRock Inc. now owns 2,632,512 shares of the semiconductor company's stock worth $127,123,000 after purchasing an additional 366,251 shares in the last quarter. Mackenzie Financial Corp boosted its stake in JinkoSolar by 6.0% in the first quarter. Mackenzie Financial Corp now owns 1,467,955 shares of the semiconductor company's stock worth $70,888,000 after purchasing an additional 83,672 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in JinkoSolar by 1.0% in the first quarter. Allianz Asset Management GmbH now owns 1,131,353 shares of the semiconductor company's stock worth $54,633,000 after purchasing an additional 11,700 shares in the last quarter. Bank of America Corp DE boosted its stake in JinkoSolar by 12.4% in the first quarter. Bank of America Corp DE now owns 657,522 shares of the semiconductor company's stock worth $31,751,000 after purchasing an additional 72,452 shares in the last quarter. Finally, SPRINGS CAPITAL HONG KONG Ltd acquired a new position in JinkoSolar in the first quarter worth $22,736,000. 88.68% of the stock is owned by institutional investors.
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Analyst Ratings Changes
JKS has been the topic of several research reports. The Goldman Sachs Group upped their price target on JinkoSolar from $31.00 to $35.00 and gave the company a "sell" rating in a research note on Monday, August 29th. TheStreet lowered JinkoSolar from a "c" rating to a "d+" rating in a research note on Monday, September 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $51.03.
JinkoSolar Stock Performance
JKS stock traded up $2.40 during mid-day trading on Wednesday, hitting $58.03. 31,601 shares of the company were exchanged, compared to its average volume of 1,110,407. JinkoSolar Holding Co., Ltd. has a 1-year low of $35.41 and a 1-year high of $76.92. The business has a 50 day simple moving average of $61.21 and a 200-day simple moving average of $57.79. The stock has a market capitalization of $2.91 billion, a PE ratio of -45.97 and a beta of 0.70. The company has a current ratio of 1.09, a quick ratio of 0.79 and a debt-to-equity ratio of 0.54.
JinkoSolar announced that its board has authorized a share repurchase program on Wednesday, July 6th that authorizes the company to buyback $0.00 in outstanding shares. This buyback authorization authorizes the semiconductor company to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.
About JinkoSolar
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JinkoSolar Holding Co, Ltd., together with its subsidiaries, engages in the design, development, production, and marketing of photovoltaic products. The company offers solar modules, silicon wafers, solar cells, recovered silicon materials, and silicon ingots. It also provides solar system integration services; and develops commercial solar power projects.
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