Sunbelt Securities Inc. acquired a new position in shares of First Solar, Inc. (NASDAQ:FSLR) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,570 shares of the solar cell manufacturer’s stock, valued at approximately $207,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC raised its holdings in shares of First Solar by 10,102.9% in the first quarter. FMR LLC now owns 97,744 shares of the solar cell manufacturer’s stock valued at $5,164,000 after buying an additional 96,786 shares during the last quarter. Carnegie Capital Asset Management LLC raised its stake in shares of First Solar by 24.8% in the second quarter. Carnegie Capital Asset Management LLC now owns 12,845 shares of the solar cell manufacturer’s stock worth $844,000 after acquiring an additional 2,550 shares during the last quarter. Greenleaf Trust bought a new position in shares of First Solar in the second quarter worth about $206,000. Arizona State Retirement System raised its stake in shares of First Solar by 1.5% in the second quarter. Arizona State Retirement System now owns 55,054 shares of the solar cell manufacturer’s stock worth $3,616,000 after acquiring an additional 823 shares during the last quarter. Finally, Strs Ohio acquired a new position in shares of First Solar during the second quarter worth approximately $266,000. 61.10% of the stock is owned by institutional investors.
In related news, insider Georges Antoun sold 8,476 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $53.85, for a total value of $456,432.60. Following the sale, the insider now directly owns 54,029 shares in the company, valued at approximately $2,909,461.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Raffi Garabedian sold 16,370 shares of First Solar stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $53.18, for a total transaction of $870,556.60. Following the transaction, the chief technology officer now directly owns 190 shares in the company, valued at approximately $10,104.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,322 shares of company stock worth $1,827,836. Company insiders own 0.72% of the company’s stock.
First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Thursday, October 24th. The solar cell manufacturer reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.77). The company had revenue of $547.00 million for the quarter, compared to analyst estimates of $995.41 million. First Solar had a negative return on equity of 0.07% and a negative net margin of 0.14%. The firm’s revenue for the quarter was down 19.1% on a year-over-year basis. During the same period last year, the firm earned $0.54 earnings per share. On average, equities research analysts forecast that First Solar, Inc. will post 2.44 EPS for the current year.
A number of analysts recently weighed in on the stock. Cowen set a $83.00 price target on shares of First Solar and gave the company a “buy” rating in a report on Friday, October 25th. Robert W. Baird set a $80.00 price objective on First Solar and gave the stock a “buy” rating in a report on Friday, October 25th. Zacks Investment Research lowered First Solar from a “hold” rating to a “strong sell” rating and set a $59.00 price objective on the stock. in a research report on Monday, October 21st. JPMorgan Chase & Co. set a $82.00 target price on First Solar and gave the company a “buy” rating in a research note on Tuesday, October 15th. Finally, Cfra downgraded First Solar from a “buy” rating to a “hold” rating in a research report on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the stock. First Solar presently has an average rating of “Buy” and a consensus price target of $70.92.
First Solar Company Profile
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.
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