Virginia Retirement Systems ET AL purchased a new stake in First Solar, Inc. (NASDAQ:FSLR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 12,900 shares of the solar cell manufacturer’s stock, valued at approximately $514,000.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System lifted its holdings in First Solar by 7.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 107,993 shares of the solar cell manufacturer’s stock worth $4,307,000 after buying an additional 7,471 shares during the period. Domini Impact Investments LLC purchased a new stake in First Solar during the second quarter worth $277,000. GCA Investment Management LLC purchased a new stake in First Solar during the second quarter worth $4,433,000. Blair William & Co. IL lifted its holdings in First Solar by 13.2% during the second quarter. Blair William & Co. IL now owns 11,475 shares of the solar cell manufacturer’s stock worth $458,000 after buying an additional 1,340 shares during the period. Finally, Comerica Bank lifted its holdings in First Solar by 2.1% during the second quarter. Comerica Bank now owns 61,755 shares of the solar cell manufacturer’s stock worth $2,778,000 after buying an additional 1,289 shares during the period. Hedge funds and other institutional investors own 53.61% of the company’s stock.
A number of equities analysts have recently issued reports on the company. TheStreet raised First Solar from a “d+” rating to a “c” rating in a research report on Wednesday, July 19th. BidaskClub downgraded First Solar from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 3rd. Cowen and Company reaffirmed a “buy” rating and set a $57.00 price target on shares of First Solar in a research report on Sunday, September 3rd. Deutsche Bank AG set a $47.00 price target on First Solar and gave the stock a “hold” rating in a research report on Wednesday, July 19th. Finally, Morgan Stanley reissued an “equal weight” rating on shares of First Solar in a research report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $45.56.
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In other First Solar news, insider Bryan Robert Schumaker sold 1,235 shares of the company’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $40.00, for a total transaction of $49,400.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark R. Widmar sold 43,189 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $48.55, for a total transaction of $2,096,825.95. Following the completion of the sale, the chief executive officer now directly owns 107,454 shares in the company, valued at approximately $5,216,891.70. The disclosure for this sale can be found here. Insiders have sold 95,909 shares of company stock worth $4,705,246 over the last 90 days. 0.58% of the stock is currently owned by company insiders.
First Solar, Inc. (NASDAQ:FSLR) opened at 48.45 on Friday. The company has a 50-day moving average of $47.71 and a 200-day moving average of $38.02. The stock’s market capitalization is $5.06 billion. First Solar, Inc. has a 52 week low of $25.56 and a 52 week high of $50.21.
First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.60. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The company had revenue of $623.00 million for the quarter, compared to analyst estimates of $591.55 million. During the same period in the prior year, the business posted $0.87 earnings per share. The firm’s revenue for the quarter was down 38.7% compared to the same quarter last year. Analysts anticipate that First Solar, Inc. will post $2.11 earnings per share for the current year.
About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
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