California Public Employees Retirement System boosted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 25.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 189,218 shares of the solar cell manufacturer’s stock after purchasing an additional 38,618 shares during the period. California Public Employees Retirement System owned about 0.18% of First Solar worth $10,977,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Meridian Wealth Management LLC acquired a new stake in First Solar during the 2nd quarter worth about $25,000. Valeo Financial Advisors LLC acquired a new stake in shares of First Solar in the 3rd quarter valued at about $43,000. Usca Ria LLC acquired a new stake in shares of First Solar in the 3rd quarter valued at about $46,000. NumerixS Investment Technologies Inc acquired a new stake in shares of First Solar in the 2nd quarter valued at about $79,000. Finally, Destination Wealth Management acquired a new stake in shares of First Solar in the 2nd quarter valued at about $91,000. Hedge funds and other institutional investors own 61.10% of the company’s stock.
Several brokerages have recently commented on FSLR. Zacks Investment Research downgraded First Solar from a “hold” rating to a “strong sell” rating and set a $59.00 target price for the company. in a research note on Monday, October 21st. Robert W. Baird set a $80.00 price target on shares of First Solar and gave the company a “buy” rating in a research report on Friday, October 25th. Roth Capital set a $75.00 price target on shares of First Solar and gave the company a “buy” rating in a research report on Monday, October 21st. Barclays set a $72.00 price target on shares of First Solar and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, ValuEngine cut shares of First Solar from a “hold” rating to a “sell” rating in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $70.92.
Shares of NASDAQ:FSLR traded up $0.44 during mid-day trading on Wednesday, reaching $54.79. The company had a trading volume of 1,275,615 shares, compared to its average volume of 1,313,152. The company has a current ratio of 4.00, a quick ratio of 3.24 and a debt-to-equity ratio of 0.09. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of 40.29, a PEG ratio of 0.98 and a beta of 1.32. The company’s 50-day moving average price is $53.98 and its 200-day moving average price is $60.40. First Solar, Inc. has a one year low of $38.45 and a one year high of $69.24.
First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Thursday, October 24th. The solar cell manufacturer reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.77). First Solar had a negative net margin of 0.14% and a negative return on equity of 0.07%. The business had revenue of $547.00 million during the quarter, compared to analysts’ expectations of $995.41 million. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The firm’s quarterly revenue was down 19.1% on a year-over-year basis. On average, research analysts anticipate that First Solar, Inc. will post 2.44 EPS for the current fiscal year.
In other news, insider Georges Antoun sold 8,476 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $55.23, for a total transaction of $468,129.48. Following the completion of the transaction, the insider now directly owns 44,390 shares in the company, valued at approximately $2,451,659.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Philip Dejong sold 11,491 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $55.25, for a total transaction of $634,877.75. Following the transaction, the chief operating officer now owns 9,541 shares of the company’s stock, valued at $527,140.25. The disclosure for this sale can be found here. Insiders have sold a total of 53,289 shares of company stock valued at $2,930,843 over the last 90 days. Company insiders own 0.72% of the company’s stock.
First Solar 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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