Xponance Inc. lifted its position in First Solar, Inc. (NASDAQ:FSLR) by 29.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,923 shares of the solar cell manufacturer’s stock after purchasing an additional 2,033 shares during the quarter. Xponance Inc.’s holdings in First Solar were worth $591,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of FSLR. Bartlett & Co. LLC purchased a new position in shares of First Solar during the second quarter valued at approximately $25,000. Barrett Asset Management LLC boosted its position in shares of First Solar by 150.0% during the second quarter. Barrett Asset Management LLC now owns 625 shares of the solar cell manufacturer’s stock valued at $31,000 after buying an additional 375 shares during the period. Glenmede Trust Co. NA boosted its position in shares of First Solar by 237.0% during the second quarter. Glenmede Trust Co. NA now owns 792 shares of the solar cell manufacturer’s stock valued at $39,000 after buying an additional 557 shares during the period. Cerebellum GP LLC purchased a new position in shares of First Solar during the third quarter valued at approximately $65,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in shares of First Solar by 238.0% in the second quarter. Cullen Frost Bankers Inc. now owns 1,335 shares of the solar cell manufacturer’s stock valued at $66,000 after purchasing an additional 940 shares during the period. 60.90% of the stock is currently owned by hedge funds and other institutional investors.
FSLR stock opened at $87.05 on Friday. The company has a market cap of $9.22 billion, a price-to-earnings ratio of 93.60, a PEG ratio of 1.65 and a beta of 1.55. The company has a current ratio of 3.66, a quick ratio of 2.96 and a debt-to-equity ratio of 0.07. First Solar, Inc. has a 12 month low of $28.47 and a 12 month high of $97.93. The firm has a 50-day moving average of $74.03 and a two-hundred day moving average of $59.94.
First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, October 27th. The solar cell manufacturer reported $1.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.85. First Solar had a net margin of 3.17% and a return on equity of 7.18%. As a group, equities analysts forecast that First Solar, Inc. will post 2.89 earnings per share for the current year.
In related news, major shareholder Lukas T. Walton sold 8,649,074 shares of First Solar stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $68.50, for a total value of $592,461,569.00. Following the completion of the sale, the insider now owns 13,841,358 shares in the company, valued at approximately $948,133,023. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director R Craig Kennedy sold 550 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $75.15, for a total transaction of $41,332.50. Following the completion of the transaction, the director now directly owns 28,579 shares of the company’s stock, valued at approximately $2,147,711.85. The disclosure for this sale can be found here. Insiders have sold a total of 8,738,898 shares of company stock valued at $599,198,523 in the last 90 days. Insiders own 0.54% of the company’s stock.
FSLR has been the subject of a number of research reports. TheStreet upgraded First Solar from a “c+” rating to a “b-” rating in a report on Monday, October 19th. Morgan Stanley upped their target price on First Solar from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 20th. Barclays upgraded First Solar from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $45.00 to $86.00 in a report on Wednesday. BidaskClub lowered First Solar from a “strong-buy” rating to a “buy” rating in a report on Saturday, September 19th. Finally, JMP Securities upped their target price on First Solar from $91.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, October 20th. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $79.20.
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 Modules segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity to integrators and operators of PV solar power systems.
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