JPMorgan Chase & Co. cut its stake in shares of First Solar Inc. (NASDAQ:FSLR) by 25.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 460,046 shares of the solar cell manufacturer’s stock after selling 153,592 shares during the period. JPMorgan Chase & Co. owned about 0.45% of First Solar worth $22,303,000 as of its most recent filing with the SEC.
Other hedge funds have also bought and sold shares of the company. JBF Capital Inc. purchased a new position in First Solar during the second quarter valued at $194,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in First Solar during the second quarter valued at $544,000. Zevin Asset Management LLC raised its position in First Solar by 1.4% in the second quarter. Zevin Asset Management LLC now owns 187,966 shares of the solar cell manufacturer’s stock valued at $9,113,000 after buying an additional 2,685 shares in the last quarter. Boston Partners raised its position in First Solar by 11.3% in the second quarter. Boston Partners now owns 40,808 shares of the solar cell manufacturer’s stock valued at $1,978,000 after buying an additional 4,156 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC raised its position in First Solar by 3.1% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 10,100 shares of the solar cell manufacturer’s stock valued at $490,000 after buying an additional 300 shares in the last quarter. Institutional investors own 57.53% of the company’s stock.
Shares of First Solar Inc. (NASDAQ:FSLR) traded up 4.63% during midday trading on Friday, hitting $37.06. The stock had a trading volume of 4,412,931 shares. The firm has a market capitalization of $3.79 billion, a PE ratio of 5.46 and a beta of 1.86. First Solar Inc. has a one year low of $33.74 and a one year high of $74.29. The firm’s 50-day moving average price is $37.68 and its 200-day moving average price is $50.39.
First Solar (NASDAQ:FSLR) last issued its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.32. First Solar had a return on equity of 13.78% and a net margin of 17.45%. The business earned $934.40 million during the quarter, compared to analysts’ expectations of $862.68 million. During the same period in the prior year, the firm posted $0.93 EPS. First Solar’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities analysts predict that First Solar Inc. will post $4.25 EPS for the current year.
Several research firms have recently weighed in on FSLR. JMP Securities set a $32.00 price objective on First Solar and gave the company a “sell” rating in a research note on Saturday, September 17th. Standpoint Research reaffirmed a “buy” rating and issued a $54.00 price objective on shares of First Solar in a research note on Tuesday, September 6th. Argus lowered First Solar from a “buy” rating to a “hold” rating and lifted their price objective for the company from $36.75 to $38.25 in a research note on Wednesday, August 31st. Barclays PLC lowered First Solar from an “overweight” rating to a “neutral” rating in a research note on Thursday, August 25th. Finally, Goldman Sachs Group Inc. reduced their price objective on First Solar from $67.00 to $58.00 and set a “buy” rating on the stock in a research note on Tuesday, August 16th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eleven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $58.83.
In other news, COO Philip Dejong sold 67,251 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $44.28, for a total value of $2,977,874.28. Following the completion of the transaction, the chief operating officer now directly owns 45,499 shares of the company’s stock, valued at approximately $2,014,695.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Christopher Bueter sold 29,384 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $44.23, for a total value of $1,299,654.32. Following the completion of the transaction, the executive vice president now directly owns 17,718 shares of the company’s stock, valued at $783,667.14. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.
First Solar Company Profile
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.
Receive News & Ratings for First Solar Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar Inc. and related companies with MarketBeat.com's FREE daily email newsletter.