Prudential Financial Inc. boosted its stake in shares of First Solar Inc. (NASDAQ:FSLR) by 58.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 584,793 shares of the solar cell manufacturer’s stock after buying an additional 214,796 shares during the period. Prudential Financial Inc. owned approximately 0.57% of First Solar worth $28,351,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Aviva PLC increased its position in shares of First Solar by 0.8% in the first quarter. Aviva PLC now owns 36,107 shares of the solar cell manufacturer’s stock worth $2,472,000 after buying an additional 282 shares during the last quarter. ING Groep NV acquired a new position in First Solar during the first quarter valued at about $294,000. Landscape Capital Management L.L.C. boosted its position in First Solar by 18.5% in the first quarter. Landscape Capital Management L.L.C. now owns 17,300 shares of the solar cell manufacturer’s stock valued at $1,185,000 after buying an additional 2,700 shares during the last quarter. Royal Bank of Scotland Group PLC boosted its position in First Solar by 3.4% in the first quarter. Royal Bank of Scotland Group PLC now owns 7,952 shares of the solar cell manufacturer’s stock valued at $544,000 after buying an additional 263 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its position in First Solar by 1.0% in the first quarter. BlackRock Fund Advisors now owns 1,318,391 shares of the solar cell manufacturer’s stock valued at $90,270,000 after buying an additional 13,144 shares during the last quarter. 57.53% of the stock is currently owned by institutional investors and hedge funds.
First Solar Inc. (NASDAQ:FSLR) traded up 0.76% during mid-day trading on Thursday, reaching $34.29. The company’s stock had a trading volume of 453,834 shares. First Solar Inc. has a 52-week low of $33.74 and a 52-week high of $74.29. The stock has a market cap of $3.51 billion, a PE ratio of 5.05 and a beta of 1.86. The company has a 50 day moving average of $38.26 and a 200-day moving average of $50.73.
First Solar (NASDAQ:FSLR) last posted its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.32. The firm earned $934.40 million during the quarter, compared to analysts’ expectations of $862.68 million. First Solar had a return on equity of 13.78% and a net margin of 17.45%. The company’s revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.93 earnings per share. Equities analysts forecast that First Solar Inc. will post $4.25 earnings per share for the current year.
Several research firms have recently issued reports on FSLR. JMP Securities set a $32.00 price target on First Solar and gave the stock a “sell” rating in a research note on Saturday, September 17th. Standpoint Research reissued a “buy” rating and issued a $54.00 price target on shares of First Solar in a research note on Tuesday, September 6th. Argus cut First Solar from a “buy” rating to a “hold” rating and increased their price target for the stock from $36.75 to $38.25 in a research note on Wednesday, August 31st. Barclays PLC cut First Solar from an “overweight” rating to a “neutral” rating in a research note on Thursday, August 25th. Finally, Goldman Sachs Group Inc. decreased their target price on First Solar from $67.00 to $58.00 and set a “buy” rating for the company in a research note on Tuesday, August 16th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eleven have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $58.83.
In other news, COO Philip Dejong sold 67,251 shares of the business’s stock in a transaction dated 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 sale, the chief operating officer now directly owns 45,499 shares in the company, valued at $2,014,695.72. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christopher Bueter sold 29,384 shares of the business’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $44.23, for a total value of $1,299,654.32. Following the completion of the sale, the executive vice president now owns 17,718 shares in the company, 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.
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