Cornerstone Capital Management Holdings LLC. boosted its position in First Solar, Inc. (NASDAQ:FSLR) by 51.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 374,794 shares of the solar cell manufacturer’s stock after purchasing an additional 127,108 shares during the period. Cornerstone Capital Management Holdings LLC. owned about 0.36% of First Solar worth $17,194,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Schroder Investment Management Group increased its stake in First Solar by 12,600.7% in the 2nd quarter. Schroder Investment Management Group now owns 1,679,286 shares of the solar cell manufacturer’s stock worth $67,306,000 after acquiring an additional 1,666,064 shares during the last quarter. Key Square Capital Management LLC bought a new stake in First Solar in the 3rd quarter worth approximately $23,621,000. Ecofin Ltd. bought a new stake in First Solar in the 2nd quarter worth approximately $19,485,000. Lord Abbett & CO. LLC bought a new stake in First Solar in the 2nd quarter worth approximately $15,099,000. Finally, Gotham Asset Management LLC bought a new stake in First Solar in the 2nd quarter worth approximately $14,135,000. 50.87% of the stock is currently owned by hedge funds and other institutional investors.
First Solar, Inc. (FSLR) traded up $2.91 during trading hours on Tuesday, hitting $70.43. The company had a trading volume of 1,751,100 shares, compared to its average volume of 2,040,000. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.47 and a current ratio of 6.85. The firm has a market capitalization of $7,360.00, a PE ratio of -16.93 and a beta of 2.03. First Solar, Inc. has a 12-month low of $25.56 and a 12-month high of $71.80.
First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.84 by $1.11. First Solar had a positive return on equity of 8.07% and a negative net margin of 14.70%. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $859.22 million. During the same quarter last year, the firm earned $1.22 earnings per share. The firm’s quarterly revenue was up 59.5% compared to the same quarter last year. sell-side analysts forecast that First Solar, Inc. will post 2.52 EPS for the current year.
In other First Solar news, CEO Mark R. Widmar sold 20,270 shares of First Solar stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the completion of the sale, the chief executive officer now directly owns 100,754 shares of the company’s stock, valued at approximately $6,488,557.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Raffi Garabedian sold 11,284 shares of First Solar stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $70.06, for a total value of $790,557.04. Following the sale, the insider now owns 9,227 shares in the company, valued at approximately $646,443.62. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.
FSLR has been the subject of a number of recent analyst reports. Goldman Sachs Group restated a “neutral” rating and set a $65.00 price objective (up previously from $50.00) on shares of First Solar in a report on Thursday, November 30th. Vetr upgraded First Solar from a “buy” rating to a “strong-buy” rating and set a $53.04 target price for the company in a report on Wednesday, October 11th. Deutsche Bank upgraded First Solar from a “hold” rating to a “buy” rating and upped their target price for the stock from $50.00 to $65.00 in a report on Friday, September 15th. Needham & Company LLC upgraded First Solar from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a report on Friday, October 27th. Finally, Zacks Investment Research raised First Solar from a “hold” rating to a “buy” rating and set a $51.00 price target for the company in a research report on Monday, October 2nd. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $63.31.
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 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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