State Board of Administration of Florida Retirement System Has $4.31 Million Stake in First Solar, Inc. (FSLR)
State Board of Administration of Florida Retirement System lifted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 7.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 107,993 shares of the solar cell manufacturer’s stock after buying an additional 7,471 shares during the period. State Board of Administration of Florida Retirement System owned about 0.10% of First Solar worth $4,307,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Bank of America Corp DE increased its stake in First Solar by 67.2% in the 1st quarter. Bank of America Corp DE now owns 273,426 shares of the solar cell manufacturer’s stock valued at $7,409,000 after purchasing an additional 109,938 shares in the last quarter. Baird Financial Group Inc. increased its stake in First Solar by 86.9% in the 1st quarter. Baird Financial Group Inc. now owns 12,890 shares of the solar cell manufacturer’s stock valued at $349,000 after purchasing an additional 5,995 shares in the last quarter. HighTower Advisors LLC increased its stake in First Solar by 13.2% in the 1st quarter. HighTower Advisors LLC now owns 22,791 shares of the solar cell manufacturer’s stock valued at $617,000 after purchasing an additional 2,662 shares in the last quarter. James Investment Research Inc. increased its stake in First Solar by 836.5% in the 2nd quarter. James Investment Research Inc. now owns 56,190 shares of the solar cell manufacturer’s stock valued at $2,241,000 after purchasing an additional 50,190 shares in the last quarter. Finally, Nuveen Asset Management LLC purchased a new position in First Solar in the 1st quarter valued at approximately $629,000. 53.61% of the stock is owned by institutional investors and hedge funds.
First Solar, Inc. (NASDAQ FSLR) opened at 47.45 on Friday. The stock’s market capitalization is $4.95 billion. First Solar, Inc. has a 12 month low of $25.56 and a 12 month high of $50.21. The company has a 50 day moving average price of $47.44 and a 200 day moving average price of $37.64.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.60. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The firm had revenue of $623 million for the quarter, compared to analysts’ expectations of $591.55 million. During the same period in the previous year, the company posted $0.87 EPS. The company’s quarterly revenue was down 38.7% compared to the same quarter last year. Equities research analysts predict that First Solar, Inc. will post $2.11 earnings per share for the current year.
In other news, insider Bryan Robert Schumaker sold 1,235 shares of the business’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $40.00, for a total transaction of $49,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Alexander R. Bradley sold 566 shares of the business’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $48.66, for a total transaction of $27,541.56. Following the transaction, the chief financial officer now owns 963 shares in the company, valued at $46,859.58. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 95,909 shares of company stock worth $4,705,246. 0.58% of the stock is currently owned by corporate insiders.
Several equities analysts recently weighed in on the company. TheStreet raised First Solar from a “d+” rating to a “c” rating in a research note on Wednesday, July 19th. BidaskClub downgraded First Solar from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Cowen and Company reaffirmed a “buy” rating and issued a $57.00 price objective on shares of First Solar in a research note on Sunday, September 3rd. Deutsche Bank AG set a $47.00 price objective on First Solar and gave the company a “hold” rating in a research note on Wednesday, July 19th. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of First Solar in a research note on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and ten have assigned a buy rating to the company’s stock. First Solar has a consensus rating of “Hold” and an average target price of $44.69.
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First Solar 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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