New York State Common Retirement Fund trimmed its holdings in First Solar, Inc. (NASDAQ:FSLR – Get Rating) by 4.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 210,110 shares of the solar cell manufacturer’s stock after selling 9,845 shares during the quarter. New York State Common Retirement Fund owned about 0.20% of First Solar worth $17,595,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in FSLR. Cullen Frost Bankers Inc. bought a new position in shares of First Solar in the fourth quarter valued at about $26,000. Sageworth Trust Co of South Dakota bought a new position in shares of First Solar in the fourth quarter valued at about $29,000. Ellevest Inc. raised its holdings in shares of First Solar by 53.3% in the first quarter. Ellevest Inc. now owns 374 shares of the solar cell manufacturer’s stock valued at $31,000 after buying an additional 130 shares during the last quarter. IndexIQ Advisors LLC bought a new position in shares of First Solar in the fourth quarter valued at about $49,000. Finally, Field & Main Bank raised its holdings in shares of First Solar by 625.0% in the first quarter. Field & Main Bank now owns 580 shares of the solar cell manufacturer’s stock valued at $49,000 after buying an additional 500 shares during the last quarter. 75.42% of the stock is owned by institutional investors.
Insider Buying and Selling at First Solar
In other news, CFO Alexander R. Bradley bought 1,990 shares of the business’s stock in a transaction on Monday, August 1st. The shares were purchased at an average price of $100.56 per share, for a total transaction of $200,114.40. Following the purchase, the chief financial officer now owns 27,320 shares of the company’s stock, valued at approximately $2,747,299.20. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director R Craig Kennedy sold 600 shares of the company’s stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $62.50, for a total transaction of $37,500.00. Following the sale, the director now owns 20,397 shares in the company, valued at approximately $1,274,812.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Alexander R. Bradley acquired 1,990 shares of the company’s stock in a transaction dated Monday, August 1st. The shares were bought at an average price of $100.56 per share, for a total transaction of $200,114.40. Following the purchase, the chief financial officer now owns 27,320 shares in the company, valued at $2,747,299.20. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 48,242 shares of company stock worth $4,255,102. Corporate insiders own 0.54% of the company’s stock.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on FSLR shares. Piper Sandler boosted their price objective on First Solar from $90.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday. Morgan Stanley dropped their price objective on First Solar from $62.00 to $54.00 and set an “underweight” rating for the company in a report on Monday, June 13th. JPMorgan Chase & Co. boosted their price objective on First Solar from $69.00 to $73.00 in a report on Wednesday, July 20th. Bank of America raised First Solar from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $63.00 to $104.50 in a report on Monday. Finally, Oppenheimer raised First Solar from a “market perform” rating to an “outperform” rating and set a $116.00 price objective for the company in a report on Friday, July 29th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $95.92.
First Solar Price Performance
Shares of FSLR opened at $99.17 on Friday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.20 and a current ratio of 4.21. The stock has a 50 day simple moving average of $72.83 and a 200 day simple moving average of $73.59. First Solar, Inc. has a 52-week low of $59.60 and a 52-week high of $123.13. The firm has a market capitalization of $10.57 billion, a PE ratio of 56.35, a P/E/G ratio of 1,495.05 and a beta of 1.49.
First Solar (NASDAQ:FSLR – Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The solar cell manufacturer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.09). The business had revenue of $621.00 million during the quarter, compared to analyst estimates of $606.45 million. First Solar had a net margin of 7.63% and a return on equity of 3.21%. First Solar’s revenue for the quarter was down 1.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.77 earnings per share. Sell-side analysts predict that First Solar, Inc. will post 0.01 EPS for the current fiscal year.
First Solar Company Profile
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.
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