State of Alaska Department of Revenue boosted its holdings in First Solar, Inc. (NASDAQ:FSLR) by 52.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,493 shares of the solar cell manufacturer’s stock after purchasing an additional 4,632 shares during the quarter. State of Alaska Department of Revenue’s holdings in First Solar were worth $782,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Janus Henderson Group PLC purchased a new stake in shares of First Solar in the second quarter worth about $3,370,000. CIBC Asset Management Inc bought a new position in First Solar during the second quarter valued at about $242,000. AGF Investments Inc. raised its holdings in First Solar by 1.9% during the second quarter. AGF Investments Inc. now owns 24,994 shares of the solar cell manufacturer’s stock valued at $1,642,000 after buying an additional 476 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of First Solar by 40.5% in the second quarter. Bank of New York Mellon Corp now owns 2,304,211 shares of the solar cell manufacturer’s stock valued at $151,340,000 after purchasing an additional 664,729 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new stake in shares of First Solar in the second quarter valued at about $1,443,000. Hedge funds and other institutional investors own 62.24% of the company’s stock.
In other news, CEO Mark R. Widmar sold 34,964 shares of First Solar stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $61.43, for a total value of $2,147,838.52. Following the completion of the transaction, the chief executive officer now owns 145,285 shares in the company, valued at $8,924,857.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Georges Antoun sold 8,476 shares of First Solar stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $65.73, for a total transaction of $557,127.48. Following the completion of the transaction, the insider now owns 82,070 shares of the company’s stock, valued at approximately $5,394,461.10. The disclosure for this sale can be found here. Insiders have sold 65,665 shares of company stock worth $4,068,284 over the last ninety days. Company insiders own 0.72% of the company’s stock.
First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, August 1st. The solar cell manufacturer reported ($0.18) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.20). First Solar had a return on equity of 0.46% and a net margin of 0.95%. The firm had revenue of $585.00 million for the quarter, compared to analyst estimates of $656.80 million. During the same period last year, the business earned ($0.46) earnings per share. The firm’s quarterly revenue was up 89.3% compared to the same quarter last year. On average, equities research analysts anticipate that First Solar, Inc. will post 2.37 EPS for the current year.
Several equities research analysts have recently issued reports on the company. UBS Group raised their price target on First Solar to $80.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. BidaskClub raised First Solar from a “sell” rating to a “hold” rating in a research report on Tuesday, September 24th. Robert W. Baird reaffirmed a “buy” rating on shares of First Solar in a research report on Monday, September 9th. Barclays reaffirmed a “buy” rating on shares of First Solar in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. set a $82.00 price target on First Solar and gave the company a “buy” rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. First Solar presently has a consensus rating of “Hold” and a consensus target price of $70.11.
About First Solar
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules and Systems. The Components segment designs, manufactures, and sells cadmium telluride solar modules that convert sunlight into electricity. This segment offers its products to integrators and operators of PV solar power systems.
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