First Solar, Inc. (NASDAQ:FSLR) Stock Position Lessened by State of Michigan Retirement System

State of Michigan Retirement System decreased its holdings in First Solar, Inc. (NASDAQ:FSLR) by 0.1% in the 3rd quarter, HoldingsChannel reports. The firm owned 414,173 shares of the solar cell manufacturer’s stock after selling 500 shares during the quarter. State of Michigan Retirement System’s holdings in First Solar were worth $24,026,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in FSLR. FMR LLC boosted its stake in First Solar by 10,102.9% during the first quarter. FMR LLC now owns 97,744 shares of the solar cell manufacturer’s stock worth $5,164,000 after buying an additional 96,786 shares during the period. Amundi Pioneer Asset Management Inc. boosted its stake in First Solar by 22.2% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 687,888 shares of the solar cell manufacturer’s stock worth $36,349,000 after buying an additional 124,767 shares during the period. South Texas Money Management Ltd. purchased a new position in First Solar during the second quarter worth about $20,396,000. Deane Retirement Strategies Inc. boosted its stake in First Solar by 0.7% during the second quarter. Deane Retirement Strategies Inc. now owns 37,031 shares of the solar cell manufacturer’s stock worth $2,432,000 after buying an additional 242 shares during the period. Finally, Winfield Associates Inc. boosted its stake in First Solar by 9.4% during the second quarter. Winfield Associates Inc. now owns 5,800 shares of the solar cell manufacturer’s stock worth $381,000 after buying an additional 500 shares during the period. 62.24% of the stock is owned by institutional investors and hedge funds.

Several research analysts have weighed in on the stock. UBS Group increased their target price on shares of First Solar to $80.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Robert W. Baird reissued a “buy” rating on shares of First Solar in a research note on Monday, September 9th. BidaskClub raised shares of First Solar from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Barclays reissued a “buy” rating on shares of First Solar in a research note on Friday, August 2nd. Finally, ValuEngine lowered shares of First Solar from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $69.00.

In related news, insider Georges Antoun sold 8,476 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $65.73, for a total value of $557,127.48. Following the sale, the insider now owns 82,070 shares of the company’s stock, valued at $5,394,461.10. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Widmar sold 34,964 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $61.43, for a total transaction of $2,147,838.52. Following the completion of the sale, the chief executive officer now directly owns 145,285 shares in the company, valued at approximately $8,924,857.55. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,665 shares of company stock worth $4,068,284. 0.72% of the stock is owned by corporate insiders.

NASDAQ FSLR opened at $55.28 on Thursday. The firm has a 50 day simple moving average of $60.28 and a 200-day simple moving average of $61.67. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.35 and a current ratio of 4.05. First Solar, Inc. has a one year low of $36.51 and a one year high of $69.24. The firm has a market cap of $5.93 billion, a price-to-earnings ratio of 40.65, a PEG ratio of 1.02 and a beta of 1.26.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, August 1st. The solar cell manufacturer reported ($0.18) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.20). First Solar had a net margin of 0.95% and a return on equity of 0.46%. The business had revenue of $585.00 million during the quarter, compared to analysts’ expectations of $656.80 million. During the same period in the previous year, the business posted ($0.46) EPS. The company’s revenue for the quarter was up 89.3% compared to the same quarter last year. Equities analysts predict that First Solar, Inc. will post 2.36 EPS for the current fiscal year.

First Solar Profile

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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Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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