Carnegie Capital Asset Management LLC reduced its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 4.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,215 shares of the solar cell manufacturer’s stock after selling 530 shares during the period. Carnegie Capital Asset Management LLC’s holdings in First Solar were worth $368,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in First Solar by 9.6% during the first quarter. BlackRock Inc. now owns 9,312,045 shares of the solar cell manufacturer’s stock worth $335,793,000 after purchasing an additional 816,445 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of First Solar by 2.9% during the first quarter. Bank of New York Mellon Corp now owns 2,392,681 shares of the solar cell manufacturer’s stock valued at $86,280,000 after acquiring an additional 66,511 shares during the last quarter. State Street Corp increased its position in shares of First Solar by 4.2% during the fourth quarter. State Street Corp now owns 2,109,525 shares of the solar cell manufacturer’s stock valued at $118,049,000 after acquiring an additional 84,235 shares during the last quarter. Norges Bank acquired a new stake in shares of First Solar during the fourth quarter valued at about $95,147,000. Finally, Schroder Investment Management Group increased its position in shares of First Solar by 36.6% during the fourth quarter. Schroder Investment Management Group now owns 999,803 shares of the solar cell manufacturer’s stock valued at $55,949,000 after acquiring an additional 267,819 shares during the last quarter. Hedge funds and other institutional investors own 57.76% of the company’s stock.
A number of equities research analysts have weighed in on the stock. Bank of America upgraded shares of First Solar from an “underperform” rating to a “neutral” rating and dropped their price target for the company from $54.00 to $38.00 in a research report on Tuesday, March 31st. Oppenheimer reiterated a “hold” rating on shares of First Solar in a research report on Friday, May 8th. JPMorgan Chase & Co. dropped their price target on shares of First Solar from $76.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Morgan Stanley lowered their price objective on shares of First Solar from $57.00 to $37.00 and set an “equal weight” rating for the company in a research note on Friday, March 27th. Finally, Raymond James raised shares of First Solar from a “market perform” rating to an “outperform” rating and set a $65.00 price objective for the company in a research note on Monday, February 24th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $55.71.
First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, May 7th. The solar cell manufacturer reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.61. First Solar had a net margin of 1.42% and a return on equity of 6.13%. The company had revenue of $532.00 million during the quarter, compared to the consensus estimate of $560.05 million. During the same quarter in the previous year, the firm earned ($0.64) earnings per share. The firm’s quarterly revenue was up .0% on a year-over-year basis. As a group, research analysts anticipate that First Solar, Inc. will post 2.71 earnings per share for the current fiscal year.
In other news, CTO Raffi Garabedian sold 15,016 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $43.01, for a total transaction of $645,838.16. Following the completion of the sale, the chief technology officer now owns 3,255 shares in the company, valued at approximately $139,997.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark R. Widmar sold 23,358 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $51.21, for a total transaction of $1,196,163.18. Following the sale, the chief executive officer now owns 203,812 shares of the company’s stock, valued at approximately $10,437,212.52. The disclosure for this sale can be found here. Insiders sold 62,746 shares of company stock valued at $2,814,194 in the last quarter. 0.54% of the stock is owned by insiders.
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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