Dimensional Fund Advisors LP lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 48.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,415,142 shares of the solar cell manufacturer’s stock after selling 1,341,838 shares during the period. Dimensional Fund Advisors LP owned about 1.36% of First Solar worth $56,438,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in FSLR. BlackRock Inc. boosted its holdings in First Solar by 7,977.6% during the first quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock worth $187,601,000 after buying an additional 6,836,843 shares in the last quarter. Schroder Investment Management Group boosted its holdings in First Solar by 12,600.7% during the second quarter. Schroder Investment Management Group now owns 1,679,286 shares of the solar cell manufacturer’s stock worth $67,306,000 after buying an additional 1,666,064 shares in the last quarter. State Treasurer State of Michigan boosted its holdings in First Solar by 99.1% during the second quarter. State Treasurer State of Michigan now owns 754,373 shares of the solar cell manufacturer’s stock worth $30,084,000 after buying an additional 375,500 shares in the last quarter. Delta Lloyd Asset Management N.V. purchased a new stake in First Solar during the second quarter worth about $12,647,000. Finally, Vanguard Group Inc. boosted its holdings in First Solar by 3.9% during the second quarter. Vanguard Group Inc. now owns 6,545,727 shares of the solar cell manufacturer’s stock worth $261,043,000 after buying an additional 243,787 shares in the last quarter. 53.07% of the stock is currently owned by hedge funds and other institutional investors.
Shares of First Solar, Inc. (FSLR) opened at 47.24 on Wednesday. The firm’s market cap is $4.93 billion. First Solar, Inc. has a 52-week low of $25.56 and a 52-week high of $53.00. The stock has a 50 day moving average of $47.72 and a 200 day moving average of $40.52.
First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.60. The firm had revenue of $623.00 million for the quarter, compared to analyst estimates of $591.55 million. First Solar had a negative net margin of 18.80% and a positive return on equity of 6.43%. The company’s revenue for the quarter was down 38.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 earnings per share. Equities analysts predict that First Solar, Inc. will post $2.21 EPS for the current fiscal year.
In related news, CEO Mark R. Widmar sold 43,189 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $48.55, for a total transaction of $2,096,825.95. Following the transaction, the chief executive officer now owns 107,454 shares of the company’s stock, valued at $5,216,891.70. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Alexander R. Bradley sold 566 shares of the firm’s stock in a transaction that occurred 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 directly owns 963 shares in the company, valued at approximately $46,859.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 94,674 shares of company stock worth $4,655,846. Insiders own 0.58% of the company’s stock.
Several analysts have issued reports on the stock. Axiom Securities reaffirmed a “buy” rating on shares of First Solar in a report on Wednesday, August 30th. Bank of America Corporation reaffirmed a “buy” rating and issued a $64.00 price target on shares of First Solar in a report on Tuesday, August 29th. Zacks Investment Research downgraded shares of First Solar from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Deutsche Bank AG raised shares of First Solar from a “hold” rating to a “buy” rating and upped their price target for the company from $50.00 to $65.00 in a report on Friday, September 15th. Finally, Cowen and Company reaffirmed a “buy” rating and issued a $57.00 price target on shares of First Solar in a report on Sunday, September 3rd. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $45.10.
About First Solar
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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