Municipal Employees Retirement System of Michigan lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 18.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,630 shares of the solar cell manufacturer’s stock after selling 5,560 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in First Solar were worth $1,130,000 at the end of the most recent reporting period.
A number of other large investors also recently added to or reduced their stakes in FSLR. Schroder Investment Management Group raised its stake in shares of First Solar by 12,600.7% in the 2nd 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. Ecofin Ltd. acquired a new position in shares of First Solar in the 2nd quarter worth $19,485,000. Lord Abbett & CO. LLC acquired a new position in shares of First Solar in the 2nd quarter worth $15,099,000. Gotham Asset Management LLC acquired a new position in shares of First Solar in the 2nd quarter worth $14,135,000. Finally, Delta Lloyd Asset Management N.V. acquired a new position in shares of First Solar in the 2nd quarter worth $12,647,000. Institutional investors and hedge funds own 51.21% of the company’s stock.
A number of brokerages recently issued reports on FSLR. JMP Securities set a $67.00 target price on First Solar and gave the stock a “buy” rating in a report on Wednesday, August 16th. Vetr upgraded First Solar from a “sell” rating to a “hold” rating and set a $47.67 price target on the stock in a report on Wednesday, August 16th. ValuEngine upgraded First Solar from a “hold” rating to a “buy” rating in a report on Friday, August 11th. Axiom Securities reiterated a “buy” rating on shares of First Solar in a report on Wednesday, August 30th. Finally, Bank of America reiterated a “buy” rating and set a $64.00 price target on shares of First Solar in a report on Tuesday, August 29th. Eleven research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $57.51.
First Solar, Inc. (NASDAQ:FSLR) traded up $5.19 during mid-day trading on Thursday, hitting $68.43. The stock had a trading volume of 4,910,193 shares, compared to its average volume of 2,789,156. The company has a debt-to-equity ratio of 0.06, a quick ratio of 6.47 and a current ratio of 6.85. The firm has a market cap of $6,392.34, a P/E ratio of 15.00 and a beta of 2.03. First Solar, Inc. has a one year low of $25.56 and a one year high of $68.70.
First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, October 26th. The solar cell manufacturer reported $1.95 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.84 by $1.11. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $859.22 million. First Solar had a positive return on equity of 8.07% and a negative net margin of 14.70%. The firm’s revenue was up 59.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.22 EPS. analysts predict that First Solar, Inc. will post 2.47 EPS for the current year.
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First Solar Company Profile
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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