Contravisory Investment Management Inc. lessened its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 40.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,996 shares of the solar cell manufacturer’s stock after selling 2,739 shares during the period. Contravisory Investment Management Inc.’s holdings in First Solar were worth $270,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. American Century Companies Inc. purchased a new stake in shares of First Solar in the 2nd quarter valued at approximately $289,000. Principal Financial Group Inc. grew its stake in shares of First Solar by 5.1% in the 2nd quarter. Principal Financial Group Inc. now owns 331,068 shares of the solar cell manufacturer’s stock valued at $13,203,000 after buying an additional 16,082 shares during the period. Swiss National Bank grew its stake in shares of First Solar by 1.7% in the 2nd quarter. Swiss National Bank now owns 130,600 shares of the solar cell manufacturer’s stock valued at $5,208,000 after buying an additional 2,200 shares during the period. JPMorgan Chase & Co. grew its stake in shares of First Solar by 413.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 282,354 shares of the solar cell manufacturer’s stock valued at $11,261,000 after buying an additional 227,409 shares during the period. Finally, Alliancebernstein L.P. grew its stake in shares of First Solar by 0.8% in the 2nd quarter. Alliancebernstein L.P. now owns 47,767 shares of the solar cell manufacturer’s stock valued at $1,905,000 after buying an additional 360 shares during the period. 50.88% of the stock is owned by institutional investors.
Several research firms have recently weighed in on FSLR. ValuEngine raised shares of First Solar from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Vetr cut shares of First Solar from a “hold” rating to a “sell” rating and set a $49.20 price target for the company. in a research note on Monday, September 25th. Guggenheim reissued a “neutral” rating on shares of First Solar in a research note on Thursday. They noted that the move was a valuation call. Roth Capital reissued a “buy” rating and issued a $60.00 price target on shares of First Solar in a research note on Tuesday, September 26th. Finally, Vertical Group began coverage on shares of First Solar in a research note on Thursday, January 11th. They issued a “buy” rating for the company. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $63.13.
In other First Solar news, CEO Mark R. Widmar sold 20,270 shares of the stock in a transaction that occurred on Thursday, December 7th. The shares were sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the sale, the chief executive officer now directly owns 100,754 shares in the company, valued at approximately $6,488,557.60. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Raffi Garabedian sold 11,284 shares of the stock in a transaction that occurred on Monday, December 18th. The stock was sold at an average price of $70.06, for a total transaction of $790,557.04. Following the sale, the insider now owns 9,227 shares in the company, valued at $646,443.62. The disclosure for this sale can be found here. Insiders have sold a total of 46,858 shares of company stock valued at $3,134,015 in the last ninety days. 0.58% of the stock is currently owned by corporate insiders.
First Solar, Inc. (NASDAQ:FSLR) opened at $71.09 on Friday. The company has a current ratio of 6.85, a quick ratio of 6.47 and a debt-to-equity ratio of 0.06. The firm has a market cap of $7,519.18, a P/E ratio of -16.23 and a beta of 2.04. First Solar, Inc. has a 1 year low of $25.56 and a 1 year high of $76.61.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.84 by $1.11. The firm had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $859.22 million. First Solar had a negative net margin of 14.70% and a positive return on equity of 8.07%. The firm’s quarterly revenue was up 59.5% on a year-over-year basis. During the same quarter last year, the company posted $1.22 EPS. analysts expect that First Solar, Inc. will post 2.52 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION NOTICE: “Contravisory Investment Management Inc. Reduces Position in First Solar, Inc. (FSLR)” was reported by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this piece of content on another website, it was copied illegally and reposted in violation of U.S. & international copyright and trademark legislation. The original version of this piece of content can be accessed at https://www.dispatchtribunal.com/2018/01/19/contravisory-investment-management-inc-reduces-position-in-first-solar-inc-fslr.html.
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.
Receive News & Ratings for First Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar and related companies with MarketBeat.com's FREE daily email newsletter.