Texas Permanent School Fund trimmed its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 10.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 47,478 shares of the solar cell manufacturer’s stock after selling 5,262 shares during the quarter. Texas Permanent School Fund’s holdings in First Solar were worth $2,299,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Centaurus Financial Inc. purchased a new stake in shares of First Solar during the second quarter worth about $113,000. Flagship Harbor Advisors LLC purchased a new stake in shares of First Solar during the second quarter worth about $122,000. FNY Investment Advisers LLC purchased a new stake in shares of First Solar during the second quarter worth about $151,000. NEXT Financial Group Inc purchased a new stake in shares of First Solar during the third quarter worth about $162,000. Finally, We Are One Seven LLC bought a new stake in First Solar in the third quarter valued at about $203,000. 53.47% of the stock is currently owned by institutional investors and hedge funds.
FSLR has been the subject of several research analyst reports. BidaskClub lowered First Solar from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 12th. Roth Capital set a $90.00 price objective on First Solar and gave the company a “buy” rating in a report on Friday, July 27th. Zacks Investment Research lowered First Solar from a “hold” rating to a “sell” rating in a report on Wednesday, September 26th. JPMorgan Chase & Co. set a $75.00 price objective on First Solar and gave the company a “buy” rating in a report on Tuesday, October 30th. Finally, Morgan Stanley lowered their price objective on First Solar from $64.00 to $61.00 and set an “equal weight” rating for the company in a report on Monday, July 16th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. First Solar has an average rating of “Hold” and an average price target of $68.03.
In other news, insider Raffi Garabedian sold 3,863 shares of the company’s stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $51.61, for a total transaction of $199,369.43. Following the completion of the transaction, the insider now directly owns 2,057 shares of the company’s stock, valued at $106,161.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.54% of the stock is currently owned by corporate insiders.
NASDAQ:FSLR opened at $43.93 on Tuesday. The company has a market cap of $4.51 billion, a PE ratio of 70.49, a P/E/G ratio of 1.76 and a beta of 1.38. First Solar, Inc. has a 52 week low of $36.51 and a 52 week high of $81.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 4.48 and a quick ratio of 4.14.
First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, October 25th. The solar cell manufacturer reported $0.54 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.45 by $0.09. The company had revenue of $676.22 million during the quarter, compared to analyst estimates of $683.93 million. First Solar had a positive return on equity of 1.29% and a negative net margin of 17.98%. Equities research analysts anticipate that First Solar, Inc. will post 1.52 EPS for the current year.
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First Solar Company Profile
First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components 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.
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