State of Alaska Department of Revenue Increases Holdings in First Solar, Inc. (NASDAQ:FSLR)

State of Alaska Department of Revenue boosted its position in First Solar, Inc. (NASDAQ:FSLR) by 52.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 13,493 shares of the solar cell manufacturer’s stock after acquiring an additional 4,632 shares during the period. State of Alaska Department of Revenue’s holdings in First Solar were worth $782,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Invesco Ltd. boosted its stake in First Solar by 273.0% during the 2nd quarter. Invesco Ltd. now owns 2,686,374 shares of the solar cell manufacturer’s stock valued at $176,441,000 after purchasing an additional 1,966,171 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of First Solar by 40.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,304,211 shares of the solar cell manufacturer’s stock worth $151,340,000 after acquiring an additional 664,729 shares during the period. Nuveen Asset Management LLC acquired a new stake in shares of First Solar in the 2nd quarter worth approximately $34,160,000. South Texas Money Management Ltd. acquired a new stake in shares of First Solar in the 2nd quarter worth approximately $20,396,000. Finally, UBS Group AG lifted its stake in shares of First Solar by 79.1% in the 2nd quarter. UBS Group AG now owns 300,973 shares of the solar cell manufacturer’s stock worth $19,767,000 after acquiring an additional 132,944 shares during the period. Institutional investors own 61.91% of the company’s stock.

A number of analysts have recently weighed in on FSLR shares. Robert W. Baird set a $80.00 price target on shares of First Solar and gave the stock a “buy” rating in a research note on Friday, October 25th. Cfra lowered shares of First Solar from a “buy” rating to a “hold” rating in a report on Friday, October 25th. JPMorgan Chase & Co. set a $82.00 price target on shares of First Solar and gave the company a “buy” rating in a report on Tuesday, October 15th. Cowen set a $83.00 price target on shares of First Solar and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Zacks Investment Research lowered shares of First Solar from a “hold” rating to a “strong sell” rating and set a $59.00 price objective on the stock. in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $70.92.

In other First Solar news, insider Georges Antoun sold 8,476 shares of First Solar stock in a transaction on Friday, September 27th. The shares were sold at an average price of $59.09, for a total transaction of $500,846.84. Following the completion of the transaction, the insider now directly owns 65,134 shares of the company’s stock, valued at $3,848,768.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Raffi Garabedian sold 16,370 shares of First Solar stock in a transaction on Monday, October 28th. The stock was sold at an average price of $53.18, for a total transaction of $870,556.60. Following the transaction, the chief technology officer now directly owns 190 shares of the company’s stock, valued at $10,104.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,798 shares of company stock valued at $2,351,907. Company insiders own 0.72% of the company’s stock.

FSLR traded down $0.73 during midday trading on Thursday, hitting $52.63. The company had a trading volume of 991,700 shares, compared to its average volume of 1,353,963. The company has a debt-to-equity ratio of 0.09, a quick ratio of 3.24 and a current ratio of 4.00. First Solar, Inc. has a twelve month low of $38.45 and a twelve month high of $69.24. The firm’s 50-day simple moving average is $57.46 and its 200-day simple moving average is $61.25. The company has a market capitalization of $5.59 billion, a PE ratio of 38.70, a P/E/G ratio of 0.94 and a beta of 1.26.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, October 24th. The solar cell manufacturer reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.06 by ($0.77). First Solar had a negative net margin of 0.14% and a negative return on equity of 0.07%. The company had revenue of $547.00 million during the quarter, compared to the consensus estimate of $995.41 million. During the same period in the previous year, the firm posted $0.54 EPS. The business’s quarterly revenue was down 19.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that First Solar, Inc. will post 2.44 EPS for the current fiscal year.

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.

Further Reading: Quantitative Easing

Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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