Cibc World Market Inc. decreased its position in shares of First Solar, Inc. (NASDAQ:FSLR – Get Rating) by 16.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,204 shares of the solar cell manufacturer’s stock after selling 1,260 shares during the quarter. Cibc World Market Inc.’s holdings in First Solar were worth $423,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Clearstead Advisors LLC raised its stake in shares of First Solar by 22,940.0% in the first quarter. Clearstead Advisors LLC now owns 2,304 shares of the solar cell manufacturer’s stock worth $193,000 after purchasing an additional 2,294 shares during the last quarter. Western Wealth Management LLC purchased a new stake in First Solar in the first quarter valued at $267,000. Naviter Wealth LLC acquired a new stake in shares of First Solar in the second quarter valued at $204,000. Janney Montgomery Scott LLC grew its stake in shares of First Solar by 1.6% in the second quarter. Janney Montgomery Scott LLC now owns 8,636 shares of the solar cell manufacturer’s stock valued at $585,000 after buying an additional 133 shares in the last quarter. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in First Solar by 14.1% during the 1st quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 11,449 shares of the solar cell manufacturer’s stock worth $959,000 after purchasing an additional 1,414 shares in the last quarter. 79.21% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several analysts have recently weighed in on FSLR shares. Barclays raised First Solar from an “underweight” rating to an “equal weight” rating and boosted their target price for the company from $89.00 to $162.00 in a report on Tuesday, November 1st. Bank of America increased their price target on First Solar from $138.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, October 31st. StockNews.com began coverage on First Solar in a research report on Wednesday, October 12th. They issued a “sell” rating on the stock. Evercore ISI upgraded First Solar from an “in-line” rating to an “outperform” rating and increased their price target for the company from $88.00 to $150.00 in a report on Wednesday, September 28th. Finally, Cowen raised their target price on First Solar from $167.00 to $175.00 in a research note on Friday, October 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $161.96.
First Solar Price Performance
First Solar (NASDAQ:FSLR – Get Rating) last issued its quarterly earnings results on Thursday, October 27th. The solar cell manufacturer reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.30). First Solar had a net margin of 3.75% and a return on equity of 1.61%. The firm had revenue of $629.00 million during the quarter, compared to the consensus estimate of $747.97 million. During the same quarter last year, the firm posted $0.42 earnings per share. First Solar’s revenue was up 7.8% compared to the same quarter last year. On average, analysts forecast that First Solar, Inc. will post -0.51 EPS for the current fiscal year.
Insider Activity at First Solar
In other news, Director R Craig Kennedy sold 600 shares of the company’s stock in a transaction dated Monday, October 17th. The stock was sold at an average price of $125.68, for a total transaction of $75,408.00. Following the completion of the sale, the director now owns 18,888 shares in the company, valued at approximately $2,373,843.84. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.54% of the stock is owned by insiders.
First Solar Company Profile
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.
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