First Solar, Inc. (FSLR) Stake Raised by Texas Permanent School Fund
Texas Permanent School Fund raised its position in First Solar, Inc. (NASDAQ:FSLR) by 1.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,107 shares of the solar cell manufacturer’s stock after buying an additional 611 shares during the period. Texas Permanent School Fund’s holdings in First Solar were worth $2,277,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Personal Capital Advisors Corp raised its stake in shares of First Solar by 33.4% in the first quarter. Personal Capital Advisors Corp now owns 331,437 shares of the solar cell manufacturer’s stock worth $9,290,000 after buying an additional 82,983 shares in the last quarter. Nationwide Fund Advisors raised its stake in shares of First Solar by 39.2% in the first quarter. Nationwide Fund Advisors now owns 340,672 shares of the solar cell manufacturer’s stock worth $9,232,000 after buying an additional 95,899 shares in the last quarter. James Investment Research Inc. acquired a new stake in shares of First Solar during the first quarter worth $163,000. Retirement Systems of Alabama raised its stake in shares of First Solar by 165.0% in the first quarter. Retirement Systems of Alabama now owns 100,743 shares of the solar cell manufacturer’s stock worth $2,730,000 after buying an additional 62,725 shares in the last quarter. Finally, DnB Asset Management AS raised its stake in shares of First Solar by 0.6% in the first quarter. DnB Asset Management AS now owns 518,218 shares of the solar cell manufacturer’s stock worth $14,044,000 after buying an additional 3,300 shares in the last quarter. Hedge funds and other institutional investors own 60.75% of the company’s stock.
First Solar, Inc. (NASDAQ:FSLR) opened at 46.75 on Friday. The firm’s 50-day moving average price is $43.67 and its 200-day moving average price is $35.55. The stock’s market cap is $4.88 billion. First Solar, Inc. has a 52 week low of $25.56 and a 52 week high of $50.21.
First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.60. The business had revenue of $623 million for the quarter, compared to analysts’ expectations of $591.55 million. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The business’s revenue for the quarter was down 38.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 EPS. Equities analysts predict that First Solar, Inc. will post $2.11 earnings per share for the current fiscal year.
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A number of brokerages have recently weighed in on FSLR. Vetr upgraded First Solar from a “sell” rating to a “hold” rating and set a $48.61 price objective on the stock in a research report on Wednesday, August 2nd. Cowen and Company set a $57.00 price objective on First Solar and gave the stock a “buy” rating in a research report on Saturday, July 29th. Barclays PLC reiterated a “buy” rating and issued a $55.00 price objective on shares of First Solar in a research report on Wednesday, August 2nd. BidaskClub lowered First Solar from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 3rd. Finally, Axiom Securities reiterated a “buy” rating on shares of First Solar in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $43.35.
In other news, insider Bryan Robert Schumaker sold 1,235 shares of the stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $40.00, for a total transaction of $49,400.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark R. Widmar sold 43,189 shares of the stock in a transaction on Monday, July 31st. The shares were sold at an average price of $48.55, for a total value of $2,096,825.95. Following the sale, the chief executive officer now owns 107,454 shares of the company’s stock, valued at approximately $5,216,891.70. The disclosure for this sale can be found here. Insiders have sold a total of 95,909 shares of company stock worth $4,705,246 in the last ninety days. Insiders own 0.40% of the company’s stock.
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.
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