Pictet Asset Management Ltd. Takes Position in First Solar, Inc. (FSLR)
Pictet Asset Management Ltd. purchased a new position in shares of First Solar, Inc. (NASDAQ:FSLR) during the third quarter, HoldingsChannel reports. The firm purchased 273,490 shares of the solar cell manufacturer’s stock, valued at approximately $13,242,000.
Other hedge funds have also modified their holdings of the company. Vident Investment Advisory LLC boosted its position in First Solar by 2.2% during the second quarter. Vident Investment Advisory LLC now owns 53,443 shares of the solar cell manufacturer’s stock worth $2,814,000 after purchasing an additional 1,162 shares in the last quarter. Lansdowne Partners UK LLP raised its holdings in shares of First Solar by 147.5% during the second quarter. Lansdowne Partners UK LLP now owns 325,582 shares of the solar cell manufacturer’s stock valued at $17,145,000 after acquiring an additional 194,033 shares during the last quarter. Alps Advisors Inc. acquired a new position in shares of First Solar during the second quarter valued at approximately $442,000. SFE Investment Counsel raised its holdings in shares of First Solar by 35.7% during the third quarter. SFE Investment Counsel now owns 28,855 shares of the solar cell manufacturer’s stock valued at $1,397,000 after acquiring an additional 7,597 shares during the last quarter. Finally, Centaurus Financial Inc. acquired a new position in shares of First Solar during the second quarter valued at approximately $113,000. Institutional investors own 52.17% of the company’s stock.
FSLR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. set a $75.00 target price on First Solar and gave the company a “buy” rating in a report on Tuesday, October 30th. Bank of America reduced their target price on First Solar from $63.00 to $53.00 and set a “buy” rating for the company in a report on Monday, October 29th. UBS Group set a $85.00 target price on First Solar and gave the company a “buy” rating in a report on Friday, October 26th. Roth Capital set a $65.00 target price on First Solar and gave the company a “buy” rating in a report on Friday, October 26th. Finally, Argus raised First Solar from a “hold” rating to a “buy” rating and set a $60.00 target price for the company in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have issued a buy rating to the company’s stock. First Solar presently has a consensus rating of “Hold” and an average price target of $67.47.
First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, October 25th. The solar cell manufacturer reported $0.54 earnings per share for the quarter, topping the 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%. As a group, equities research analysts anticipate that First Solar, Inc. will post 1.51 earnings per share for the current year.
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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