Retirement Systems of Alabama raised its position in First Solar, Inc. (NASDAQ:FSLR) by 5.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 212,163 shares of the solar cell manufacturer’s stock after buying an additional 10,154 shares during the quarter. Retirement Systems of Alabama owned about 0.20% of First Solar worth $18,522,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of First Solar by 10,102.9% in the 1st quarter. FMR LLC now owns 97,744 shares of the solar cell manufacturer’s stock valued at $5,164,000 after purchasing an additional 96,786 shares in the last quarter. Truist Financial Corp acquired a new position in shares of First Solar in the 3rd quarter worth approximately $206,000. Great West Life Assurance Co. Can increased its stake in shares of First Solar by 2.5% in the 3rd quarter. Great West Life Assurance Co. Can now owns 184,738 shares of the solar cell manufacturer’s stock valued at $12,232,000 after acquiring an additional 4,503 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of First Solar in the 3rd quarter valued at $432,000. Finally, Paloma Partners Management Co bought a new stake in First Solar during the 3rd quarter valued at $360,000. 67.70% of the stock is currently owned by hedge funds and other institutional investors.
Shares of FSLR opened at $79.36 on Wednesday. The business’s 50-day moving average price is $80.80 and its 200-day moving average price is $88.94. First Solar, Inc. has a twelve month low of $37.92 and a twelve month high of $112.50. The stock has a market cap of $8.44 billion, a PE ratio of 37.97, a P/E/G ratio of 1.69 and a beta of 1.27. The company has a quick ratio of 3.05, a current ratio of 3.83 and a debt-to-equity ratio of 0.04.
A number of brokerages have commented on FSLR. JPMorgan Chase & Co. decreased their price target on shares of First Solar from $100.00 to $94.00 and set a “neutral” rating for the company in a research note on Monday, March 8th. Citigroup raised shares of First Solar from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $88.00 to $100.00 in a report on Monday. Smith Barney Citigroup began coverage on shares of First Solar in a report on Friday, January 8th. They set a “neutral” rating and a $106.00 price objective on the stock. UBS Group downgraded shares of First Solar from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $95.00 to $110.00 in a report on Monday, February 1st. Finally, Piper Sandler cut their price target on shares of First Solar from $92.00 to $81.00 and set a “neutral” rating on the stock in a report on Tuesday, March 9th. They noted that the move was a valuation call. Six analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $91.78.
In related news, CFO Alexander R. Bradley sold 3,173 shares of the company’s stock in a transaction that occurred on Monday, March 8th. The shares were sold at an average price of $73.57, for a total value of $233,437.61. Following the transaction, the chief financial officer now directly owns 24,513 shares in the company, valued at $1,803,421.41. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director R Craig Kennedy sold 550 shares of the company’s stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $82.23, for a total transaction of $45,226.50. Following the completion of the transaction, the director now owns 25,739 shares in the company, valued at $2,116,517.97. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,543 shares of company stock worth $3,069,548. Company insiders own 0.54% of the company’s stock.
About First Solar
First Solar, Inc engages in designing, manufacturing, marketing, and distribution of photovoltaic solar power systems and solar modules. It operates through the Modules and Systems segments. The Modules segment involves in the design, manufacture, and sale of cadmium telluride solar modules, which convert sunlight into electricity.
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