Oslo Asset Management ASA acquired a new position in shares of First Solar Inc. (NASDAQ:FSLR) during the second quarter, Holdings Channel reports. The institutional investor acquired 40,900 shares of the solar cell manufacturer’s stock, valued at approximately $1,983,000. First Solar accounts for about 1.6% of Oslo Asset Management ASA’s holdings, making the stock its 7th largest position.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. LS Investment Advisors LLC increased its position in First Solar by 27.2% in the second quarter. LS Investment Advisors LLC now owns 2,782 shares of the solar cell manufacturer’s stock valued at $135,000 after buying an additional 595 shares during the last quarter. Edmond DE Rothschild Holding S.A. increased its position in First Solar by 1,966.7% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 3,100 shares of the solar cell manufacturer’s stock valued at $212,000 after buying an additional 2,950 shares during the last quarter. Guinness Asset Management Ltd increased its position in First Solar by 60.9% in the second quarter. Guinness Asset Management Ltd now owns 3,700 shares of the solar cell manufacturer’s stock valued at $179,000 after buying an additional 1,400 shares during the last quarter. ING Groep NV purchased a new position in First Solar during the first quarter valued at $294,000. Finally, Scotia Capital Inc. purchased a new position in First Solar during the first quarter valued at $302,000. Hedge funds and other institutional investors own 57.50% of the company’s stock.
First Solar Inc. (NASDAQ:FSLR) traded down 0.93% during mid-day trading on Tuesday, reaching $38.21. The company had a trading volume of 2,356,391 shares. The firm has a market capitalization of $3.91 billion, a PE ratio of 5.63 and a beta of 1.54. First Solar Inc. has a 52 week low of $33.74 and a 52 week high of $74.29. The stock’s 50-day moving average price is $37.29 and its 200 day moving average price is $48.74.
First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.32. First Solar had a return on equity of 13.78% and a net margin of 17.45%. The company had revenue of $934.40 million for the quarter, compared to analysts’ expectations of $862.68 million. During the same quarter in the prior year, the firm earned $0.93 earnings per share. First Solar’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts predict that First Solar Inc. will post $4.25 EPS for the current year.
FSLR has been the subject of several research reports. Needham & Company LLC reiterated a “hold” rating on shares of First Solar in a research note on Monday, June 27th. JPMorgan Chase & Co. restated a “hold” rating and issued a $53.00 target price (down previously from $65.00) on shares of First Solar in a research note on Wednesday, September 28th. JMP Securities began coverage on First Solar in a research note on Thursday, September 8th. They issued an “underperform” rating and a $32.00 target price for the company. Vetr downgraded First Solar from a “buy” rating to a “hold” rating and set a $48.00 target price for the company. in a research note on Tuesday, July 12th. Finally, Argus downgraded First Solar from a “buy” rating to a “hold” rating and raised their target price for the stock from $36.75 to $38.25 in a research note on Wednesday, August 31st. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $57.88.
In related news, Director James Alton Hughes sold 180,448 shares of the stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $44.43, for a total value of $8,017,304.64. Following the transaction, the director now owns 201,577 shares of the company’s stock, valued at $8,956,066.11. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Philip Dejong sold 67,251 shares of the stock in a transaction on Friday, August 5th. The shares were sold at an average price of $44.28, for a total value of $2,977,874.28. Following the sale, the chief operating officer now directly owns 45,499 shares in the company, valued at approximately $2,014,695.72. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.
First Solar Company Profile
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.
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