Fred Alger Management LLC Grows Holdings in First Solar, Inc. $FSLR

Fred Alger Management LLC raised its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 3,470.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 85,518 shares of the solar cell manufacturer’s stock after purchasing an additional 83,123 shares during the quarter. Fred Alger Management LLC owned 0.08% of First Solar worth $18,859,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. California Public Employees Retirement System lifted its stake in shares of First Solar by 26.9% during the 3rd quarter. California Public Employees Retirement System now owns 175,164 shares of the solar cell manufacturer’s stock valued at $38,629,000 after buying an additional 37,137 shares in the last quarter. Alliancebernstein L.P. increased its stake in First Solar by 47.8% in the 3rd quarter. Alliancebernstein L.P. now owns 167,656 shares of the solar cell manufacturer’s stock worth $36,973,000 after buying an additional 54,195 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in First Solar by 12.1% during the third quarter. Ameriprise Financial Inc. now owns 64,365 shares of the solar cell manufacturer’s stock valued at $14,187,000 after acquiring an additional 6,925 shares during the period. Schonfeld Strategic Advisors LLC raised its holdings in First Solar by 79.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 7,948 shares of the solar cell manufacturer’s stock valued at $1,753,000 after acquiring an additional 3,531 shares during the period. Finally, Creative Planning lifted its position in shares of First Solar by 8.7% in the third quarter. Creative Planning now owns 25,362 shares of the solar cell manufacturer’s stock valued at $5,593,000 after acquiring an additional 2,021 shares in the last quarter. 92.08% of the stock is currently owned by institutional investors.

First Solar Price Performance

Shares of First Solar stock opened at $199.48 on Tuesday. The firm has a market cap of $21.41 billion, a PE ratio of 14.04, a PEG ratio of 0.32 and a beta of 1.65. The stock has a 50 day moving average of $225.79 and a 200 day moving average of $236.47. The company has a current ratio of 2.67, a quick ratio of 2.35 and a debt-to-equity ratio of 0.03. First Solar, Inc. has a 12 month low of $116.56 and a 12 month high of $285.99.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.22 by ($0.38). The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.59 billion. First Solar had a return on equity of 17.32% and a net margin of 29.28%.The firm’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the company earned $3.65 earnings per share. On average, research analysts expect that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insider Activity at First Solar

In other news, CAO Nathan B. Theurer sold 324 shares of the business’s stock in a transaction dated Tuesday, March 10th. The shares were sold at an average price of $195.70, for a total value of $63,406.80. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Georges Antoun sold 791 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $190.36, for a total transaction of $150,574.76. Following the sale, the insider owned 18,784 shares in the company, valued at $3,575,722.24. This represents a 4.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 47,761 shares of company stock valued at $9,276,424 over the last quarter. 0.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FSLR. TD Cowen dropped their price objective on First Solar from $320.00 to $253.00 and set a “buy” rating for the company in a research note on Wednesday, February 25th. Susquehanna lowered their price target on First Solar from $292.00 to $280.00 and set a “positive” rating on the stock in a report on Wednesday, February 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of First Solar in a report on Monday, December 29th. Jefferies Financial Group reiterated a “hold” rating and set a $205.00 price objective on shares of First Solar in a research report on Thursday, February 26th. Finally, JPMorgan Chase & Co. lowered their target price on shares of First Solar from $303.00 to $256.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Twenty analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and a consensus target price of $249.65.

About First Solar

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin?film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility?scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.