Franklin Resources Inc. reduced its position in First Solar, Inc. (NASDAQ:FSLR) by 51.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 181,845 shares of the solar cell manufacturer’s stock after selling 190,547 shares during the period. Franklin Resources Inc.’s holdings in First Solar were worth $12,278,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Thompson Davis & CO. Inc. acquired a new position in shares of First Solar in the 4th quarter valued at about $101,000. NuWave Investment Management LLC acquired a new position in shares of First Solar in the 4th quarter valued at about $162,000. Cigna Investments Inc. New acquired a new position in shares of First Solar in the 4th quarter valued at about $201,000. WealthTrust Fairport LLC acquired a new position in shares of First Solar in the 4th quarter valued at about $203,000. Finally, Eagle Ridge Investment Management acquired a new position in shares of First Solar in the 4th quarter valued at about $204,000. 53.35% of the stock is currently owned by institutional investors and hedge funds.
In other news, CEO Mark R. Widmar sold 20,574 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $63.90, for a total value of $1,314,678.60. Following the completion of the sale, the chief executive officer now directly owns 78,634 shares in the company, valued at approximately $5,024,712.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Philip Dejong sold 15,304 shares of the business’s stock in a transaction that occurred on Thursday, January 4th. The shares were sold at an average price of $67.83, for a total value of $1,038,070.32. Following the completion of the sale, the chief operating officer now owns 10,424 shares of the company’s stock, valued at $707,059.92. The disclosure for this sale can be found here. Insiders have sold a total of 45,761 shares of company stock worth $3,042,103 over the last 90 days. 0.58% of the stock is owned by company insiders.
First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Thursday, February 22nd. The solar cell manufacturer reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.06. First Solar had a positive return on equity of 5.17% and a negative net margin of 5.63%. The company had revenue of $339.00 million for the quarter, compared to the consensus estimate of $459.93 million. During the same period in the previous year, the business earned $1.24 EPS. First Solar’s revenue for the quarter was down 29.4% compared to the same quarter last year. equities analysts anticipate that First Solar, Inc. will post 1.67 earnings per share for the current fiscal year.
Several research firms have recently weighed in on FSLR. Miller Tabak lowered First Solar from a “buy” rating to a “hold” rating in a research note on Thursday, February 22nd. UBS began coverage on First Solar in a research report on Thursday, March 15th. They set a “buy” rating and a $81.00 price target on the stock. Zacks Investment Research lowered First Solar from a “buy” rating to a “hold” rating in a research report on Tuesday, February 6th. Standpoint Research raised First Solar from a “hold” rating to an “accumulate” rating and set a $84.00 price target on the stock in a research report on Wednesday, March 7th. Finally, JPMorgan Chase & Co. set a $69.00 price target on First Solar and gave the stock a “hold” rating in a research report on Monday, December 18th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $70.53.
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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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