Wellington Shields Capital Management LLC lowered its stake in First Solar, Inc. (NASDAQ:FSLR) by 6.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,900 shares of the solar cell manufacturer’s stock after selling 3,700 shares during the quarter. Wellington Shields Capital Management LLC’s holdings in First Solar were worth $2,690,000 at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of First Solar by 2,133.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 132,076 shares of the solar cell manufacturer’s stock worth $5,607,000 after purchasing an additional 126,163 shares during the last quarter. Private Capital Group LLC increased its holdings in First Solar by 68.6% in the fourth quarter. Private Capital Group LLC now owns 1,165 shares of the solar cell manufacturer’s stock valued at $49,000 after buying an additional 474 shares in the last quarter. Arizona State Retirement System increased its holdings in First Solar by 1.1% in the fourth quarter. Arizona State Retirement System now owns 54,165 shares of the solar cell manufacturer’s stock valued at $2,300,000 after buying an additional 586 shares in the last quarter. Perella Weinberg Partners Capital Management LP purchased a new position in First Solar in the fourth quarter valued at $428,000. Finally, Bradley Foster & Sargent Inc. CT increased its holdings in First Solar by 74.6% in the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 9,571 shares of the solar cell manufacturer’s stock valued at $406,000 after buying an additional 4,090 shares in the last quarter. 61.95% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have weighed in on FSLR shares. Argus lifted their price objective on shares of First Solar to $66.00 and gave the company an “average” rating in a report on Friday, May 3rd. Roth Capital set a $75.00 price objective on shares of First Solar and gave the company a “buy” rating in a report on Monday, April 22nd. BidaskClub raised shares of First Solar from a “hold” rating to a “buy” rating in a report on Thursday, April 18th. Goldman Sachs Group set a $75.00 price objective on shares of First Solar and gave the company a “buy” rating in a report on Wednesday, April 10th. Finally, Bank of America reaffirmed a “buy” rating and issued a $60.00 price objective on shares of First Solar in a report on Tuesday, February 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $63.85.
Shares of FSLR stock traded up $1.58 on Thursday, reaching $59.44. 43,223 shares of the company were exchanged, compared to its average volume of 1,368,781. The stock has a market capitalization of $6.15 billion, a P/E ratio of 43.61, a P/E/G ratio of 1.04 and a beta of 1.32. The company has a quick ratio of 3.83, a current ratio of 4.38 and a debt-to-equity ratio of 0.11. First Solar, Inc. has a 1 year low of $36.51 and a 1 year high of $69.89.
First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, May 2nd. The solar cell manufacturer reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.52). The company had revenue of $532.00 million for the quarter, compared to analysts’ expectations of $596.32 million. First Solar had a negative return on equity of 0.12% and a negative net margin of 0.28%. The firm’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.78 EPS. On average, analysts expect that First Solar, Inc. will post 2.41 earnings per share for the current year.
About First Solar
First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United States and internationally. It operates in two segments, Modules 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 of PV solar power systems.
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