Assenagon Asset Management S.A. Trims Stake in First Solar, Inc. (NASDAQ:FSLR)

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Assenagon Asset Management S.A. reduced its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 98.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,615 shares of the solar cell manufacturer’s stock after selling 325,976 shares during the period. Assenagon Asset Management S.A.’s holdings in First Solar were worth $228,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Verus Capital Partners LLC purchased a new stake in shares of First Solar in the fourth quarter worth $28,000. Banco de Sabadell S.A purchased a new stake in shares of First Solar in the first quarter worth $32,000. Parallel Advisors LLC increased its stake in shares of First Solar by 195.9% in the first quarter. Parallel Advisors LLC now owns 1,145 shares of the solar cell manufacturer’s stock worth $41,000 after purchasing an additional 758 shares in the last quarter. Ellevest Inc. purchased a new stake in shares of First Solar in the first quarter worth $56,000. Finally, Sterling Investment Advisors Ltd. purchased a new stake in shares of First Solar in the first quarter worth $86,000. 58.37% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently issued reports on the stock. BidaskClub raised shares of First Solar from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 9th. Barclays reaffirmed a “sell” rating and set a $51.00 target price on shares of First Solar in a research note on Friday, July 17th. Robert W. Baird raised their target price on shares of First Solar from $48.00 to $60.00 and gave the company an “outperform” rating in a research note on Friday, May 8th. Credit Suisse Group cut their target price on shares of First Solar from $56.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $70.00 target price (up from $57.00) on shares of First Solar in a research note on Monday, May 11th. Four analysts have rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. First Solar currently has a consensus rating of “Hold” and a consensus target price of $56.50.

In other news, CFO Alexander R. Bradley sold 8,817 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $43.01, for a total value of $379,219.17. Following the completion of the sale, the chief financial officer now owns 19,549 shares in the company, valued at approximately $840,802.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Philip Dejong sold 8,561 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $50.00, for a total transaction of $428,050.00. Following the completion of the sale, the chief operating officer now owns 17,133 shares of the company’s stock, valued at approximately $856,650. The disclosure for this sale can be found here. Insiders sold a total of 32,654 shares of company stock valued at $1,466,458 in the last 90 days. Company insiders own 0.54% of the company’s stock.

FSLR stock opened at $59.55 on Friday. First Solar, Inc. has a 52 week low of $28.47 and a 52 week high of $69.24. The company has a quick ratio of 3.10, a current ratio of 3.75 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $54.63 and a two-hundred day simple moving average of $47.41. The firm has a market capitalization of $6.32 billion, a P/E ratio of 148.88, a price-to-earnings-growth ratio of 1.89 and a beta of 1.26.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, May 7th. The solar cell manufacturer reported $0.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.61. The firm had revenue of $532.00 million during the quarter, compared to analyst estimates of $560.05 million. First Solar had a net margin of 1.42% and a return on equity of 6.13%. The business’s revenue was up .0% on a year-over-year basis. During the same quarter last year, the business earned ($0.64) EPS. As a group, analysts anticipate that First Solar, Inc. will post 2.86 EPS for the current year.

First Solar Profile

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.

See Also: Treasury Bonds

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Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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