Advisors Asset Management Inc. purchased a new position in First Solar, Inc. (NASDAQ:FSLR) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 3,957 shares of the solar cell manufacturer’s stock, valued at approximately $208,000.
Other large investors also recently made changes to their positions in the company. Centaurus Financial Inc. acquired a new stake in shares of First Solar in the second quarter worth about $113,000. Flagship Harbor Advisors LLC acquired a new stake in shares of First Solar in the second quarter worth about $122,000. FNY Investment Advisers LLC acquired a new stake in shares of First Solar in the second quarter worth about $151,000. Coastline Trust Co acquired a new stake in shares of First Solar in the second quarter worth about $251,000. Finally, Strs Ohio acquired a new stake in shares of First Solar in the second quarter worth about $315,000. 53.47% of the stock is owned by institutional investors.
In related news, insider Raffi Garabedian sold 3,863 shares of the business’s stock in a transaction dated Tuesday, September 4th. The stock was sold at an average price of $51.61, for a total transaction of $199,369.43. Following the transaction, the insider now directly owns 2,057 shares in the company, valued at $106,161.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.54% of the company’s stock.
First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, October 25th. The solar cell manufacturer reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. First Solar had a positive return on equity of 1.29% and a negative net margin of 17.98%. The firm had revenue of $676.22 million for the quarter, compared to analyst estimates of $683.93 million. Analysts anticipate that First Solar, Inc. will post 1.52 EPS for the current year.
A number of brokerages have weighed in on FSLR. Zacks Investment Research raised First Solar from a “sell” rating to a “hold” rating in a research report on Friday, October 26th. ValuEngine upgraded First Solar from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. Cowen reiterated a “buy” rating and issued a $85.00 price objective on shares of First Solar in a research note on Friday, July 27th. Bank of America dropped their price objective on First Solar from $63.00 to $53.00 and set a “buy” rating on the stock in a research note on Monday, October 29th. Finally, Roth Capital set a $65.00 price objective on First Solar and gave the stock a “buy” rating in a research note on Friday, October 26th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $68.03.
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First Solar Company Profile
First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components 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.
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