Prentiss Smith & Co. Inc. Has $5.29 Million Holdings in First Solar, Inc. (NASDAQ:FSLR)

Prentiss Smith & Co. Inc. lessened its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 0.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,245 shares of the solar cell manufacturer’s stock after selling 261 shares during the quarter. First Solar makes up approximately 3.5% of Prentiss Smith & Co. Inc.’s investment portfolio, making the stock its 11th largest position. Prentiss Smith & Co. Inc. owned approximately 0.09% of First Solar worth $5,293,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janus Henderson Group PLC bought a new stake in shares of First Solar during the second quarter worth approximately $3,370,000. CIBC Asset Management Inc bought a new stake in shares of First Solar during the second quarter worth approximately $242,000. AGF Investments Inc. boosted its holdings in shares of First Solar by 1.9% during the second quarter. AGF Investments Inc. now owns 24,994 shares of the solar cell manufacturer’s stock worth $1,642,000 after acquiring an additional 476 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of First Solar by 40.5% during the second quarter. Bank of New York Mellon Corp now owns 2,304,211 shares of the solar cell manufacturer’s stock worth $151,340,000 after acquiring an additional 664,729 shares during the period. Finally, Neo Ivy Capital Management bought a new stake in shares of First Solar during the second quarter worth approximately $1,443,000. 61.88% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ FSLR traded up $0.49 on Tuesday, hitting $52.97. 775,832 shares of the company’s stock were exchanged, compared to its average volume of 1,346,717. The stock has a 50-day moving average of $56.32 and a 200-day moving average of $61.10. The company has a current ratio of 4.00, a quick ratio of 3.24 and a debt-to-equity ratio of 0.09. First Solar, Inc. has a 52 week low of $38.45 and a 52 week high of $69.24. The stock has a market cap of $5.48 billion, a price-to-earnings ratio of 38.95, a P/E/G ratio of 0.92 and a beta of 1.26.

First Solar (NASDAQ:FSLR) last released its earnings results on Thursday, October 24th. The solar cell manufacturer reported $0.29 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.77). First Solar had a negative return on equity of 0.07% and a negative net margin of 0.14%. The business had revenue of $547.00 million for the quarter, compared to the consensus estimate of $995.41 million. During the same quarter in the previous year, the company earned $0.54 earnings per share. The firm’s revenue for the quarter was down 19.1% on a year-over-year basis. As a group, analysts predict that First Solar, Inc. will post 2.44 earnings per share for the current year.

In other First Solar news, insider Georges Antoun sold 8,476 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $53.85, for a total transaction of $456,432.60. Following the completion of the sale, the insider now directly owns 54,029 shares in the company, valued at $2,909,461.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Raffi Garabedian sold 16,370 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $53.18, for a total value of $870,556.60. Following the sale, the chief technology officer now owns 190 shares of the company’s stock, valued at $10,104.20. The disclosure for this sale can be found here. Insiders have sold 41,798 shares of company stock valued at $2,351,907 over the last 90 days. Corporate insiders own 0.72% of the company’s stock.

FSLR has been the subject of a number of research analyst reports. UBS Group set a $73.00 price objective on First Solar and gave the stock a “buy” rating in a report on Friday, October 25th. BidaskClub upgraded First Solar from a “sell” rating to a “hold” rating in a research note on Tuesday, September 24th. Cowen set a $83.00 price target on First Solar and gave the company a “buy” rating in a research note on Friday, October 25th. Robert W. Baird set a $80.00 price target on First Solar and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, JMP Securities upgraded First Solar from a “market perform” rating to an “outperform” rating and set a $70.00 price target for the company in a research note on Monday, October 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $70.92.

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

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