Cullinan Associates Inc. reduced its position in First Solar, Inc. (NASDAQ:FSLR) by 23.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,300 shares of the solar cell manufacturer’s stock after selling 2,800 shares during the quarter. Cullinan Associates Inc.’s holdings in First Solar were worth $628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. CAPROCK Group Inc. bought a new position in shares of First Solar during the fourth quarter worth $259,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of First Solar by 64.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,383 shares of the solar cell manufacturer’s stock worth $201,000 after acquiring an additional 1,716 shares during the last quarter. Garner Asset Management Corp bought a new position in shares of First Solar during the second quarter worth $208,000. Riverhead Capital Management LLC boosted its position in shares of First Solar by 82.6% during the second quarter. Riverhead Capital Management LLC now owns 5,660 shares of the solar cell manufacturer’s stock worth $226,000 after acquiring an additional 2,560 shares during the last quarter. Finally, B. Riley Financial Inc. bought a new position in shares of First Solar during the third quarter worth $265,000. Institutional investors and hedge funds own 50.88% of the company’s stock.
In other news, insider Raffi Garabedian sold 11,284 shares of the stock in a transaction on Monday, December 18th. The shares were sold at an average price of $70.06, for a total value of $790,557.04. Following the sale, the insider now owns 9,227 shares of the company’s stock, valued at $646,443.62. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Mark R. Widmar sold 20,270 shares of the stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $64.40, for a total transaction of $1,305,388.00. Following the completion of the sale, the chief executive officer now directly owns 100,754 shares in the company, valued at approximately $6,488,557.60. The disclosure for this sale can be found here. In the last three months, insiders sold 46,858 shares of company stock worth $3,134,015. Insiders own 0.58% of the company’s stock.
A number of brokerages recently weighed in on FSLR. Zacks Investment Research upgraded shares of First Solar from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research report on Tuesday, January 2nd. Vetr lowered shares of First Solar from a “sell” rating to a “strong sell” rating and set a $65.52 target price for the company. in a research report on Thursday, January 11th. BidaskClub downgraded shares of First Solar from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 6th. Robert W. Baird reaffirmed a “hold” rating and set a $53.00 price target on shares of First Solar in a research note on Friday, October 27th. Finally, Roth Capital reaffirmed a “buy” rating and set a $60.00 price target on shares of First Solar in a research note on Tuesday, September 26th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $63.13.
Shares of First Solar, Inc. (NASDAQ:FSLR) opened at $72.00 on Thursday. First Solar, Inc. has a 12 month low of $25.56 and a 12 month high of $76.61. The firm has a market cap of $7,437.72, a price-to-earnings ratio of -16.44 and a beta of 2.04. The company has a quick ratio of 6.47, a current ratio of 6.85 and a debt-to-equity ratio of 0.06.
First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, October 26th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $1.11. First Solar had a negative net margin of 14.70% and a positive return on equity of 8.07%. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $859.22 million. During the same quarter in the prior year, the firm posted $1.22 earnings per share. The business’s revenue for the quarter was up 59.5% on a year-over-year basis. sell-side analysts expect that First Solar, Inc. will post 2.52 EPS for the current year.
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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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