Tokio Marine Asset Management Co. Ltd. Boosts Stake in First Solar, Inc. (NASDAQ:FSLR)

Tokio Marine Asset Management Co. Ltd. increased its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 3.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,125 shares of the solar cell manufacturer’s stock after buying an additional 111 shares during the quarter. Tokio Marine Asset Management Co. Ltd.’s holdings in First Solar were worth $780,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the company. Metis Global Partners LLC grew its position in shares of First Solar by 9.3% during the 3rd quarter. Metis Global Partners LLC now owns 17,154 shares of the solar cell manufacturer’s stock valued at $4,279,000 after acquiring an additional 1,460 shares during the period. Huntington National Bank boosted its position in First Solar by 95.2% during the third quarter. Huntington National Bank now owns 443 shares of the solar cell manufacturer’s stock worth $111,000 after purchasing an additional 216 shares in the last quarter. Credit Capital Investments LLC grew its holdings in First Solar by 1.1% in the third quarter. Credit Capital Investments LLC now owns 24,700 shares of the solar cell manufacturer’s stock valued at $6,161,000 after purchasing an additional 270 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of First Solar by 239.8% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 3,153 shares of the solar cell manufacturer’s stock worth $786,000 after buying an additional 2,225 shares during the period. Finally, Saturna Capital Corp lifted its position in shares of First Solar by 2.5% during the 3rd quarter. Saturna Capital Corp now owns 5,204 shares of the solar cell manufacturer’s stock valued at $1,298,000 after buying an additional 129 shares in the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. UBS Group raised their price target on shares of First Solar from $350.00 to $360.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Bank of America decreased their target price on First Solar from $321.00 to $269.00 and set a “buy” rating on the stock in a research report on Wednesday, October 30th. Wells Fargo & Company dropped their price target on First Solar from $250.00 to $240.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Barclays decreased their price objective on First Solar from $290.00 to $275.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Truist Financial initiated coverage on shares of First Solar in a report on Thursday, September 26th. They set a “buy” rating and a $300.00 target price for the company. Four analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $280.50.

First Solar Price Performance

Shares of FSLR opened at $190.45 on Friday. The firm has a 50-day simple moving average of $216.28 and a two-hundred day simple moving average of $225.23. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. First Solar, Inc. has a 1-year low of $135.88 and a 1-year high of $306.77. The stock has a market cap of $20.39 billion, a PE ratio of 16.40, a P/E/G ratio of 0.32 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. During the same period in the previous year, the firm earned $2.50 EPS. The firm’s revenue for the quarter was up 10.7% compared to the same quarter last year. As a group, analysts forecast that First Solar, Inc. will post 13.16 EPS for the current year.

First Solar Profile

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.