Allianz Asset Management GmbH lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 35.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,061 shares of the solar cell manufacturer’s stock after selling 3,804 shares during the quarter. Allianz Asset Management GmbH’s holdings in First Solar were worth $464,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of FSLR. Alps Advisors Inc. boosted its holdings in shares of First Solar by 59.4% during the 2nd quarter. Alps Advisors Inc. now owns 62,684 shares of the solar cell manufacturer’s stock valued at $4,117,000 after acquiring an additional 23,361 shares in the last quarter. Janus Henderson Group PLC acquired a new stake in shares of First Solar during the 2nd quarter valued at $3,370,000. Wells Fargo & Company MN boosted its holdings in shares of First Solar by 26.8% during the 2nd quarter. Wells Fargo & Company MN now owns 50,820 shares of the solar cell manufacturer’s stock valued at $3,337,000 after acquiring an additional 10,737 shares in the last quarter. Jennison Associates LLC boosted its holdings in shares of First Solar by 8.3% during the 2nd quarter. Jennison Associates LLC now owns 127,509 shares of the solar cell manufacturer’s stock valued at $8,375,000 after acquiring an additional 9,796 shares in the last quarter. Finally, Stone Ridge Asset Management LLC acquired a new stake in shares of First Solar during the 2nd quarter valued at $244,000. 64.41% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Christopher Bueter sold 27,490 shares of First Solar stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $61.00, for a total value of $1,676,890.00. Following the completion of the transaction, the executive vice president now directly owns 21,022 shares of the company’s stock, valued at approximately $1,282,342. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Georges Antoun sold 8,476 shares of First Solar stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $65.51, for a total value of $555,262.76. Following the completion of the transaction, the insider now directly owns 86,870 shares of the company’s stock, valued at $5,690,853.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 93,155 shares of company stock valued at $5,799,590. 0.72% of the stock is owned by corporate insiders.
Shares of NASDAQ:FSLR opened at $62.23 on Friday. The firm has a market cap of $6.67 billion, a P/E ratio of 45.76, a P/E/G ratio of 1.12 and a beta of 1.28. The company has a quick ratio of 3.35, a current ratio of 4.05 and a debt-to-equity ratio of 0.09. First Solar, Inc. has a 12-month low of $36.51 and a 12-month high of $69.24. The business has a fifty day simple moving average of $63.11 and a 200 day simple moving average of $60.28.
First Solar (NASDAQ:FSLR) last announced its earnings results on Thursday, August 1st. The solar cell manufacturer reported ($0.18) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.20). The company had revenue of $585.00 million for the quarter, compared to the consensus estimate of $656.80 million. First Solar had a return on equity of 0.46% and a net margin of 0.95%. The firm’s revenue for the quarter was up 89.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.46) earnings per share. As a group, equities research analysts expect that First Solar, Inc. will post 2.37 EPS for the current year.
FSLR has been the topic of several recent research reports. Barclays reissued a “buy” rating on shares of First Solar in a report on Friday, August 2nd. UBS Group raised their target price on First Solar to $80.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. ValuEngine lowered First Solar from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. Roth Capital set a $75.00 target price on First Solar and gave the stock a “buy” rating in a research report on Thursday, June 13th. Finally, JPMorgan Chase & Co. raised their target price on First Solar from $74.00 to $82.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. First Solar presently has an average rating of “Hold” and a consensus target price of $70.11.
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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