Acadian Asset Management LLC Purchases New Shares in First Solar, Inc. (NASDAQ:FSLR)

Acadian Asset Management LLC acquired a new position in shares of First Solar, Inc. (NASDAQ:FSLR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 3,527 shares of the solar cell manufacturer’s stock, valued at approximately $794,000.

Several other institutional investors have also recently made changes to their positions in the company. Principal Securities Inc. purchased a new position in shares of First Solar in the 4th quarter worth approximately $69,000. Janney Montgomery Scott LLC boosted its position in First Solar by 1,176.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,875 shares of the solar cell manufacturer’s stock worth $2,907,000 after purchasing an additional 15,553 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in First Solar by 33.8% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 12,826 shares of the solar cell manufacturer’s stock valued at $2,210,000 after purchasing an additional 3,239 shares during the period. Brown Advisory Inc. increased its position in shares of First Solar by 26.6% during the 4th quarter. Brown Advisory Inc. now owns 3,173 shares of the solar cell manufacturer’s stock valued at $547,000 after purchasing an additional 666 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of First Solar during the 4th quarter worth $298,123,000. Institutional investors own 92.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Clarkson Capital assumed coverage on shares of First Solar in a report on Wednesday, August 14th. They set a “buy” rating and a $270.00 price objective for the company. JPMorgan Chase & Co. lifted their price target on shares of First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, July 16th. Mizuho reissued a “neutral” rating and set a $274.00 price objective (up from $209.00) on shares of First Solar in a report on Thursday, May 30th. Royal Bank of Canada restated an “outperform” rating and issued a $315.00 target price on shares of First Solar in a research note on Wednesday, July 31st. Finally, Morgan Stanley upped their price target on First Solar from $248.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, June 4th. Five equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $283.46.

First Solar Trading Up 2.9 %

Shares of FSLR stock opened at $239.98 on Wednesday. The company has a market capitalization of $25.69 billion, a PE ratio of 25.00, a price-to-earnings-growth ratio of 0.40 and a beta of 1.44. First Solar, Inc. has a 52-week low of $129.21 and a 52-week high of $306.77. The business’s fifty day moving average is $221.19 and its 200 day moving average is $211.13. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.65 and a current ratio of 2.23.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The company’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.85 EPS. On average, equities research analysts anticipate that First Solar, Inc. will post 13.6 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Kuntal Kumar Verma sold 1,621 shares of First Solar stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the transaction, the insider now owns 3,549 shares in the company, valued at approximately $922,740. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Byron Michael Jeffers sold 1,766 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now owns 500 shares of the company’s stock, valued at $108,250. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Kuntal Kumar Verma sold 1,621 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $260.00, for a total transaction of $421,460.00. Following the completion of the transaction, the insider now owns 3,549 shares in the company, valued at approximately $922,740. The disclosure for this sale can be found here. Insiders sold a total of 12,506 shares of company stock valued at $2,827,217 over the last quarter. 0.58% of the stock is owned by corporate insiders.

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.