Mirae Asset Global Investments Co. Ltd. Increases Stake in First Solar, Inc. (NASDAQ:FSLR)

Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of First Solar, Inc. (NASDAQ:FSLRGet Rating) by 17.5% in the first quarter, Holdings Channel reports. The institutional investor owned 75,989 shares of the solar cell manufacturer’s stock after acquiring an additional 11,323 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in First Solar were worth $6,363,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Ellevest Inc. increased its stake in shares of First Solar by 53.3% in the first quarter. Ellevest Inc. now owns 374 shares of the solar cell manufacturer’s stock worth $31,000 after purchasing an additional 130 shares in the last quarter. Covestor Ltd increased its stake in shares of First Solar by 97.7% in the first quarter. Covestor Ltd now owns 421 shares of the solar cell manufacturer’s stock worth $35,000 after purchasing an additional 208 shares in the last quarter. Field & Main Bank increased its stake in shares of First Solar by 625.0% in the first quarter. Field & Main Bank now owns 580 shares of the solar cell manufacturer’s stock worth $49,000 after purchasing an additional 500 shares in the last quarter. Addison Advisors LLC increased its stake in shares of First Solar by 67.0% in the first quarter. Addison Advisors LLC now owns 708 shares of the solar cell manufacturer’s stock worth $59,000 after purchasing an additional 284 shares in the last quarter. Finally, Wellington Shields Capital Management LLC purchased a new stake in shares of First Solar in the first quarter worth $67,000. 79.21% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at First Solar

In other news, Director R Craig Kennedy sold 600 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $134.62, for a total value of $80,772.00. Following the completion of the sale, the director now owns 19,185 shares in the company, valued at approximately $2,582,684.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Alexander R. Bradley acquired 1,990 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The stock was bought at an average price of $100.56 per share, for a total transaction of $200,114.40. Following the acquisition, the chief financial officer now directly owns 27,320 shares of the company’s stock, valued at approximately $2,747,299.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R Craig Kennedy sold 600 shares of First Solar stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $134.62, for a total transaction of $80,772.00. Following the sale, the director now owns 19,185 shares of the company’s stock, valued at approximately $2,582,684.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,073 shares of company stock worth $4,126,658. 0.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FSLR. TheStreet raised shares of First Solar from a “c+” rating to a “b-” rating in a research note on Monday, August 15th. The Goldman Sachs Group raised shares of First Solar from a “sell” rating to a “buy” rating and raised their target price for the company from $60.00 to $172.00 in a research note on Wednesday, September 7th. Guggenheim raised shares of First Solar from a “neutral” rating to a “buy” rating and set a $135.00 target price for the company in a research note on Monday, August 8th. Roth Capital raised their target price on shares of First Solar from $85.00 to $135.00 in a research note on Friday, July 29th. Finally, StockNews.com raised shares of First Solar from a “sell” rating to a “hold” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $121.74.

First Solar Price Performance

First Solar stock opened at $135.57 on Thursday. The firm has a 50-day moving average price of $110.25 and a 200-day moving average price of $85.64. The firm has a market capitalization of $14.45 billion, a PE ratio of 77.03 and a beta of 1.37. The company has a current ratio of 4.21, a quick ratio of 3.20 and a debt-to-equity ratio of 0.03. First Solar, Inc. has a 12-month low of $59.60 and a 12-month high of $140.64.

First Solar (NASDAQ:FSLRGet Rating) last released its earnings results on Thursday, July 28th. The solar cell manufacturer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.09). The firm had revenue of $621.00 million during the quarter, compared to the consensus estimate of $606.45 million. First Solar had a return on equity of 3.21% and a net margin of 7.63%. First Solar’s revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.77 EPS. As a group, equities research analysts forecast that First Solar, Inc. will post -0.06 EPS for the current year.

First Solar Profile

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First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

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

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