Beech Hill Advisors Inc. Raises Stock Position in First Solar, Inc. (NASDAQ:FSLR)

Beech Hill Advisors Inc. grew its holdings in First Solar, Inc. (NASDAQ:FSLR) by 6.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,632 shares of the solar cell manufacturer’s stock after acquiring an additional 1,442 shares during the period. First Solar comprises approximately 2.2% of Beech Hill Advisors Inc.’s holdings, making the stock its 11th biggest holding. Beech Hill Advisors Inc.’s holdings in First Solar were worth $4,492,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Armstrong Advisory Group Inc. purchased a new stake in First Solar during the 1st quarter worth $25,000. Massmutual Trust Co. FSB ADV increased its stake in First Solar by 172.7% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 150 shares of the solar cell manufacturer’s stock worth $33,000 after buying an additional 95 shares during the period. Householder Group Estate & Retirement Specialist LLC purchased a new stake in First Solar during the 1st quarter worth $33,000. Lakewood Asset Management LLC purchased a new stake in First Solar during the 4th quarter worth $34,000. Finally, Covestor Ltd increased its stake in First Solar by 97.7% during the 1st quarter. Covestor Ltd now owns 421 shares of the solar cell manufacturer’s stock worth $35,000 after buying an additional 208 shares during the period. Hedge funds and other institutional investors own 82.08% of the company’s stock.

Insider Buying and Selling

In related news, CFO Alexander R. Bradley sold 5,500 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $186.22, for a total value of $1,024,210.00. Following the sale, the chief financial officer now directly owns 35,419 shares in the company, valued at approximately $6,595,726.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Markus Gloeckler sold 464 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $182.00, for a total value of $84,448.00. Following the sale, the chief technology officer now directly owns 7,649 shares in the company, valued at approximately $1,392,118. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Alexander R. Bradley sold 5,500 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $186.22, for a total transaction of $1,024,210.00. Following the completion of the sale, the chief financial officer now owns 35,419 shares in the company, valued at $6,595,726.18. The disclosure for this sale can be found here. Insiders have sold 34,452 shares of company stock worth $6,833,334 in the last ninety days. 0.58% of the stock is currently owned by corporate insiders.

First Solar Stock Down 1.7 %

FSLR stock opened at $174.05 on Friday. First Solar, Inc. has a 52 week low of $115.66 and a 52 week high of $232.00. The company has a market capitalization of $18.59 billion, a price-to-earnings ratio of 119.21 and a beta of 1.40. The firm’s 50-day moving average is $190.96 and its two-hundred day moving average is $196.91. The company has a current ratio of 3.36, a quick ratio of 2.66 and a debt-to-equity ratio of 0.07.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.90. First Solar had a net margin of 5.23% and a return on equity of 3.13%. The company had revenue of $810.67 million for the quarter, compared to the consensus estimate of $720.43 million. On average, analysts forecast that First Solar, Inc. will post 7.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FSLR shares. Bank of America raised shares of First Solar from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $202.00 to $283.00 in a research report on Friday, July 28th. Oppenheimer boosted their target price on shares of First Solar from $262.00 to $268.00 and gave the stock an “outperform” rating in a research report on Friday, September 8th. JPMorgan Chase & Co. boosted their target price on shares of First Solar from $222.00 to $239.00 and gave the stock a “neutral” rating in a research report on Friday, September 8th. BMO Capital Markets boosted their target price on shares of First Solar from $235.00 to $237.00 and gave the stock an “outperform” rating in a research report on Monday, September 11th. Finally, Deutsche Bank Aktiengesellschaft raised shares of First Solar from a “hold” rating to a “buy” rating and lifted their price target for the company from $220.00 to $235.00 in a report on Friday, September 8th. Eight research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $232.62.

First Solar Company Profile

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.