Cornerstone Capital Management Holdings LLC. boosted its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 19.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 447,219 shares of the solar cell manufacturer’s stock after buying an additional 72,425 shares during the period. Cornerstone Capital Management Holdings LLC. owned approximately 0.43% of First Solar worth $30,194,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in First Solar by 19.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,220 shares of the solar cell manufacturer’s stock valued at $352,000 after buying an additional 837 shares in the last quarter. Profund Advisors LLC increased its position in First Solar by 7.7% during the 4th quarter. Profund Advisors LLC now owns 11,812 shares of the solar cell manufacturer’s stock valued at $798,000 after buying an additional 848 shares in the last quarter. Dubuque Bank & Trust Co. increased its position in First Solar by 10.6% during the 4th quarter. Dubuque Bank & Trust Co. now owns 9,175 shares of the solar cell manufacturer’s stock valued at $619,000 after buying an additional 882 shares in the last quarter. Amalgamated Bank increased its position in First Solar by 5.9% during the 4th quarter. Amalgamated Bank now owns 16,461 shares of the solar cell manufacturer’s stock valued at $1,111,000 after buying an additional 913 shares in the last quarter. Finally, Allianz Asset Management GmbH increased its position in First Solar by 1.5% during the 3rd quarter. Allianz Asset Management GmbH now owns 70,126 shares of the solar cell manufacturer’s stock valued at $3,218,000 after buying an additional 1,018 shares in the last quarter. 53.50% of the stock is owned by institutional investors.
FSLR has been the subject of a number of analyst reports. Zacks Investment Research raised First Solar from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research report on Tuesday, January 2nd. Vetr raised First Solar from a “sell” rating to a “hold” rating and set a $66.50 target price for the company in a report on Thursday, December 14th. Guggenheim reissued a “neutral” rating on shares of First Solar in a report on Thursday, January 18th. They noted that the move was a valuation call. Goldman Sachs Group reissued a “neutral” rating and issued a $65.00 target price (up previously from $50.00) on shares of First Solar in a report on Thursday, November 30th. Finally, Cowen reissued an “outperform” rating and issued a $77.00 target price (up previously from $60.00) on shares of First Solar in a report on Wednesday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. First Solar currently has an average rating of “Buy” and an average price target of $69.83.
Shares of First Solar, Inc. (NASDAQ:FSLR) opened at $69.15 on Wednesday. The company has a market capitalization of $7,318.45, a price-to-earnings ratio of -43.22, a price-to-earnings-growth ratio of 4.09 and a beta of 2.08. First Solar, Inc. has a fifty-two week low of $25.56 and a fifty-two week high of $76.61. The company has a quick ratio of 5.63, a current ratio of 5.89 and a debt-to-equity ratio of 0.07.
First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Thursday, February 22nd. The solar cell manufacturer reported ($0.25) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.31) by $0.06. The firm had revenue of $339.00 million for the quarter, compared to the consensus estimate of $459.93 million. First Solar had a positive return on equity of 5.17% and a negative net margin of 5.63%. The company’s revenue for the quarter was down 29.4% on a year-over-year basis. During the same period last year, the business posted $1.24 EPS. sell-side analysts expect that First Solar, Inc. will post 1.67 earnings per share for the current year.
ILLEGAL ACTIVITY WARNING: This piece was originally posted by American Banking News and is the property of of American Banking News. If you are viewing this piece on another domain, it was illegally stolen and republished in violation of United States & international trademark and copyright legislation. The correct version of this piece can be accessed at https://www.americanbankingnews.com/2018/03/14/cornerstone-capital-management-holdings-llc-has-30-19-million-position-in-first-solar-inc-fslr.html.
About First Solar
First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.
Want to see what other hedge funds are holding FSLR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Solar, Inc. (NASDAQ:FSLR).
Receive News & Ratings for First Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar and related companies with MarketBeat.com's FREE daily email newsletter.