Prudential Financial Inc. Sells 37,930 Shares of First Solar, Inc. (FSLR)

Prudential Financial Inc. reduced its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 21.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 143,120 shares of the solar cell manufacturer’s stock after selling 37,930 shares during the period. Prudential Financial Inc. owned about 0.14% of First Solar worth $6,930,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. BlackRock Inc. grew its position in First Solar by 1.3% during the second quarter. BlackRock Inc. now owns 7,393,496 shares of the solar cell manufacturer’s stock valued at $389,341,000 after acquiring an additional 98,465 shares during the last quarter. OppenheimerFunds Inc. grew its position in First Solar by 98.9% during the second quarter. OppenheimerFunds Inc. now owns 2,014,693 shares of the solar cell manufacturer’s stock valued at $106,094,000 after acquiring an additional 1,001,993 shares during the last quarter. Luminus Management LLC grew its position in First Solar by 5,435.8% during the second quarter. Luminus Management LLC now owns 1,292,562 shares of the solar cell manufacturer’s stock valued at $68,067,000 after acquiring an additional 1,269,213 shares during the last quarter. Dimensional Fund Advisors LP grew its position in First Solar by 14.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,169,076 shares of the solar cell manufacturer’s stock valued at $61,561,000 after acquiring an additional 146,447 shares during the last quarter. Finally, Calamos Advisors LLC grew its position in First Solar by 6.1% during the third quarter. Calamos Advisors LLC now owns 916,013 shares of the solar cell manufacturer’s stock valued at $44,353,000 after acquiring an additional 53,063 shares during the last quarter. Institutional investors and hedge funds own 52.17% of the company’s stock.

FSLR has been the topic of a number of recent research reports. JPMorgan Chase & Co. set a $75.00 price target on shares of First Solar and gave the company a “buy” rating in a research report on Tuesday, October 30th. BidaskClub cut shares of First Solar from a “sell” rating to a “strong sell” rating in a research report on Wednesday, September 12th. Zacks Investment Research cut shares of First Solar from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. UBS Group set a $85.00 target price on shares of First Solar and gave the stock a “buy” rating in a report on Friday, October 26th. Finally, JMP Securities upgraded shares of First Solar from an “underperform” rating to a “market perform” rating in a report on Friday, October 26th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $67.47.

Shares of FSLR stock opened at $42.59 on Friday. First Solar, Inc. has a 52 week low of $36.51 and a 52 week high of $81.72. The firm has a market capitalization of $4.58 billion, a P/E ratio of 71.66, a price-to-earnings-growth ratio of 1.79 and a beta of 1.32. The company has a quick ratio of 4.14, a current ratio of 4.48 and a debt-to-equity ratio of 0.09.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, October 25th. The solar cell manufacturer reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. First Solar had a positive return on equity of 1.29% and a negative net margin of 17.98%. The company had revenue of $676.22 million during the quarter, compared to analyst estimates of $683.93 million. Sell-side analysts anticipate that First Solar, Inc. will post 1.51 EPS for the current fiscal year.

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First Solar Profile

First Solar, Inc provides photovoltaic solar energy solutions in the United States and internationally. It operates through two segments, Components 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.

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

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