Pitcairn Co. Lowers Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Pitcairn Co. reduced its holdings in First Solar, Inc. (NASDAQ:FSLR) by 17.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 856 shares of the solar cell manufacturer’s stock after selling 176 shares during the period. Pitcairn Co.’s holdings in First Solar were worth $214,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Western Financial Corp CA acquired a new position in First Solar during the third quarter worth $1,209,000. Harbour Capital Advisors LLC lifted its stake in First Solar by 224.0% in the 3rd quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after buying an additional 3,607 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in First Solar by 6.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock worth $60,898,000 after buying an additional 14,597 shares during the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management purchased a new stake in First Solar during the 3rd quarter worth approximately $17,635,000. Finally, Warther Private Wealth LLC acquired a new position in shares of First Solar during the third quarter valued at approximately $2,655,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

First Solar Price Performance

FSLR stock opened at $192.57 on Thursday. The business’s 50-day moving average is $210.88 and its two-hundred day moving average is $225.81. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The firm has a market capitalization of $20.62 billion, a P/E ratio of 16.59, a P/E/G ratio of 0.34 and a beta of 1.48. First Solar, Inc. has a 1 year low of $135.88 and a 1 year high of $306.77.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). The firm had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.50 EPS. Analysts anticipate that First Solar, Inc. will post 13.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Clarkson Capital initiated coverage on First Solar in a report on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price objective on the stock. Citigroup upgraded shares of First Solar from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $200.00 to $254.00 in a research report on Tuesday, October 22nd. Hsbc Global Res upgraded shares of First Solar to a “strong-buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company cut their price target on First Solar from $250.00 to $240.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Finally, Evercore ISI dropped their target price on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Four investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $279.04.

About First Solar

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.