Narwhal Capital Management Acquires New Stake in First Solar Inc. (FSLR)
Narwhal Capital Management acquired a new stake in First Solar Inc. (NASDAQ:FSLR) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 12,400 shares of the solar cell manufacturer’s stock, valued at approximately $601,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FSLR. BlackRock Fund Advisors boosted its position in First Solar by 1.0% in the first quarter. BlackRock Fund Advisors now owns 1,318,391 shares of the solar cell manufacturer’s stock valued at $90,270,000 after buying an additional 13,144 shares during the last quarter. Norges Bank acquired a new position in First Solar during the fourth quarter valued at about $79,155,000. Geode Capital Management LLC boosted its position in First Solar by 1.0% in the first quarter. Geode Capital Management LLC now owns 677,141 shares of the solar cell manufacturer’s stock valued at $46,295,000 after buying an additional 6,795 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in First Solar by 5.7% in the first quarter. Pictet Asset Management Ltd. now owns 534,548 shares of the solar cell manufacturer’s stock valued at $38,418,000 after buying an additional 28,686 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in First Solar by 414.0% in the first quarter. UBS Asset Management Americas Inc. now owns 481,632 shares of the solar cell manufacturer’s stock valued at $32,978,000 after buying an additional 387,935 shares during the last quarter. Hedge funds and other institutional investors own 57.53% of the company’s stock.
First Solar Inc. (NASDAQ:FSLR) traded up 0.09% during midday trading on Wednesday, reaching $34.03. The company’s stock had a trading volume of 2,537,910 shares. First Solar Inc. has a 52 week low of $33.74 and a 52 week high of $74.29. The stock has a 50 day moving average of $38.65 and a 200 day moving average of $50.85. The firm has a market capitalization of $3.48 billion, a PE ratio of 5.01 and a beta of 1.86.
First Solar (NASDAQ:FSLR) last issued its earnings results on Wednesday, August 3rd. The solar cell manufacturer reported $0.87 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.32. First Solar had a return on equity of 13.78% and a net margin of 17.45%. The firm had revenue of $934.40 million for the quarter, compared to the consensus estimate of $862.68 million. During the same quarter in the previous year, the company posted $0.93 earnings per share. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts predict that First Solar Inc. will post $4.25 earnings per share for the current fiscal year.
Several research analysts have issued reports on FSLR shares. Needham & Company LLC reiterated a “hold” rating on shares of First Solar in a research report on Monday, June 27th. JMP Securities began coverage on First Solar in a research report on Thursday, September 8th. They issued an “underperform” rating and a $32.00 price objective for the company. Vetr lowered First Solar from a “buy” rating to a “hold” rating and set a $48.00 target price on the stock. in a report on Tuesday, July 12th. Argus lowered First Solar from a “buy” rating to a “hold” rating and upped their target price for the company from $36.75 to $38.25 in a report on Wednesday, August 31st. Finally, Standpoint Research reissued a “buy” rating and issued a $54.00 target price on shares of First Solar in a report on Tuesday, September 6th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $58.83.
In other First Solar news, EVP Christopher Bueter sold 29,384 shares of the business’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $44.23, for a total value of $1,299,654.32. Following the transaction, the executive vice president now owns 17,718 shares in the company, valued at $783,667.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Georges Antoun sold 133,761 shares of the business’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $44.54, for a total value of $5,957,714.94. Following the completion of the transaction, the insider now owns 151,471 shares in the company, valued at approximately $6,746,518.34. The disclosure for this sale can be found here. 0.40% of the stock is owned by company insiders.
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 thin-film semiconductor technology, and also develops, designs, constructs and sells PV solar power solutions. The Company operates through two segments: components and systems.
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