Fifth Third Bancorp Grows Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Fifth Third Bancorp boosted its position in First Solar, Inc. (NASDAQ:FSLR) by 30.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,724 shares of the solar cell manufacturer’s stock after purchasing an additional 641 shares during the period. Fifth Third Bancorp’s holdings in First Solar were worth $614,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. acquired a new stake in First Solar in the first quarter valued at about $25,000. University of Texas Texas AM Investment Managment Co. acquired a new stake in First Solar in the fourth quarter valued at about $27,000. Riverview Trust Co acquired a new stake in First Solar in the first quarter valued at about $32,000. Mather Group LLC. lifted its position in shares of First Solar by 321.2% during the 2nd quarter. Mather Group LLC. now owns 219 shares of the solar cell manufacturer’s stock valued at $49,000 after acquiring an additional 167 shares during the period. Finally, J.Safra Asset Management Corp acquired a new stake in shares of First Solar during the 2nd quarter valued at approximately $58,000. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Stock Up 5.9 %

FSLR stock opened at $231.07 on Friday. The stock has a market capitalization of $24.73 billion, a P/E ratio of 24.22, a PEG ratio of 0.37 and a beta of 1.44. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.86 and a current ratio of 2.23. First Solar, Inc. has a one year low of $129.21 and a one year high of $306.77. The company has a 50 day moving average price of $228.42 and a two-hundred day moving average price of $201.51.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.56. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. During the same period in the previous year, the company earned $1.85 EPS. The business’s quarterly revenue was up 24.6% compared to the same quarter last year. As a group, sell-side analysts expect that First Solar, Inc. will post 13.53 EPS for the current year.

Insider Activity

In other news, CAO Byron Michael Jeffers sold 500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $220.00, for a total transaction of $110,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Alexander R. Bradley sold 16,051 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the completion of the sale, the chief financial officer now directly owns 30,652 shares of the company’s stock, valued at approximately $8,419,797.88. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Byron Michael Jeffers sold 500 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. Insiders sold 37,203 shares of company stock valued at $9,598,253 in the last ninety days. Company insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Clarkson Capital assumed coverage on shares of First Solar in a research report on Wednesday, August 14th. They set a “buy” rating and a $270.00 price target for the company. Susquehanna lifted their price target on shares of First Solar from $258.00 to $285.00 and gave the company a “positive” rating in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. lifted their price target on shares of First Solar from $262.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, July 16th. BMO Capital Markets reduced their price target on shares of First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Finally, Robert W. Baird reduced their price target on shares of First Solar from $344.00 to $307.00 and set an “outperform” rating for the company in a research report on Tuesday, July 2nd. Four equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $275.36.

First Solar Company Profile

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.