Bank of New York Mellon Corp Increases Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Bank of New York Mellon Corp grew its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 9.9% during the fourth quarter, Holdings Channel reports. The firm owned 711,688 shares of the solar cell manufacturer’s stock after purchasing an additional 63,820 shares during the quarter. Bank of New York Mellon Corp’s holdings in First Solar were worth $125,428,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Covestor Ltd increased its stake in First Solar by 6.4% during the 3rd quarter. Covestor Ltd now owns 916 shares of the solar cell manufacturer’s stock worth $229,000 after buying an additional 55 shares during the period. Field & Main Bank raised its stake in shares of First Solar by 4.1% in the third quarter. Field & Main Bank now owns 1,385 shares of the solar cell manufacturer’s stock valued at $345,000 after acquiring an additional 55 shares in the last quarter. Clear Harbor Asset Management LLC boosted its holdings in First Solar by 0.6% in the fourth quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer’s stock valued at $1,623,000 after purchasing an additional 55 shares during the period. Demars Financial Group LLC grew its stake in First Solar by 1.4% during the 3rd quarter. Demars Financial Group LLC now owns 4,129 shares of the solar cell manufacturer’s stock worth $1,030,000 after purchasing an additional 56 shares in the last quarter. Finally, Doliver Advisors LP increased its holdings in First Solar by 1.2% during the 4th quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer’s stock worth $831,000 after purchasing an additional 56 shares during the period. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Trading Down 3.5 %

Shares of First Solar stock opened at $136.18 on Friday. The company’s fifty day moving average is $172.38 and its two-hundred day moving average is $197.88. First Solar, Inc. has a 1 year low of $133.90 and a 1 year high of $306.77. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The company has a market capitalization of $14.58 billion, a P/E ratio of 11.73, a PEG ratio of 0.19 and a beta of 1.47.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.81 by ($1.16). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. Analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wells Fargo & Company decreased their price objective on First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Royal Bank of Canada lowered their price target on shares of First Solar from $280.00 to $251.00 and set an “outperform” rating for the company in a report on Wednesday. Guggenheim reduced their price objective on shares of First Solar from $335.00 to $304.00 and set a “buy” rating on the stock in a report on Thursday. Barclays lowered their target price on shares of First Solar from $273.00 to $236.00 and set an “overweight” rating for the company in a research note on Friday. Finally, Citigroup cut their price target on First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, First Solar currently has an average rating of “Moderate Buy” and an average price target of $262.08.

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.