State of Michigan Retirement System Buys 1,100 Shares of First Solar, Inc. (NASDAQ:FSLR)

State of Michigan Retirement System boosted its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 3.3% during the fourth quarter, Holdings Channel reports. The firm owned 34,700 shares of the solar cell manufacturer’s stock after purchasing an additional 1,100 shares during the quarter. State of Michigan Retirement System’s holdings in First Solar were worth $6,116,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Field & Main Bank lifted its position in First Solar by 4.1% during the third quarter. Field & Main Bank now owns 1,385 shares of the solar cell manufacturer’s stock valued at $345,000 after purchasing an additional 55 shares during the period. Covestor Ltd lifted its position in First Solar by 6.4% during the third quarter. Covestor Ltd now owns 916 shares of the solar cell manufacturer’s stock valued at $229,000 after purchasing an additional 55 shares during the period. Clear Harbor Asset Management LLC lifted its position in First Solar by 0.6% during 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 lifted its position in First Solar by 1.4% during the third quarter. Demars Financial Group LLC now owns 4,129 shares of the solar cell manufacturer’s stock valued at $1,030,000 after purchasing an additional 56 shares during the period. Finally, Doliver Advisors LP raised its position in First Solar by 1.2% in the fourth quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer’s stock worth $831,000 after acquiring an additional 56 shares during the period. Institutional investors own 92.08% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of First Solar from $282.00 to $268.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. UBS Group decreased their price target on shares of First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Truist Financial reiterated a “buy” rating and issued a $285.00 price target (down from $300.00) on shares of First Solar in a research report on Wednesday, February 26th. Barclays decreased their price target on shares of First Solar from $273.00 to $236.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, Robert W. Baird decreased their price target on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 18th. Four equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, First Solar has an average rating of “Moderate Buy” and an average price target of $262.08.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $131.13 on Friday. First Solar, Inc. has a 52 week low of $124.96 and a 52 week high of $306.77. The stock has a market capitalization of $14.04 billion, a P/E ratio of 11.29, a PEG ratio of 0.19 and a beta of 1.47. The firm has a fifty day simple moving average of $169.00 and a two-hundred day simple moving average of $195.85. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

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

Insiders Place Their Bets

In other First Solar news, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction on Friday, February 28th. The shares were sold at an average price of $141.09, for a total value of $3,039,360.78. Following the completion of the transaction, the chief executive officer now directly owns 103,403 shares of the company’s stock, valued at $14,589,129.27. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction on Friday, February 28th. The stock was sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the completion of the transaction, the insider now directly owns 3,549 shares of the company’s stock, valued at $484,793.40. The trade was a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.

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.