Ruffer LLP Takes $5.37 Million Position in First Solar, Inc. (NASDAQ:FSLR)

Ruffer LLP acquired a new position in First Solar, Inc. (NASDAQ:FSLR) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 30,480 shares of the solar cell manufacturer’s stock, valued at approximately $5,372,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in First Solar by 75.8% during the third quarter. Wellington Management Group LLP now owns 2,097,364 shares of the solar cell manufacturer’s stock worth $523,166,000 after buying an additional 904,498 shares during the period. Amundi lifted its holdings in First Solar by 31.0% during the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock worth $336,871,000 after buying an additional 426,797 shares during the period. Merewether Investment Management LP lifted its holdings in First Solar by 993.4% during the third quarter. Merewether Investment Management LP now owns 322,936 shares of the solar cell manufacturer’s stock worth $80,553,000 after buying an additional 293,400 shares during the period. Erste Asset Management GmbH purchased a new stake in First Solar during the third quarter worth $67,652,000. Finally, Handelsbanken Fonder AB lifted its holdings in First Solar by 110.4% during the fourth quarter. Handelsbanken Fonder AB now owns 375,010 shares of the solar cell manufacturer’s stock worth $66,092,000 after buying an additional 196,744 shares during the period. Institutional investors own 92.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on FSLR shares. Wells Fargo & Company lowered their target price on First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. JPMorgan Chase & Co. decreased their price objective on First Solar from $282.00 to $268.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft set a $265.00 price objective on First Solar in a report on Thursday, February 27th. Robert W. Baird decreased their price objective on First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a report on Wednesday, December 18th. Finally, Mizuho upgraded First Solar from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $218.00 to $259.00 in a report on Tuesday, February 11th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $262.08.

Insider Activity at First Solar

In other First Solar news, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 103,403 shares of the company’s stock, valued at $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Kuntal Kumar Verma sold 7,475 shares of the business’s 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 owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This trade represents a 67.81 % decrease in their position. The disclosure for this sale can be found here. 0.58% of the stock is currently owned by corporate insiders.

First Solar Price Performance

Shares of FSLR opened at $139.13 on Friday. First Solar, Inc. has a fifty-two week low of $124.96 and a fifty-two week 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 $14.90 billion, a P/E ratio of 11.98, a P/E/G ratio of 0.19 and a beta of 1.52. The business’s 50-day moving average is $167.08 and its two-hundred day moving average is $194.60.

First Solar (NASDAQ:FSLR) last posted its earnings results 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 net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. Research analysts predict that First Solar, Inc. will post 13.05 earnings per share for the current year.

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.