Meeder Asset Management Inc. Decreases Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Meeder Asset Management Inc. reduced its holdings in First Solar, Inc. (NASDAQ:FSLR) by 66.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,448 shares of the solar cell manufacturer’s stock after selling 31,265 shares during the period. Meeder Asset Management Inc.’s holdings in First Solar were worth $3,483,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Norges Bank bought a new position in shares of First Solar during the 4th quarter valued at approximately $298,123,000. Schroder Investment Management Group boosted its stake in First Solar by 16.7% during the fourth quarter. Schroder Investment Management Group now owns 2,454,499 shares of the solar cell manufacturer’s stock worth $422,861,000 after buying an additional 351,540 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position in First Solar by 11.1% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 2,801,916 shares of the solar cell manufacturer’s stock valued at $472,963,000 after acquiring an additional 279,719 shares during the last quarter. Park West Asset Management LLC purchased a new stake in shares of First Solar in the fourth quarter valued at $26,359,000. Finally, Swedbank AB bought a new stake in shares of First Solar in the 1st quarter worth about $21,815,000. 92.08% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the sale, the chief accounting officer now directly owns 500 shares in the company, valued at approximately $108,250. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Byron Michael Jeffers sold 1,766 shares of the stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now owns 500 shares in the company, valued at approximately $108,250. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Kuntal Kumar Verma sold 1,621 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $260.00, for a total value of $421,460.00. Following the completion of the sale, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $922,740. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,506 shares of company stock worth $2,827,217. 0.58% of the stock is owned by corporate insiders.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $235.95 on Friday. The firm has a 50 day moving average of $220.93 and a 200 day moving average of $209.11. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $25.26 billion, a price-to-earnings ratio of 24.73, a price-to-earnings-growth ratio of 0.40 and a beta of 1.44. First Solar, Inc. has a 52 week low of $129.21 and a 52 week high of $306.77.

First Solar (NASDAQ:FSLR) last released its quarterly earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, topping the consensus estimate of $2.69 by $0.56. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The business’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.85 EPS. On average, sell-side analysts predict that First Solar, Inc. will post 13.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FSLR shares. William Blair started coverage on shares of First Solar in a report on Thursday, August 29th. They set a “market perform” rating on the stock. Deutsche Bank Aktiengesellschaft increased their price target on First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a report on Friday, June 28th. BMO Capital Markets decreased their price target on First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Janney Montgomery Scott downgraded First Solar from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. lifted their target price on First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Five investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and an average target price of $277.25.

First Solar 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.