Cigna Investments Inc. New Buys Shares of 1,112 First Solar, Inc. (NASDAQ:FSLR)

Cigna Investments Inc. New purchased a new stake in First Solar, Inc. (NASDAQ:FSLR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,112 shares of the solar cell manufacturer’s stock, valued at approximately $251,000.

Several other hedge funds have also recently modified their holdings of the business. Dixon Mitchell Investment Counsel Inc. bought a new position in First Solar in the first quarter worth approximately $25,000. University of Texas Texas AM Investment Managment Co. purchased a new stake in shares of First Solar during the 4th quarter worth $27,000. Riverview Trust Co bought a new stake in First Solar during the first quarter valued at about $32,000. Rakuten Securities Inc. purchased a new position in First Solar in the fourth quarter valued at about $34,000. Finally, USCF Advisers LLC raised its holdings in First Solar by 100.0% in the fourth quarter. USCF Advisers LLC now owns 200 shares of the solar cell manufacturer’s stock worth $34,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Trading Up 1.8 %

FSLR stock traded up $4.04 during midday trading on Thursday, hitting $229.58. 1,266,835 shares of the company’s stock were exchanged, compared to its average volume of 2,495,093. First Solar, Inc. has a 1-year low of $129.21 and a 1-year high of $306.77. The company has a current ratio of 2.23, a quick ratio of 1.86 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $24.57 billion, a PE ratio of 24.06, a P/E/G ratio of 0.37 and a beta of 1.44. The business has a 50-day simple moving average of $234.81 and a two-hundred day simple moving average of $198.87.

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

Insider Activity

In related news, Director Richard D. Chapman sold 7,264 shares of First Solar stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $248.95, for a total value of $1,808,372.80. Following the completion of the sale, the director now owns 10,440 shares in the company, valued at approximately $2,599,038. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard D. Chapman sold 7,264 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $248.95, for a total transaction of $1,808,372.80. Following the completion of the transaction, the director now owns 10,440 shares of the company’s stock, valued at approximately $2,599,038. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,873 shares of company stock valued at $13,949,855. Company insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Guggenheim cut their price objective on shares of First Solar from $359.00 to $356.00 and set a “buy” rating on the stock in a research report on Thursday, May 2nd. DZ Bank raised shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 price target on the stock in a report on Thursday, August 1st. The Goldman Sachs Group increased their price objective on First Solar from $268.00 to $302.00 and gave the company a “buy” rating in a report on Tuesday, June 4th. JPMorgan Chase & Co. boosted their target price on First Solar from $262.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 16th. Finally, Barclays increased their price target on First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. According to MarketBeat, First Solar presently has a consensus 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.