Texas Permanent School Fund Corp Raises Stock Position in First Solar, Inc. (NASDAQ:FSLR)

Posted by Defense World Staff on Jul 24th, 2023

Texas Permanent School Fund Corp grew its holdings in First Solar, Inc. (NASDAQ:FSLR – Free Report) by 46.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,670 shares of the solar cell manufacturer’s stock after buying an additional 6,584 shares during the period. Texas Permanent School Fund Corp’s holdings in First Solar were worth $4,496,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of First Solar by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 9,171,019 shares of the solar cell manufacturer’s stock worth $767,981,000 after buying an additional 68,131 shares in the last quarter. State Street Corp grew its stake in shares of First Solar by 1.9% in the 1st quarter. State Street Corp now owns 3,230,644 shares of the solar cell manufacturer’s stock worth $270,534,000 after buying an additional 60,266 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of First Solar by 55.7% in the 4th quarter. Geode Capital Management LLC now owns 2,180,340 shares of the solar cell manufacturer’s stock worth $326,050,000 after buying an additional 780,028 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of First Solar by 1,046.1% in the 4th quarter. Renaissance Technologies LLC now owns 1,518,401 shares of the solar cell manufacturer’s stock worth $227,441,000 after buying an additional 1,385,912 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of First Solar in the 4th quarter worth about $213,049,000. 82.74% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Kuntal Kumar Verma sold 3,000 shares of the stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $187.52, for a total value of $562,560.00. Following the completion of the sale, the insider now directly owns 3,242 shares in the company, valued at $607,939.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director William J. Post sold 10,000 shares of the stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $218.52, for a total value of $2,185,200.00. Following the completion of the sale, the director now directly owns 24,207 shares in the company, valued at $5,289,713.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Kuntal Kumar Verma sold 3,000 shares of the stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $187.52, for a total transaction of $562,560.00. Following the completion of the sale, the insider now owns 3,242 shares of the company’s stock, valued at $607,939.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,430 shares of company stock worth $13,561,727. Company insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of First Solar from $185.00 to $192.00 in a report on Wednesday, July 19th. StockNews.com lowered shares of First Solar from a “hold” rating to a “sell” rating in a report on Friday, June 23rd. Credit Suisse Group raised their target price on shares of First Solar from $163.00 to $170.00 in a report on Friday, April 28th. Evercore ISI lowered their target price on shares of First Solar from $189.00 to $185.00 in a report on Thursday, June 29th. Finally, Wolfe Research lowered shares of First Solar from an “outperform” rating to a “market perform” rating in a report on Monday, May 15th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, First Solar presently has a consensus rating of “Hold” and an average target price of $213.12.

First Solar Stock Down 0.3 %

Shares of First Solar stock opened at $197.91 on Monday. The firm’s 50 day moving average price is $195.68 and its 200-day moving average price is $191.25. The company has a quick ratio of 2.44, a current ratio of 3.08 and a debt-to-equity ratio of 0.05. First Solar, Inc. has a 52-week low of $71.08 and a 52-week high of $232.00. The company has a market cap of $21.14 billion, a P/E ratio of 507.47 and a beta of 1.36.

First Solar (NASDAQ:FSLR – Get Free Report) last released its earnings results on Thursday, April 27th. The solar cell manufacturer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.99 by ($0.59). The company had revenue of $548.29 million for the quarter, compared to analysts’ expectations of $716.66 million. First Solar had a return on equity of 0.71% and a net margin of 1.49%. The firm’s revenue for the quarter was up 49.4% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.41) EPS. On average, sell-side analysts predict that First Solar, Inc. will post 7.27 EPS for the current fiscal year.

First Solar Profile

(Free Report)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.