Parsec Financial Management Inc. Takes Position in First Solar, Inc. (NASDAQ:FSLR)

Parsec Financial Management Inc. purchased a new stake in shares of First Solar, Inc. (NASDAQ:FSLR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 5,125 shares of the solar cell manufacturer’s stock, valued at approximately $204,000.

Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in First Solar by 7,977.6% in the first quarter. BlackRock Inc. now owns 6,922,544 shares of the solar cell manufacturer’s stock worth $187,601,000 after buying an additional 6,836,843 shares during the period. Wellington Management Group LLP raised its position in shares of First Solar by 28.8% in the first quarter. Wellington Management Group LLP now owns 3,038,924 shares of the solar cell manufacturer’s stock worth $82,356,000 after buying an additional 679,898 shares during the period. Dimensional Fund Advisors LP raised its position in shares of First Solar by 6.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,756,980 shares of the solar cell manufacturer’s stock worth $74,715,000 after buying an additional 158,896 shares during the period. State Treasurer State of Michigan raised its position in shares of First Solar by 99.1% in the second quarter. State Treasurer State of Michigan now owns 754,373 shares of the solar cell manufacturer’s stock worth $30,084,000 after buying an additional 375,500 shares during the period. Finally, DnB Asset Management AS raised its position in First Solar by 0.6% in the first quarter. DnB Asset Management AS now owns 518,218 shares of the solar cell manufacturer’s stock valued at $14,044,000 after buying an additional 3,300 shares during the last quarter. Institutional investors and hedge funds own 60.75% of the company’s stock.

First Solar, Inc. (NASDAQ:FSLR) traded up 1.69% during midday trading on Friday, hitting $47.54. The stock had a trading volume of 1,013,896 shares. The stock’s market cap is $4.96 billion. First Solar, Inc. has a 52-week low of $25.56 and a 52-week high of $50.21. The company’s 50 day moving average price is $43.67 and its 200-day moving average price is $35.55.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $0.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.60. The business had revenue of $623 million for the quarter, compared to the consensus estimate of $591.55 million. First Solar had a positive return on equity of 6.43% and a negative net margin of 18.80%. The company’s quarterly revenue was down 38.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.87 EPS. Analysts forecast that First Solar, Inc. will post $2.11 EPS for the current fiscal year.

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Several research firms have issued reports on FSLR. UBS AG upgraded shares of First Solar from a “sell” rating to a “hold” rating in a report on Tuesday, May 2nd. Vetr raised shares of First Solar from a “sell” rating to a “hold” rating and set a $48.61 price objective for the company in a research report on Wednesday, August 2nd. Axiom Securities reissued a “buy” rating on shares of First Solar in a research report on Thursday. BidaskClub downgraded shares of First Solar from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 3rd. Finally, ValuEngine raised shares of First Solar from a “hold” rating to a “buy” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $43.35.

In related news, CEO Mark R. Widmar sold 43,189 shares of the company’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $48.55, for a total value of $2,096,825.95. Following the completion of the transaction, the chief executive officer now owns 107,454 shares of the company’s stock, valued at approximately $5,216,891.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Raffi Garabedian sold 5,800 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $49.83, for a total value of $289,014.00. Following the completion of the transaction, the insider now directly owns 11,474 shares of the company’s stock, valued at approximately $571,749.42. The disclosure for this sale can be found here. In the last quarter, insiders have sold 95,909 shares of company stock worth $4,705,246. Company insiders own 0.40% of the company’s stock.

First Solar Company Profile

First Solar, Inc is a provider of photovoltaic (PV) solar energy solutions. The Company designs, manufactures and sells PV solar modules with a thin-film semiconductor technology. The Company also develops, designs, constructs and sells PV solar power systems that primarily use the modules it manufactures.

Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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