Eastern Bank Trims Stock Position in First Solar, Inc. (NASDAQ:FSLR)

Eastern Bank lowered its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 17.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,467 shares of the solar cell manufacturer’s stock after selling 715 shares during the quarter. Eastern Bank’s holdings in First Solar were worth $611,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Western Financial Corp CA bought a new position in shares of First Solar during the 3rd quarter valued at approximately $1,209,000. Stifel Financial Corp grew its stake in shares of First Solar by 36.9% during the 3rd quarter. Stifel Financial Corp now owns 21,446 shares of the solar cell manufacturer’s stock valued at $5,350,000 after acquiring an additional 5,780 shares during the period. Harbour Capital Advisors LLC grew its stake in shares of First Solar by 224.0% during the 3rd quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after acquiring an additional 3,607 shares during the period. iA Global Asset Management Inc. grew its stake in shares of First Solar by 802.1% during the 3rd quarter. iA Global Asset Management Inc. now owns 20,460 shares of the solar cell manufacturer’s stock valued at $5,104,000 after acquiring an additional 18,192 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of First Solar by 6.4% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock valued at $60,898,000 after acquiring an additional 14,597 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Price Performance

FSLR opened at $183.61 on Tuesday. First Solar, Inc. has a 12-month low of $135.88 and a 12-month high of $306.77. The company has a current ratio of 2.14, a quick ratio of 1.44 and a debt-to-equity ratio of 0.05. The business’s fifty day simple moving average is $191.07 and its 200-day simple moving average is $210.62. The company has a market capitalization of $19.66 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 0.35 and a beta of 1.49.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. During the same period in the previous year, the business earned $2.50 EPS. First Solar’s revenue for the quarter was up 10.7% compared to the same quarter last year. On average, equities research analysts anticipate that First Solar, Inc. will post 13.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

FSLR has been the subject of a number of recent research reports. Evercore ISI cut their price objective on First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. The Goldman Sachs Group dropped their price target on First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Bank of America dropped their price target on First Solar from $321.00 to $269.00 and set a “buy” rating for the company in a research note on Wednesday, October 30th. Mizuho dropped their price target on First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Finally, Roth Mkm dropped their price target on First Solar from $320.00 to $280.00 and set a “buy” rating for the company in a research note on Tuesday, October 15th. Four equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $277.75.

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.