Morse Asset Management Inc Increases Position in First Solar, Inc. (NASDAQ:FSLR)

Morse Asset Management Inc grew its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 11.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 12,534 shares of the solar cell manufacturer’s stock after acquiring an additional 1,284 shares during the period. Morse Asset Management Inc’s holdings in First Solar were worth $3,126,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FSLR. Ingalls & Snyder LLC purchased a new stake in First Solar during the 3rd quarter valued at about $225,000. Integrated Wealth Concepts LLC grew its holdings in shares of First Solar by 236.6% during the third quarter. Integrated Wealth Concepts LLC now owns 18,470 shares of the solar cell manufacturer’s stock valued at $4,607,000 after buying an additional 12,983 shares during the last quarter. Investment Management Corp of Ontario increased its position in shares of First Solar by 169.9% during the third quarter. Investment Management Corp of Ontario now owns 6,027 shares of the solar cell manufacturer’s stock valued at $1,503,000 after acquiring an additional 3,794 shares in the last quarter. Itau Unibanco Holding S.A. raised its holdings in First Solar by 11,377.2% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 19,167 shares of the solar cell manufacturer’s stock worth $4,781,000 after acquiring an additional 19,000 shares during the last quarter. Finally, Hilltop Holdings Inc. bought a new position in First Solar in the 3rd quarter valued at approximately $316,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

FSLR stock opened at $207.51 on Wednesday. The firm has a 50-day simple moving average of $207.29 and a two-hundred day simple moving average of $226.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. First Solar, Inc. has a one year low of $135.88 and a one year high of $306.77. The firm has a market cap of $22.22 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 0.36 and a beta of 1.46.

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

Wall Street Analyst Weigh In

FSLR has been the topic of a number of research analyst reports. Bank of America lowered their price target on First Solar from $321.00 to $269.00 and set a “buy” rating on the stock in a report on Wednesday, October 30th. Royal Bank of Canada dropped their target price on shares of First Solar from $315.00 to $280.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. StockNews.com upgraded shares of First Solar from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Clarkson Capital assumed coverage on First Solar in a research note on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price target on the stock. Finally, William Blair started coverage on First Solar in a research report on Thursday, August 29th. They set a “market perform” rating for the company. Four equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and an average target price of $280.71.

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.