State of Michigan Retirement System Buys 1,100 Shares of First Solar, Inc. (NASDAQ:FSLR)

State of Michigan Retirement System lifted its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 3.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 34,700 shares of the solar cell manufacturer’s stock after acquiring an additional 1,100 shares during the period. State of Michigan Retirement System’s holdings in First Solar were worth $6,116,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FSLR. Strengthening Families & Communities LLC bought a new stake in shares of First Solar during the 3rd quarter worth $25,000. Kennebec Savings Bank bought a new stake in shares of First Solar during the 3rd quarter worth $29,000. Larson Financial Group LLC lifted its stake in First Solar by 214.0% in the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after purchasing an additional 107 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in First Solar by 31.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after purchasing an additional 63 shares during the last quarter. Finally, Crews Bank & Trust bought a new stake in First Solar in the fourth quarter worth $53,000. 92.08% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the sale, the insider now owns 3,549 shares in the company, valued at $484,793.40. This represents a 67.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the sale, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.58% of the company’s stock.

First Solar Price Performance

Shares of FSLR opened at $131.13 on Friday. The stock has a market cap of $14.04 billion, a PE ratio of 11.29, a price-to-earnings-growth ratio of 0.19 and a beta of 1.47. 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 fifty-two week low of $124.96 and a fifty-two week high of $306.77. The firm’s 50-day simple moving average is $169.00 and its two-hundred day simple moving average is $195.85.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). The business had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. Analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on FSLR. UBS Group lowered their price target on shares of First Solar from $360.00 to $285.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. Morgan Stanley lowered their price target on shares of First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research note on Thursday, February 27th. Truist Financial reissued a “buy” rating and issued a $285.00 price target (down from $300.00) on shares of First Solar in a research note on Wednesday, February 26th. Guggenheim lowered their price target on shares of First Solar from $335.00 to $304.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, Robert W. Baird lowered their price target on shares of First Solar from $307.00 to $267.00 and set an “outperform” rating for the company in a research note on Wednesday, December 18th. Four analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and an average target price of $262.08.

About First Solar

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.