Teachers Retirement System of The State of Kentucky Acquires 66,715 Shares of First Solar, Inc. (NASDAQ:FSLR)

Teachers Retirement System of The State of Kentucky increased its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 691.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,368 shares of the solar cell manufacturer’s stock after purchasing an additional 66,715 shares during the quarter. Teachers Retirement System of The State of Kentucky owned 0.07% of First Solar worth $17,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of FSLR. Sumitomo Mitsui Trust Holdings Inc. grew its position in First Solar by 6.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after purchasing an additional 15,430 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in First Solar by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock valued at $20,434,000 after acquiring an additional 20,465 shares during the last quarter. Northern Trust Corp lifted its holdings in First Solar by 1.7% in the fourth quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer’s stock valued at $175,816,000 after acquiring an additional 16,756 shares during the period. Legend Financial Advisors Inc. purchased a new position in First Solar in the first quarter worth about $759,000. Finally, Burford Brothers Inc. bought a new stake in shares of First Solar during the 4th quarter valued at about $3,539,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Bank of America increased their price objective on shares of First Solar from $320.00 to $343.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. Morgan Stanley raised their target price on First Solar from $248.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. William Blair assumed coverage on First Solar in a report on Thursday, August 29th. They set a “market perform” rating for the company. Finally, Barclays raised their price objective on First Solar from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Five research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $284.12.

Insider Activity

In other First Solar news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the sale, the insider now owns 3,468 shares of the company’s stock, valued at approximately $769,896. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Byron Michael Jeffers sold 500 shares of the firm’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $220.00, for a total value of $110,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now owns 3,468 shares in the company, valued at approximately $769,896. The disclosure for this sale can be found here. Insiders have sold a total of 10,885 shares of company stock worth $2,405,757 over the last 90 days. 0.58% of the stock is currently owned by corporate insiders.

First Solar Price Performance

Shares of FSLR opened at $240.66 on Wednesday. The company has a 50 day moving average of $226.45 and a two-hundred day moving average of $217.96. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. First Solar, Inc. has a twelve month low of $129.21 and a twelve month high of $306.77. The company has a market cap of $25.76 billion, a price-to-earnings ratio of 25.23, a price-to-earnings-growth ratio of 0.42 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. During the same quarter last year, the firm earned $1.85 EPS. The business’s quarterly revenue was up 24.6% on a year-over-year basis. As a group, analysts predict that First Solar, Inc. will post 13.62 earnings per share for the current fiscal year.

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.