PNC Financial Services Group Inc. Acquires 777 Shares of First Solar, Inc. (NASDAQ:FSLR)

PNC Financial Services Group Inc. increased its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 5.3% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 15,422 shares of the solar cell manufacturer’s stock after purchasing an additional 777 shares during the period. PNC Financial Services Group Inc.’s holdings in First Solar were worth $3,847,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Western Financial Corp CA bought a new stake in shares of First Solar in the third quarter valued at approximately $1,209,000. Harbour Capital Advisors LLC raised its position in First Solar by 224.0% during the third quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after purchasing an additional 3,607 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in First Solar by 6.4% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock valued at $60,898,000 after purchasing an additional 14,597 shares in the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management acquired a new position in First Solar during the third quarter valued at approximately $17,635,000. Finally, Warther Private Wealth LLC acquired a new position in First Solar during the third quarter valued at approximately $2,655,000. Institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

Shares of FSLR opened at $186.05 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. The stock has a 50-day moving average of $212.65 and a 200-day moving average of $225.81. The company has a market cap of $19.92 billion, a PE ratio of 16.02, a P/E/G ratio of 0.32 and a beta of 1.48. First Solar, Inc. has a one year low of $135.88 and a one year high of $306.77.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS 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%. The business’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.50 earnings per share. On average, equities research analysts predict that First Solar, Inc. will post 13.15 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FSLR has been the subject of several research analyst reports. Susquehanna lowered their price objective on shares of First Solar from $280.00 to $252.00 and set a “positive” rating for the company in a research report on Wednesday, October 30th. Hsbc Global Res upgraded shares of First Solar to a “strong-buy” rating in a report on Wednesday, October 9th. Janney Montgomery Scott upgraded shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price target for the company in a report on Tuesday, October 29th. Royal Bank of Canada lowered their price target on shares of First Solar from $315.00 to $280.00 and set an “outperform” rating for the company in a report on Wednesday, October 30th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $260.00 price target (down from $286.00) on shares of First Solar in a report on Wednesday, October 30th. 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $279.04.

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.