Institute for Wealth Management LLC. Takes Position in First Solar, Inc. (NASDAQ:FSLR)

Institute for Wealth Management LLC. purchased a new position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,101 shares of the solar cell manufacturer's stock, valued at approximately $248,000.

Several other hedge funds also recently modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of First Solar by 6.3% during 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 buying an additional 15,430 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of First Solar by 20.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer's stock worth $20,434,000 after buying an additional 20,465 shares during the period. Northern Trust Corp boosted its holdings in shares of First Solar by 1.7% during the 4th quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer's stock worth $175,816,000 after buying an additional 16,756 shares during the period. Legend Financial Advisors Inc. bought a new stake in shares of First Solar during the 1st quarter worth $759,000. Finally, Burford Brothers Inc. bought a new stake in shares of First Solar during the 4th quarter worth $3,539,000. Institutional investors and hedge funds own 92.08% of the company's stock.

Insider Buying and Selling at First Solar

In other First Solar news, CFO Alexander R. Bradley sold 16,051 shares of the firm's stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $274.69, for a total value of $4,409,049.19. Following the completion of the sale, the chief financial officer now owns 30,652 shares in the company, valued at approximately $8,419,797.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other First Solar news, CFO Alexander R. Bradley sold 16,051 shares of the firm's stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $274.69, for a total value of $4,409,049.19. Following the completion of the sale, the chief financial officer now owns 30,652 shares in the company, valued at approximately $8,419,797.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Byron Michael Jeffers sold 1,766 shares of the firm's stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the sale, the chief accounting officer now owns 500 shares of the company's stock, valued at approximately $108,250. The disclosure for this sale can be found here. In the last 90 days, insiders sold 37,203 shares of company stock worth $9,598,253. 0.58% of the stock is currently owned by corporate insiders.

First Solar Price Performance

Shares of First Solar stock traded up $2.12 during mid-day trading on Monday, reaching $233.19. 2,458,719 shares of the stock were exchanged, compared to its average volume of 2,450,272. The company has a market cap of $24.96 billion, a price-to-earnings ratio of 24.44, a price-to-earnings-growth ratio of 0.37 and a beta of 1.44. The company has a current ratio of 2.23, a quick ratio of 1.86 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $227.01 and a 200 day simple moving average of $203.61. First Solar, Inc. has a fifty-two week low of $129.21 and a fifty-two week high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.69 by $0.56. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $939.71 million. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm's revenue for the quarter was up 24.6% on a year-over-year basis. During the same quarter last year, the company posted $1.85 EPS. On average, sell-side analysts predict that First Solar, Inc. will post 13.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on FSLR shares. JPMorgan Chase & Co. upped their price objective on shares of First Solar from $262.00 to $282.00 and gave the stock an "overweight" rating in a report on Tuesday, July 16th. Clarkson Capital began coverage on shares of First Solar in a report on Wednesday, August 14th. They issued a "buy" rating and a $270.00 price target for the company. Mizuho reissued a "neutral" rating and issued a $274.00 price target (up from $209.00) on shares of First Solar in a report on Thursday, May 30th. Morgan Stanley increased their price target on shares of First Solar from $248.00 to $331.00 and gave the company an "overweight" rating in a report on Tuesday, June 4th. Finally, The Goldman Sachs Group increased their price target on shares of First Solar from $268.00 to $302.00 and gave the company a "buy" rating in a report on Tuesday, June 4th. Four research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $275.36.

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.