Huntington National Bank Grows Position in First Solar, Inc. (NASDAQ:FSLR)

Huntington National Bank raised its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 95.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 443 shares of the solar cell manufacturer’s stock after acquiring an additional 216 shares during the period. Huntington National Bank’s holdings in First Solar were worth $111,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of FSLR. Western Financial Corp CA purchased a new stake in First Solar during the third quarter valued at $1,209,000. Harbour Capital Advisors LLC raised its position in shares of First Solar by 224.0% during the 3rd quarter. Harbour Capital Advisors LLC now owns 5,217 shares of the solar cell manufacturer’s stock valued at $1,301,000 after buying an additional 3,607 shares in the last quarter. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management bought a new position in shares of First Solar in the 3rd quarter valued at about $17,635,000. Sumitomo Mitsui Trust Group Inc. grew its position in First Solar by 6.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock worth $60,898,000 after acquiring an additional 14,597 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in First Solar by 0.9% during the first quarter. Vanguard Group Inc. now owns 12,257,053 shares of the solar cell manufacturer’s stock worth $2,068,991,000 after acquiring an additional 105,236 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on FSLR shares. Seaport Res Ptn upgraded First Solar to a “hold” rating in a report on Tuesday, November 5th. Jefferies Financial Group dropped their price objective on shares of First Solar from $271.00 to $266.00 and set a “buy” rating for the company in a research note on Thursday, October 10th. The Goldman Sachs Group reduced their target price on shares of First Solar from $311.00 to $279.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. Piper Sandler dropped their price target on shares of First Solar from $250.00 to $245.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Finally, Truist Financial initiated coverage on shares of First Solar in a research report on Thursday, September 26th. They issued a “buy” rating and a $300.00 price objective on the stock. Four 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 stock. According to data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and an average price target of $280.50.

First Solar Stock Performance

Shares of FSLR stock opened at $190.45 on Monday. The firm has a market cap of $20.39 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 0.33 and a beta of 1.48. First Solar, Inc. has a 52-week low of $135.88 and a 52-week high of $306.77. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average is $216.28 and its 200 day moving average is $225.91.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). The company had revenue of $887.70 million during the quarter, compared to analysts’ expectations of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company’s revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.50 earnings per share. On average, sell-side analysts anticipate that First Solar, Inc. will post 13.16 EPS 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.