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

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

A number of other hedge funds also recently modified their holdings of the stock. Massmutual Trust Co. FSB ADV raised its holdings in shares of First Solar by 14.5% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the solar cell manufacturer’s stock worth $89,000 after purchasing an additional 45 shares during the period. Davis Investment Partners LLC raised its holdings in shares of First Solar by 0.6% in the 3rd quarter. Davis Investment Partners LLC now owns 7,698 shares of the solar cell manufacturer’s stock worth $1,805,000 after purchasing an additional 46 shares during the period. Oregon Public Employees Retirement Fund grew its stake in First Solar by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 9,172 shares of the solar cell manufacturer’s stock valued at $2,068,000 after buying an additional 49 shares in the last quarter. Cambridge Trust Co. grew its stake in First Solar by 1.6% in the 1st quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after buying an additional 50 shares in the last quarter. Finally, Gilman Hill Asset Management LLC grew its stake in First Solar by 2.8% in the 3rd quarter. Gilman Hill Asset Management LLC now owns 1,825 shares of the solar cell manufacturer’s stock valued at $455,000 after buying an additional 50 shares in the last quarter. Institutional investors own 92.08% of the company’s stock.

First Solar Price Performance

Shares of FSLR opened at $186.05 on Monday. The stock has a market cap of $19.92 billion, a PE ratio of 16.02, a price-to-earnings-growth ratio of 0.32 and a beta of 1.48. 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 $135.88 and a fifty-two week high of $306.77. The firm’s 50-day simple moving average is $212.65 and its two-hundred day simple moving average is $225.81.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, October 29th. The solar cell manufacturer reported $2.91 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $887.70 million for the quarter, compared to analysts’ expectations of $1.07 billion. During the same quarter in the previous year, the company earned $2.50 EPS. The company’s quarterly revenue was up 10.7% compared to the same quarter last year. Analysts anticipate that First Solar, Inc. will post 13.15 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Hsbc Global Res upgraded shares of First Solar to a “strong-buy” rating in a research note on Wednesday, October 9th. Oppenheimer lifted their price objective on shares of First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Evercore ISI reduced their price objective on shares of First Solar from $281.00 to $278.00 and set an “outperform” rating for the company in a research note on Wednesday, October 30th. Morgan Stanley reduced their price objective on shares of First Solar from $329.00 to $297.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Finally, Truist Financial began coverage on shares of First Solar in a research report on Thursday, September 26th. They set a “buy” rating and a $300.00 price target for the company. Four analysts have rated the stock with a hold rating, twenty-three have issued 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 a consensus target price of $279.04.

First Solar Company Profile

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.