Baldwin Investment Management LLC Raises Holdings in First Solar, Inc. (NASDAQ:FSLR)

Baldwin Investment Management LLC boosted its stake in First Solar, Inc. (NASDAQ:FSLR) by 37.0% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 9,739 shares of the solar cell manufacturer’s stock after buying an additional 2,629 shares during the quarter. Baldwin Investment Management LLC’s holdings in First Solar were worth $2,429,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in FSLR. Western Financial Corp CA purchased a new position in First Solar in the 3rd quarter valued at about $1,209,000. Harbour Capital Advisors LLC increased its stake 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 worth $1,301,000 after acquiring an additional 3,607 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of First Solar by 6.4% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 244,140 shares of the solar cell manufacturer’s stock worth $60,898,000 after purchasing an additional 14,597 shares during the period. Mivtachim The Workers Social Insurance Fund Ltd. Under Special Management acquired a new position in shares of First Solar in the 3rd quarter valued at about $17,635,000. Finally, Warther Private Wealth LLC purchased a new stake in shares of First Solar during the 3rd quarter worth about $2,655,000. 92.08% of the stock is owned by institutional investors and hedge funds.

First Solar Price Performance

NASDAQ FSLR opened at $192.32 on Wednesday. The firm has a market capitalization of $20.59 billion, a PE ratio of 16.57, a P/E/G ratio of 0.34 and a beta of 1.48. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44. First Solar, Inc. has a 12 month low of $135.88 and a 12 month high of $306.77. The company’s 50 day simple moving average is $211.84 and its 200 day simple moving average is $225.80.

First Solar (NASDAQ:FSLR) last issued its quarterly 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). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business had revenue of $887.70 million during the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the firm posted $2.50 earnings per share. First Solar’s revenue was up 10.7% compared to the same quarter last year. As a group, equities research analysts forecast that First Solar, Inc. will post 13.15 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FSLR. Wells Fargo & Company reduced their target price on shares of First Solar from $250.00 to $240.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Truist Financial started 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 for the company. Oppenheimer raised their target price on First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Mizuho lowered their price objective on First Solar from $274.00 to $257.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Finally, Morgan Stanley reduced their target price on First Solar from $329.00 to $297.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Four 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 stock. According to MarketBeat.com, First Solar currently has a consensus rating of “Moderate Buy” and a consensus price target 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.