Kentucky Retirement Systems Insurance Trust Fund Makes New Investment in First Solar, Inc. (NASDAQ:FSLR)

Kentucky Retirement Systems Insurance Trust Fund purchased a new position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,100 shares of the solar cell manufacturer's stock, valued at approximately $392,000.

Other hedge funds have also recently modified their holdings of the company. Garde Capital Inc. acquired a new position in shares of First Solar during the 1st quarter worth about $25,000. Smartleaf Asset Management LLC raised its position in shares of First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after purchasing an additional 63 shares during the last quarter. Banque Transatlantique SA acquired a new position in shares of First Solar during the 4th quarter worth about $53,000. CoreFirst Bank & Trust acquired a new position in shares of First Solar during the 4th quarter worth about $54,000. Finally, Princeton Global Asset Management LLC acquired a new position in shares of First Solar during the 1st quarter worth about $51,000. Institutional investors and hedge funds own 92.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on FSLR shares. Susquehanna reduced their price target on shares of First Solar from $223.00 to $217.00 and set a "positive" rating for the company in a research report on Monday, April 14th. TD Cowen dropped their price objective on shares of First Solar from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. Redburn Atlantic started coverage on shares of First Solar in a research note on Monday, March 3rd. They set a "neutral" rating for the company. Jefferies Financial Group raised shares of First Solar from a "hold" rating to a "buy" rating and upped their price objective for the company from $157.00 to $192.00 in a research note on Wednesday, June 11th. Finally, Wells Fargo & Company dropped their price objective on shares of First Solar from $191.00 to $177.00 and set an "overweight" rating for the company in a research note on Wednesday, April 30th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, twenty-five have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, First Solar currently has a consensus rating of "Moderate Buy" and a consensus target price of $229.19.

Insider Buying and Selling

In other First Solar news, CTO Markus Gloeckler sold 9,557 shares of the stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the sale, the chief technology officer now directly owns 8,037 shares in the company, valued at $1,246,136.85. This represents a 54.32% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Koralewski sold 2,951 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total transaction of $466,877.71. Following the sale, the insider now owns 11,369 shares in the company, valued at approximately $1,798,689.49. This trade represents a 20.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,376 shares of company stock valued at $2,227,172. Company insiders own 0.48% of the company's stock.

First Solar Trading Down 2.2%

Shares of First Solar stock traded down $3.49 during mid-day trading on Friday, hitting $152.14. The stock had a trading volume of 4,370,169 shares, compared to its average volume of 3,180,627. The company has a quick ratio of 1.39, a current ratio of 1.93 and a debt-to-equity ratio of 0.04. The firm has a market cap of $16.32 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 0.30 and a beta of 1.53. The firm has a 50-day moving average of $152.61 and a two-hundred day moving average of $155.25. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $262.72.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing analysts' consensus estimates of $2.50 by ($0.55). The company had revenue of $844.57 million for the quarter, compared to analysts' expectations of $863.11 million. First Solar had a return on equity of 16.32% and a net margin of 29.72%. The business's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.20 EPS. Sell-side analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current 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.