Oceanic Investment Management Ltd Exits Position in First Solar (FSLR)

First Solar (FSLR) : Oceanic Investment Management Ltd has sold out all of its stake in First Solar during the most recent quarter, according to the disclosure filed by the company on Aug 3, 2016 with the SEC. The investment management company has sold out 304,812 shares of First Solar which is valued at $15,008,943.

Other Hedge Funds, Including , Harel Insurance Investments Financial Services Ltd. added FSLR to its portfolio by purchasing 40 company shares during the most recent quarter which is valued at $1,970.Trillium Asset Management reduced its stake in FSLR by selling 780 shares or 0.24% in the most recent quarter. The Hedge Fund company now holds 325,249 shares of FSLR which is valued at $15,182,623. First Solar makes up approx 0.96% of Trillium Asset Management’s portfolio.Smith Graham Investment Advisors Lp reduced its stake in FSLR by selling 4,580 shares or 5.97% in the most recent quarter. The Hedge Fund company now holds 72,145 shares of FSLR which is valued at $3,502,640. First Solar makes up approx 0.46% of Smith Graham Investment Advisors Lp’s portfolio.Parkwood reduced its stake in FSLR by selling 1,318 shares or 9.93% in the most recent quarter. The Hedge Fund company now holds 11,953 shares of FSLR which is valued at $575,178. First Solar makes up approx 0.09% of Parkwood’s portfolio. Laurel Grove Capital added FSLR to its portfolio by purchasing 49,200 company shares during the most recent quarter which is valued at $2,367,504. First Solar makes up approx 1.38% of Laurel Grove Capital’s portfolio.

First Solar closed down -0.3 points or -0.68% at $43.81 with 26,65,738 shares getting traded on Monday. Post opening the session at $44.3, the shares hit an intraday low of $43.63 and an intraday high of $44.86 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, First Solar reported $0.87 EPS for the quarter, beating the analyst consensus estimate by $ 0.32 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $0.55. The company had revenue of $934.00 million for the quarter, compared to analysts expectations of $862.68 million. The company’s revenue was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 EPS.

Many Wall Street Analysts have commented on First Solar. Shares were Reiterated by Barclays on Aug 10, 2016 to “Overweight” and Lowered the Price Target to $ 50 from a previous price target of $68 .Shares were Reiterated by Mizuho on Aug 10, 2016 to “Neutral” and Lowered the Price Target to $ 46 from a previous price target of $67 .Shares were Downgraded by Deutsche Bank on Jul 7, 2016 to ” Hold” and Lowered the Price Target to $ 44 from a previous price target of $80 .

First Solar Inc. is a global provider of solar energy solutions. The Company designs manufactures and sells photovoltaic (PV) solar modules and also develops designs constructs and sells PV solar power solutions. The Company operates through two segments: components and systems. The Company’s components segment involves the design manufacture and sale of solar modules which convert sunlight into electricity. The systems segment provides turn-key PV solar power systems or solar solutions for systems primarily using its solar modules. The Company also manufactures crystalline silicon solar modules and single-axis mounting systems with tracking capabilities. The Company offers its products and services for residential commercial and industrial applications including solar power system project developers system integrators and solar plant operators throughout the Americas Asia Australia the Middle East and Africa.

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