Mitsubishi UFJ Asset Management Co. Ltd. Purchases 10,703 Shares of First Solar, Inc. $FSLR

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in First Solar, Inc. (NASDAQ:FSLR) by 5.0% in the 4th quarter, Holdings Channel reports. The firm owned 224,033 shares of the solar cell manufacturer’s stock after buying an additional 10,703 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in First Solar were worth $61,461,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Joule Financial LLC bought a new stake in First Solar in the third quarter worth about $950,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in First Solar by 22.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 77,155 shares of the solar cell manufacturer’s stock worth $17,015,000 after purchasing an additional 13,904 shares during the last quarter. Belpointe Asset Management LLC bought a new stake in First Solar in the third quarter worth about $1,193,000. Candriam S.C.A. lifted its stake in First Solar by 70.2% in the third quarter. Candriam S.C.A. now owns 150,379 shares of the solar cell manufacturer’s stock worth $33,163,000 after purchasing an additional 62,048 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of First Solar by 3.5% during the third quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer’s stock worth $3,026,108,000 after acquiring an additional 464,130 shares during the period. Institutional investors own 92.08% of the company’s stock.

Insider Buying and Selling

In other First Solar news, insider Michael Koralewski sold 215 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $46,360.45. Following the completion of the sale, the insider directly owned 14,642 shares in the company, valued at approximately $3,157,254.46. This trade represents a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Alexander R. Bradley sold 498 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $107,383.74. Following the sale, the chief financial officer owned 30,712 shares in the company, valued at $6,622,428.56. The trade was a 1.60% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 81,204 shares of company stock valued at $16,043,186 in the last 90 days. 0.39% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Bank of America reduced their target price on shares of First Solar from $291.00 to $271.00 and set a “buy” rating on the stock in a research report on Thursday, January 22nd. Morgan Stanley reduced their target price on shares of First Solar from $275.00 to $230.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 28th. Needham & Company LLC raised their target price on shares of First Solar from $286.00 to $303.00 and gave the stock a “buy” rating in a research report on Monday, February 23rd. UBS Group reduced their target price on shares of First Solar from $300.00 to $290.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Argus reduced their target price on shares of First Solar from $300.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and an average price target of $246.10.

First Solar Stock Performance

Shares of FSLR stock opened at $219.95 on Friday. The firm has a market cap of $23.63 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.47 and a beta of 1.57. The company’s 50 day moving average is $196.96 and its 200 day moving average is $231.41. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. First Solar, Inc. has a 52-week low of $133.75 and a 52-week high of $285.99.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.35. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. First Solar’s revenue was up 23.6% compared to the same quarter last year. During the same period last year, the company posted $1.95 earnings per share. On average, sell-side analysts anticipate that First Solar, Inc. will post 17.58 EPS for the current fiscal year.

Key Stories Impacting First Solar

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: Freedom Capital upgraded First Solar from hold to strong-buy, adding to the bullish case for the stock. Read More
• Positive Sentiment: HSBC raised its price target on First Solar to $231, suggesting further upside from current levels. HSBC Increases First Solar (NASDAQ:FSLR) Price Target to $231.00
• Positive Sentiment: Barclays issued a buy rating on First Solar, and Susquehanna also reportedly gave the stock a buy rating, reinforcing the upbeat analyst tone. First Solar (FSLR) Gets a Buy from Barclays First Solar (FSLR) Receives a Buy from Susquehanna
• Positive Sentiment: Coverage highlighting “3 big reasons to love First Solar” and a Zacks note that FSLR is a trending stock may be helping keep investor attention on the name. First Solar, Inc. (FSLR) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: First Solar CEO sold about $329,051 worth of stock, which can draw some investor caution but is not necessarily a fundamental change in the company’s outlook. Insider Selling: First Solar (NASDAQ:FSLR) CEO Sells $329,051.38 in Stock

First Solar Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.