Principal Financial Group Inc. Sells 24,430 Shares of First Solar, Inc. $FSLR

Principal Financial Group Inc. reduced its stake in First Solar, Inc. (NASDAQ:FSLR) by 13.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 163,337 shares of the solar cell manufacturer’s stock after selling 24,430 shares during the period. Principal Financial Group Inc.’s holdings in First Solar were worth $42,669,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Aventura Private Wealth LLC bought a new stake in shares of First Solar in the fourth quarter valued at approximately $25,000. Strategic Wealth Investment Group LLC bought a new stake in First Solar during the second quarter worth $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in First Solar during the third quarter worth $44,000. Torren Management LLC bought a new stake in First Solar during the fourth quarter worth $47,000. Finally, NBT Bank N A NY lifted its stake in First Solar by 550.0% during the third quarter. NBT Bank N A NY now owns 221 shares of the solar cell manufacturer’s stock worth $49,000 after purchasing an additional 187 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FSLR has been the subject of several recent analyst reports. DZ Bank upgraded First Solar to a “strong sell” rating in a research note on Thursday, February 26th. Robert W. Baird restated a “neutral” rating and set a $205.00 target price (down from $264.00) on shares of First Solar in a research note on Wednesday, February 25th. JPMorgan Chase & Co. cut their target price on First Solar from $303.00 to $256.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. HSBC upped their target price on First Solar from $211.00 to $231.00 and gave the stock a “hold” rating in a research note on Tuesday. Finally, Wolfe Research cut First Solar from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 26th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $246.10.

Insider Buying and Selling

In other news, General Counsel Jason E. Dymbort sold 9,022 shares of the stock in a transaction on Tuesday, March 17th. The stock was sold at an average price of $199.62, for a total value of $1,800,971.64. Following the completion of the transaction, the general counsel directly owned 9,850 shares in the company, valued at approximately $1,966,257. This represents a 47.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alexander R. Bradley sold 14,106 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $199.97, for a total value of $2,820,776.82. Following the completion of the transaction, the chief financial officer owned 30,000 shares of the company’s stock, valued at $5,999,100. The trade was a 31.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 81,204 shares of company stock worth $16,043,186 in the last ninety days. Insiders own 0.39% of the company’s stock.

More First Solar News

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 Stock Up 2.5%

Shares of FSLR opened at $219.95 on Friday. First Solar, Inc. has a 52 week low of $133.75 and a 52 week high of $285.99. The stock has a market capitalization 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 has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56. The stock has a fifty day moving average of $196.96 and a 200-day moving average of $231.41.

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

First Solar Company 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.