Sumitomo Mitsui DS Asset Management Company Ltd Acquires 2,350 Shares of First Solar, Inc. $FSLR

Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in First Solar, Inc. (NASDAQ:FSLR) by 18.8% during the fourth quarter, Holdings Channel.com reports. The fund owned 14,870 shares of the solar cell manufacturer’s stock after purchasing an additional 2,350 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in First Solar were worth $3,884,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Aventura Private Wealth LLC acquired a new stake in First Solar in the fourth quarter worth $25,000. Strategic Wealth Investment Group LLC acquired a new stake in First Solar in the second quarter worth $26,000. Torren Management LLC acquired a new stake in First Solar in the fourth quarter worth $47,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in First Solar in the third quarter worth $44,000. Finally, Harbor Investment Advisory LLC raised its holdings in First Solar by 41.7% in the fourth quarter. Harbor Investment Advisory LLC now owns 204 shares of the solar cell manufacturer’s stock worth $53,000 after purchasing an additional 60 shares during the period. 92.08% of the stock is owned by institutional investors.

First Solar Trading Up 2.5%

Shares of NASDAQ:FSLR opened at $219.95 on Friday. First Solar, Inc. has a 12 month low of $133.75 and a 12 month high of $285.99. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. The company’s fifty day simple moving average is $196.96 and its 200 day simple moving average is $231.41. 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.

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

Insider Buying and Selling at First Solar

In related news, insider Patrick James Buehler sold 235 shares of the firm’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $50,673.05. Following the sale, the insider directly owned 7,406 shares in the company, valued at $1,596,955.78. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Georges Antoun sold 566 shares of the firm’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $122,046.58. Following the sale, the insider owned 19,918 shares in the company, valued at approximately $4,294,918.34. The trade was a 2.76% decrease in their ownership of the stock. 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 over the last quarter. 0.39% of the stock is currently owned by corporate insiders.

First Solar News Roundup

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Zacks Research upgraded shares of First Solar from a “strong sell” rating to a “hold” rating in a report on Monday, April 27th. Mizuho cut their target price on shares of First Solar from $271.00 to $243.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft lowered shares of First Solar from a “buy” rating to a “hold” rating and cut their target price for the stock from $300.00 to $245.00 in a report on Wednesday, February 25th. Morgan Stanley cut their target price on shares of First Solar from $275.00 to $230.00 and set an “overweight” rating on the stock in a report on Tuesday, April 28th. Finally, Glj Research lowered shares of First Solar from a “buy” rating to a “hold” rating and cut their target price for the stock from $314.43 to $207.82 in a report on Wednesday, March 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and an average target price of $246.10.

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.