Capital Research Global Investors Reduces Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Capital Research Global Investors cut its holdings in First Solar, Inc. (NASDAQ:FSLR) by 25.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,789,514 shares of the solar cell manufacturer’s stock after selling 599,611 shares during the quarter. Capital Research Global Investors’ holdings in First Solar were worth $315,396,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Smartleaf Asset Management LLC raised its position in shares of First Solar by 31.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock valued at $47,000 after purchasing an additional 63 shares during the last quarter. Crews Bank & Trust acquired a new stake in shares of First Solar during the fourth quarter worth $53,000. Hudson Edge Investment Partners Inc. purchased a new stake in shares of First Solar during the fourth quarter valued at $53,000. CoreFirst Bank & Trust purchased a new position in First Solar in the 4th quarter worth $54,000. Finally, Montag A & Associates Inc. grew its stake in First Solar by 18.8% during the 4th quarter. Montag A & Associates Inc. now owns 475 shares of the solar cell manufacturer’s stock valued at $84,000 after purchasing an additional 75 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on FSLR shares. Guggenheim cut their price objective on shares of First Solar from $304.00 to $253.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Bank of America reduced their price objective on First Solar from $236.00 to $215.00 and set a “buy” rating for the company in a research note on Tuesday, April 8th. Robert W. Baird dropped their target price on First Solar from $267.00 to $240.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Truist Financial reissued a “buy” rating and issued a $245.00 price target (down from $285.00) on shares of First Solar in a report on Wednesday, April 2nd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $230.00 target price (down from $260.00) on shares of First Solar in a report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and a consensus price target of $251.63.

Insider Transactions at First Solar

In other First Solar news, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the transaction, the chief executive officer now directly owns 103,403 shares in the company, valued at $14,589,129.27. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Kuntal Kumar Verma sold 7,475 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the transaction, the insider now owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This represents a 67.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,311 shares of company stock worth $4,767,158. 0.48% of the stock is currently owned by insiders.

First Solar Trading Up 2.9 %

FSLR opened at $127.98 on Friday. The business’s 50 day moving average price is $136.14 and its 200 day moving average price is $172.03. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The stock has a market capitalization of $13.70 billion, a PE ratio of 11.02, a P/E/G ratio of 0.19 and a beta of 1.48. First Solar, Inc. has a one year low of $116.56 and a one year high of $306.77.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.48 billion. As a group, equities research analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

First Solar Profile

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.