Amundi Lowers Stock Position in First Solar, Inc. $FSLR

Amundi cut its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 15.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,730,693 shares of the solar cell manufacturer's stock after selling 318,772 shares during the period. Amundi owned approximately 1.61% of First Solar worth $408,344,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FSLR. California State Teachers Retirement System increased its holdings in First Solar by 24,534.5% in the 2nd quarter. California State Teachers Retirement System now owns 38,336,421 shares of the solar cell manufacturer's stock valued at $9,045,862,000 after purchasing an additional 38,180,800 shares during the last quarter. BlackRock Inc. acquired a new position in First Solar during the 2nd quarter worth about $3,310,298,000. Hill City Capital LP acquired a new position in First Solar during the 2nd quarter worth about $620,133,555. Norges Bank purchased a new position in First Solar during the 4th quarter valued at about $392,040,000. Finally, Deutsche Bank AG acquired a new position in First Solar in the 2nd quarter valued at about $212,626,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Solar

In other news, EVP Samantha L. Sloan sold 127 shares of First Solar stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $222.95, for a total transaction of $28,314.65. Following the sale, the executive vice president owned 2,018 shares in the company, valued at approximately $449,913.10. The trade was a 5.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Markus Gloeckler sold 800 shares of the business's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $200.00, for a total value of $160,000.00. Following the completion of the sale, the chief technology officer directly owned 5,842 shares of the company's stock, valued at $1,168,400. The trade was a 12.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 15,881 shares of company stock valued at $3,617,086 in the last ninety days. 0.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FSLR shares. TD Cowen reiterated a "buy" rating on shares of First Solar in a research note on Monday, July 20th. HSBC raised shares of First Solar from a "hold" rating to a "buy" rating in a research note on Friday, August 7th. Raymond James Financial began coverage on shares of First Solar in a report on Thursday, August 27th. They issued a "market perform" rating for the company. Sanford C. Bernstein cut their target price on shares of First Solar from $217.00 to $197.00 and set an "underperform" rating on the stock in a research note on Friday, July 31st. Finally, Roth Capital reiterated a "buy" rating and set a $300.00 target price on shares of First Solar in a report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $266.27.

First Solar Stock Performance

Shares of FSLR opened at $204.45 on Tuesday. First Solar, Inc. has a 1 year low of $182.99 and a 1 year high of $320.95. The stock has a market capitalization of $21.97 billion, a PE ratio of 12.60, a PEG ratio of 0.54 and a beta of 1.74. The stock has a 50-day simple moving average of $218.20 and a 200-day simple moving average of $222.47.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 EPS for the quarter, beating analysts' consensus estimates of $2.90 by $1.02. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.06 billion. First Solar had a net margin of 32.47% and a return on equity of 18.02%. The company's quarterly revenue was down 3.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.18 EPS. Analysts predict that First Solar, Inc. will post 17.77 EPS for the current year.

About First Solar

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.

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