Bank of New York Mellon Corp Purchases 48,362 Shares of First Solar, Inc. $FSLR

Key Points

• Bank of New York Mellon increased its First Solar stake by 7.4% in the fourth quarter, adding 48,362 shares and ending with 705,131 shares worth about $184.2 million.
• First Solar reported better-than-expected quarterly earnings, with EPS of $3.22 versus estimates of $2.87, and revenue of $1.04 billion, up 23.6% year over year.
• Despite the strong earnings, the stock was down 11.4% in trading, while analysts currently rate it a Moderate Buy with an average target price of $247.40.

Bank of New York Mellon Corp increased its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 7.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 705,131 shares of the solar cell manufacturer's stock after acquiring an additional 48,362 shares during the quarter. Bank of New York Mellon Corp owned about 0.66% of First Solar worth $184,201,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FSLR. Woodline Partners LP boosted its stake in First Solar by 40.7% during the first quarter. Woodline Partners LP now owns 9,044 shares of the solar cell manufacturer's stock worth $1,143,000 after buying an additional 2,615 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in First Solar by 50.9% during the second quarter. EverSource Wealth Advisors LLC now owns 516 shares of the solar cell manufacturer's stock worth $85,000 after buying an additional 174 shares in the last quarter. Brown Advisory Inc. boosted its stake in First Solar by 84.3% during the second quarter. Brown Advisory Inc. now owns 4,529 shares of the solar cell manufacturer's stock worth $750,000 after buying an additional 2,072 shares in the last quarter. Cerity Partners LLC acquired a new stake in First Solar during the second quarter worth $494,000. Finally, AXA S.A. boosted its stake in First Solar by 6.3% during the second quarter. AXA S.A. now owns 18,862 shares of the solar cell manufacturer's stock worth $3,122,000 after buying an additional 1,115 shares in the last quarter. Institutional investors own 92.08% of the company's stock.

Insider Buying and Selling at First Solar

In other First Solar news, 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 completion of the sale, the insider owned 19,918 shares of the company's stock, valued at $4,294,918.34. This trade represents a 2.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 firm's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $107,383.74. Following the sale, the chief financial officer directly owned 30,712 shares of the company's stock, valued at $6,622,428.56. This represents a 1.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 76,480 shares of company stock worth $16,668,515. 0.39% of the stock is currently owned by corporate insiders.

First Solar Trading Down 11.4%

Shares of First Solar stock opened at $279.01 on Friday. The business has a fifty day simple moving average of $224.60 and a two-hundred day simple moving average of $233.15. First Solar, Inc. has a 1 year low of $135.50 and a 1 year high of $320.95. The company has a market capitalization of $29.98 billion, a price-to-earnings ratio of 18.02, a P/E/G ratio of 0.70 and a beta of 1.71. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results 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. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm posted $1.95 EPS. The company's quarterly revenue was up 23.6% on a year-over-year basis. Research analysts forecast that First Solar, Inc. will post 17.61 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Glj Research downgraded shares of First Solar from a "buy" rating to a "hold" rating and reduced their target price for the company from $314.43 to $207.82 in a research note on Wednesday, March 4th. Weiss Ratings upgraded shares of First Solar from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 26th. Susquehanna reduced their price target on shares of First Solar from $280.00 to $250.00 and set a "positive" rating on the stock in a research report on Thursday, April 9th. Jefferies Financial Group reduced their price target on shares of First Solar from $205.00 to $187.00 and set a "hold" rating on the stock in a research report on Tuesday, April 7th. Finally, The Goldman Sachs Group boosted their price objective on First Solar from $300.00 to $310.00 in a report on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, First Solar presently has an average rating of "Moderate Buy" and an average target price of $247.40.

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.

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