Banque Cantonale Vaudoise Trims Stock Holdings in First Solar, Inc. $FSLR

Key Points

• Banque Cantonale Vaudoise cut its First Solar stake by 29.2% in the fourth quarter, selling 5,320 shares and ending with 12,925 shares worth about $3.38 million.
• Institutional ownership remains heavy, with hedge funds and other investors holding 92.08% of First Solar’s stock. Several large firms increased their positions, including Vanguard, Amundi, and Viking Global Investors.
• First Solar reported strong quarterly results, beating EPS and revenue estimates, while analysts currently rate the stock a Moderate Buy with a consensus price target of $247.03.

Banque Cantonale Vaudoise lowered its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 29.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 12,925 shares of the solar cell manufacturer's stock after selling 5,320 shares during the period. Banque Cantonale Vaudoise's holdings in First Solar were worth $3,377,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of FSLR. Viking Global Investors LP raised its stake in shares of First Solar by 60.6% during the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock valued at $375,122,000 after buying an additional 854,919 shares during the last quarter. Lightrock Netherlands B.V. raised its stake in shares of First Solar by 2,663.8% during the 4th quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer's stock valued at $174,059,000 after buying an additional 642,199 shares during the last quarter. Amundi raised its stake in shares of First Solar by 38.6% during the 3rd quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock valued at $459,917,000 after buying an additional 564,032 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of First Solar by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer's stock valued at $3,026,108,000 after buying an additional 464,130 shares during the last quarter. Finally, Atreides Management LP acquired a new stake in shares of First Solar during the 2nd quarter valued at about $65,134,000. Hedge funds and other institutional investors own 92.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on FSLR. Wolfe Research cut First Solar from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 26th. Weiss Ratings reissued a "hold (c+)" rating on shares of First Solar in a report on Friday, March 27th. Barclays dropped their price objective on First Solar from $228.00 to $213.00 and set an "overweight" rating on the stock in a report on Monday, April 20th. Bank of America dropped their price objective on First Solar from $291.00 to $271.00 and set a "buy" rating on the stock in a report on Thursday, January 22nd. Finally, Wall Street Zen lowered First Solar from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. One research 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 given a Sell rating to the company. Based on data from MarketBeat.com, First Solar presently has a consensus rating of "Moderate Buy" and a consensus price target of $247.03.

Insider Activity at First Solar

In other First Solar news, CEO Mark R. Widmar sold 1,300 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $240.02, for a total transaction of $312,026.00. Following the completion of the sale, the chief executive officer directly owned 93,848 shares in the company, valued at approximately $22,525,396.96. The trade was a 1.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alexander R. Bradley sold 498 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $107,383.74. Following the sale, the chief financial officer owned 30,712 shares of the company's stock, valued at approximately $6,622,428.56. This trade represents a 1.60% 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 92,430 shares of company stock worth $18,670,055 in the last quarter. Corporate insiders own 0.39% of the company's stock.

First Solar Price Performance

NASDAQ:FSLR opened at $237.86 on Thursday. First Solar, Inc. has a 12 month low of $135.50 and a 12 month high of $285.99. The stock has a 50 day moving average of $202.87 and a two-hundred day moving average of $231.14. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The firm has a market cap of $25.56 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 0.49 and a beta of 1.57.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, topping 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 company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the business earned $1.95 EPS. First Solar's quarterly revenue was up 23.6% on a year-over-year basis. On average, analysts expect that First Solar, Inc. will post 17.64 earnings per share for the current fiscal year.

First Solar 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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