California State Teachers Retirement System Boosts Holdings in First Solar, Inc. $FSLR

California State Teachers Retirement System lifted its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 24,534.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,336,421 shares of the solar cell manufacturer's stock after purchasing an additional 38,180,800 shares during the period. California State Teachers Retirement System owned approximately 35.68% of First Solar worth $9,045,862,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FSLR. Wedmont Private Capital purchased a new position in First Solar in the 2nd quarter valued at approximately $269,000. Figure 8 Investment Strategies LLC increased its position in shares of First Solar by 2.6% during the second quarter. Figure 8 Investment Strategies LLC now owns 8,088 shares of the solar cell manufacturer's stock worth $1,908,000 after acquiring an additional 203 shares during the period. HB Wealth Management LLC increased its position in shares of First Solar by 1.5% during the second quarter. HB Wealth Management LLC now owns 4,054 shares of the solar cell manufacturer's stock worth $957,000 after acquiring an additional 60 shares during the period. Saudi Central Bank raised its stake in shares of First Solar by 89.9% in the second quarter. Saudi Central Bank now owns 7,145 shares of the solar cell manufacturer's stock valued at $1,686,000 after acquiring an additional 3,382 shares in the last quarter. Finally, Angeles Wealth Management LLC purchased a new position in First Solar in the second quarter valued at $500,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Solar

In related news, insider Michael Koralewski sold 7,000 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $221.51, for a total value of $1,550,570.00. Following the completion of the sale, the insider directly owned 7,642 shares of the company's stock, valued at $1,692,779.42. The trade was a 47.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Markus Gloeckler sold 3,425 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $218.95, for a total transaction of $749,903.75. Following the completion of the transaction, the chief technology officer owned 7,471 shares of the company's stock, valued at $1,635,775.45. This represents a 31.43% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 15,881 shares of company stock worth $3,617,086. Corporate insiders own 0.39% of the company's stock.

First Solar Price Performance

NASDAQ:FSLR opened at $213.25 on Wednesday. The firm has a market capitalization of $22.91 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 0.54 and a beta of 1.74. The business's fifty day moving average price is $217.75 and its 200 day moving average price is $222.29. First Solar, Inc. has a 12 month low of $182.99 and a 12 month high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.90 by $1.02. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%.First Solar's revenue for the quarter was down 3.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.18 EPS. As a group, equities analysts anticipate that First Solar, Inc. will post 17.77 EPS for the current year.

Wall Street Analysts Forecast Growth

FSLR has been the subject of several analyst reports. UBS Group boosted their target price on First Solar from $290.00 to $330.00 and gave the stock a "buy" rating in a research note on Thursday, June 11th. Roth Capital reaffirmed a "buy" rating and issued a $300.00 price target on shares of First Solar in a research report on Friday, July 24th. Sanford C. Bernstein decreased their price objective on First Solar from $217.00 to $197.00 and set an "underperform" rating for the company in a research note on Friday, July 31st. Mizuho set a $324.00 price objective on First Solar in a research report on Thursday, August 13th. Finally, TD Cowen restated a "buy" rating on shares of First Solar in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, First Solar currently has a consensus rating of "Moderate Buy" and a consensus target price of $266.27.

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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