Capital Research Global Investors Sells 56,070 Shares of First Solar, Inc. $FSLR

Key Points

• Capital Research Global Investors cut its First Solar stake by 7.4% in the fourth quarter, selling 56,070 shares and ending with 699,462 shares valued at about $182.7 million.
• Insider selling has also been active, with CEO Mark R. Widmar and CFO Alexander R. Bradley both selling shares recently; insiders sold 60,694 shares worth about $13.66 million over the last quarter.
• First Solar reported better-than-expected quarterly results, including EPS of $3.22 versus $2.87 expected, while analysts currently rate the stock a Moderate Buy with an average target price of $247.40.

Capital Research Global Investors reduced its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 7.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 699,462 shares of the solar cell manufacturer's stock after selling 56,070 shares during the period. Capital Research Global Investors owned 0.65% of First Solar worth $182,720,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Aventura Private Wealth LLC bought a new position in First Solar in the fourth quarter worth about $25,000. Strategic Wealth Investment Group LLC bought a new position in First Solar in the second quarter worth about $26,000. Larson Financial Group LLC raised its stake in First Solar by 117.0% in the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer's stock worth $27,000 after buying an additional 55 shares in the last quarter. Elyxium Wealth LLC bought a new position in First Solar in the fourth quarter worth about $30,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in First Solar in the third quarter worth about $44,000. 92.08% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Mark R. Widmar sold 4,815 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $247.43, for a total transaction of $1,191,375.45. Following the sale, the chief executive officer owned 89,033 shares in the company, valued at $22,029,435.19. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alexander R. Bradley sold 498 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $107,383.74. Following the sale, the chief financial officer owned 30,712 shares in the company, valued at approximately $6,622,428.56. The trade was 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 quarter, insiders have sold 60,694 shares of company stock valued at $13,659,583. Company insiders own 0.39% of the company's stock.

First Solar Trading Down 1.3%

NASDAQ:FSLR opened at $275.39 on Tuesday. The company's 50 day moving average price is $226.39 and its 200-day moving average price is $233.17. First Solar, Inc. has a 52 week low of $135.50 and a 52 week high of $320.95. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. The stock has a market cap of $29.59 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 0.62 and a beta of 1.70.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, beating analysts' consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same quarter in the prior year, the company posted $1.95 earnings per share. The business's revenue for the quarter was up 23.6% on a year-over-year basis. On average, equities research analysts forecast that First Solar, Inc. will post 17.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FSLR. TD Cowen decreased their target price on shares of First Solar from $320.00 to $253.00 and set a "buy" rating for the company in a research note on Wednesday, February 25th. Glj Research downgraded shares of First Solar from a "buy" rating to a "hold" rating and decreased their target price for the company from $314.43 to $207.82 in a research note on Wednesday, March 4th. Deutsche Bank Aktiengesellschaft downgraded shares of First Solar from a "buy" rating to a "hold" rating and decreased their target price for the company from $300.00 to $245.00 in a research note on Wednesday, February 25th. Wells Fargo & Company decreased their target price on shares of First Solar from $285.00 to $255.00 and set an "overweight" rating for the company in a research note on Thursday, February 26th. Finally, Citigroup decreased their target price on shares of First Solar from $300.00 to $243.00 and set a "buy" rating for the company in a research note on Tuesday, April 21st. One 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, First Solar currently has a consensus rating of "Moderate Buy" and an average target price of $247.40.

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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