CIBC Asset Management Inc Acquires 10,370 Shares of First Solar, Inc. $FSLR

Key Points

• CIBC Asset Management increased its First Solar stake by 67.3% in the fourth quarter, buying 10,370 additional shares and bringing its total to 25,782 shares worth about $6.7 million.
• First Solar reported strong quarterly results, with EPS of $3.22 beating estimates and revenue of $1.04 billion slightly above expectations, while revenue rose 23.6% year over year.
• Analyst sentiment remains mixed: Guggenheim raised its price target to $279 and kept a buy rating, but the overall consensus is only a “Moderate Buy” with an average target of $247.40.

CIBC Asset Management Inc grew its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 67.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,782 shares of the solar cell manufacturer's stock after acquiring an additional 10,370 shares during the period. CIBC Asset Management Inc's holdings in First Solar were worth $6,735,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in FSLR. Bank of New York Mellon Corp boosted its holdings in shares of First Solar by 7.4% during the 4th quarter. Bank of New York Mellon Corp now owns 705,131 shares of the solar cell manufacturer's stock worth $184,201,000 after buying an additional 48,362 shares during the period. Fielder Capital Group LLC boosted its holdings in shares of First Solar by 4.1% during the 4th quarter. Fielder Capital Group LLC now owns 1,196 shares of the solar cell manufacturer's stock worth $312,000 after buying an additional 47 shares during the period. Root Financial Partners LLC boosted its holdings in shares of First Solar by 18.2% during the 4th quarter. Root Financial Partners LLC now owns 292 shares of the solar cell manufacturer's stock worth $76,000 after buying an additional 45 shares during the period. BNP Paribas boosted its holdings in shares of First Solar by 9.9% during the 4th quarter. BNP Paribas now owns 780 shares of the solar cell manufacturer's stock worth $204,000 after buying an additional 70 shares during the period. Finally, New Mexico Educational Retirement Board boosted its holdings in shares of First Solar by 2.1% during the 4th quarter. New Mexico Educational Retirement Board now owns 4,900 shares of the solar cell manufacturer's stock worth $1,280,000 after buying an additional 100 shares during the period. 92.08% of the stock is owned by institutional investors.

First Solar Trading Down 11.4%

Shares of First Solar stock opened at $279.01 on Friday. The stock has a market capitalization of $29.98 billion, a P/E ratio of 18.02, a price-to-earnings-growth ratio of 0.70 and a beta of 1.71. 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 company has a 50-day simple moving average of $224.60 and a 200 day simple moving average of $233.15. First Solar, Inc. has a 12-month low of $135.50 and a 12-month high of $320.95.

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

Analyst Ratings Changes

Several analysts recently issued reports on FSLR shares. Guggenheim upped their price objective on shares of First Solar from $269.00 to $279.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. Zacks Research raised shares of First Solar from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Wall Street Zen downgraded shares of First Solar from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. BMO Capital Markets decreased their price objective on shares of First Solar from $252.00 to $237.00 and set a "market perform" rating for the company in a report on Monday, April 20th. Finally, DZ Bank raised shares of First Solar to a "strong sell" rating in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, First Solar has an average rating of "Moderate Buy" and a consensus target price of $247.40.

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 dated Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $122,046.58. Following the completion of the sale, the insider owned 19,918 shares in the company, valued at approximately $4,294,918.34. This trade represents a 2.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kuntal Kumar Verma sold 582 shares of the firm's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $250.00, for a total transaction of $145,500.00. Following the completion of the sale, the insider owned 4,967 shares of the company's stock, valued at $1,241,750. The trade was a 10.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 76,480 shares of company stock worth $16,668,515 over the last ninety days. Company insiders own 0.39% of the company's stock.

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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