Employees Provident Fund Board Acquires Shares of 97,733 First Solar, Inc. $FSLR

Key Points

• Employees Provident Fund Board opened a new position in First Solar, buying 97,733 shares worth about $25.5 million in the fourth quarter and ending with 0.09% ownership.
• First Solar continues to attract heavy institutional interest, with hedge funds and other investors owning 92.08% of the company’s stock despite some recent portfolio changes.
• The company reported better-than-expected quarterly results, posting EPS of $3.22 versus estimates of $2.87 and revenue of $1.04 billion, while analysts currently hold a Moderate Buy consensus with a $249.78 price target.

Employees Provident Fund Board acquired a new stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 97,733 shares of the solar cell manufacturer's stock, valued at approximately $25,531,000. Employees Provident Fund Board owned 0.09% of First Solar as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Atlatl Advisers LLC purchased a new position in First Solar in the fourth quarter valued at $1,697,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of First Solar by 1,054.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 52,219 shares of the solar cell manufacturer's stock worth $13,641,000 after acquiring an additional 47,695 shares in the last quarter. Lee Johnson Capital Management LLC purchased a new stake in shares of First Solar during the 4th quarter worth about $5,304,000. Chase Investment Counsel Corp acquired a new stake in shares of First Solar during the 3rd quarter valued at about $3,299,000. Finally, Clean Energy Transition LLP grew its position in shares of First Solar by 48.2% during the 3rd quarter. Clean Energy Transition LLP now owns 1,117,228 shares of the solar cell manufacturer's stock valued at $246,382,000 after acquiring an additional 363,274 shares during the period. Hedge funds and other institutional investors own 92.08% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on FSLR shares. Susquehanna reduced their price target on First Solar from $280.00 to $250.00 and set a "positive" rating for the company in a report on Thursday, April 9th. Zacks Research upgraded First Solar from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Wolfe Research lowered First Solar from a "strong-buy" rating to a "hold" rating in a report on Thursday, February 26th. Sanford C. Bernstein began coverage on First Solar in a research report on Tuesday. They issued an "underperform" rating and a $217.00 price objective for the company. Finally, Evercore upped their target price on First Solar from $212.00 to $219.00 in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, First Solar presently has a consensus rating of "Moderate Buy" and a consensus price target of $249.78.

Insider Transactions at First Solar

In related news, insider Kuntal Kumar Verma sold 582 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $250.00, for a total transaction of $145,500.00. Following the completion of the sale, the insider directly owned 4,967 shares in the company, valued at approximately $1,241,750. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jason E. Dymbort sold 409 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 $88,192.67. Following the completion of the transaction, the general counsel owned 10,409 shares in the company, valued at $2,244,492.67. The trade was a 3.78% decrease in their position. 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. Over the last three months, insiders sold 32,466 shares of company stock valued at $8,014,105. Insiders own 0.39% of the company's stock.

First Solar Stock Performance

Shares of First Solar stock opened at $257.70 on Friday. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. First Solar, Inc. has a twelve month low of $139.26 and a twelve month high of $320.95. The firm has a market capitalization of $27.69 billion, a PE ratio of 16.65, a P/E/G ratio of 0.57 and a beta of 1.71. The firm's 50-day moving average price is $238.53 and its 200 day moving average price is $233.45.

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, sell-side analysts predict that First Solar, Inc. will post 17.61 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.