First Solar, Inc. $FSLR Stake Lifted by Candriam S.C.A.

Key Points

• Candriam S.C.A. increased its First Solar stake by 39.2% in the third quarter, adding 35,663 shares to own 126,586 shares valued at about $22.3 million. Institutional investors collectively own 92.08% of the company.
• First Solar’s quarterly EPS of $5.30 beat estimates of $4.67, but revenue of $1.23 billion missed forecasts and fell 22.8% year over year. The company also lowered its full-year net sales and module-shipment outlook.
• The company announced a $500 million share repurchase program and opened a South Carolina manufacturing facility, while analysts’ consensus rating remained “Moderate Buy” with a $257.38 price target.

Candriam S.C.A. raised its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 39.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 126,586 shares of the solar cell manufacturer's stock after purchasing an additional 35,663 shares during the period. Candriam S.C.A. owned 0.12% of First Solar worth $22,254,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Fiduciary Financial Group LLC boosted its stake in shares of First Solar by 2.3% during the second quarter. Fiduciary Financial Group LLC now owns 2,026 shares of the solar cell manufacturer's stock valued at $478,000 after purchasing an additional 45 shares in the last quarter. Hilltop Holdings Inc. lifted its holdings in First Solar by 3.5% during the first quarter. Hilltop Holdings Inc. now owns 1,608 shares of the solar cell manufacturer's stock worth $317,000 after buying an additional 54 shares during the period. TD Waterhouse Canada Inc. lifted its holdings in First Solar by 0.3% during the second quarter. TD Waterhouse Canada Inc. now owns 17,102 shares of the solar cell manufacturer's stock worth $3,973,000 after buying an additional 55 shares during the period. Cox Capital Mgt LLC lifted its holdings in First Solar by 0.4% during the third quarter. Cox Capital Mgt LLC now owns 13,989 shares of the solar cell manufacturer's stock worth $2,450,000 after buying an additional 58 shares during the period. Finally, Contravisory Investment Management Inc. boosted its position in First Solar by 1.5% during the 3rd quarter. Contravisory Investment Management Inc. now owns 3,907 shares of the solar cell manufacturer's stock valued at $684,000 after acquiring an additional 59 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company's stock.

First Solar Stock Performance

NASDAQ FSLR opened at $201.14 on Monday. The firm's fifty day simple moving average is $186.99 and its two-hundred day simple moving average is $214.96. First Solar, Inc. has a 12-month low of $165.86 and a 12-month high of $320.95. The firm has a market capitalization of $21.62 billion, a P/E ratio of 11.64, a P/E/G ratio of 0.55 and a beta of 1.73.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The solar cell manufacturer reported $5.30 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.67 by $0.63. First Solar had a return on equity of 18.33% and a net margin of 37.12%. The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.29 billion. During the same period in the prior year, the firm posted $4.24 earnings per share. The business's quarterly revenue was down 22.8% on a year-over-year basis. As a group, sell-side analysts predict that First Solar, Inc. will post 17.66 earnings per share for the current fiscal year.

Trending Headlines about First Solar

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: William Blair raised its rating on First Solar from “market perform” to “outperform.” The firm sees Democratic gains as potentially supporting utility-scale solar projects, although new bookings may take time to materialize. First Solar raised at William Blair as Democrat Congress seen boosting support
• Positive Sentiment: First Solar announced a $500 million share repurchase program and opened a manufacturing facility in Gaffney, South Carolina, expanding its U.S. production footprint and adding regional jobs. Democratic Sweep Could Be A Big Deal For First Solar Stock First Solar Opens South Carolina Plant
• Negative Sentiment: The company lowered its full-year net sales and module-shipment outlook. Its third-quarter results were mixed: EPS beat expectations, but revenue fell short of estimates and was down year over year, which may temper the positive policy and buyback news. Democratic Sweep Could Be A Big Deal For First Solar Stock

Insider Buying and Selling

In related news, General Counsel Jason Dymbort sold 3,700 shares of the company's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the transaction, the general counsel directly owned 5,624 shares of the company's stock, valued at $1,402,513.12. This represents a 39.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Samantha Sloan sold 127 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $222.95, for a total value of $28,314.65. Following the completion of the sale, the executive vice president owned 2,018 shares of the company's stock, valued at approximately $449,913.10. This trade represents a 5.92% decrease in their ownership of the stock. 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. Insiders have sold a total of 5,427 shares of company stock worth $1,250,221 in the last ninety days. 0.39% of the stock is owned by insiders.

Analysts Set New Price Targets

FSLR has been the topic of a number of analyst reports. Wells Fargo & Company cut their price target on First Solar from $313.00 to $260.00 and set an "overweight" rating on the stock in a report on Friday, October 30th. Susquehanna reissued a "positive" rating and issued a $246.00 price target on shares of First Solar in a research report on Friday, October 30th. Robert W. Baird decreased their price objective on First Solar from $290.00 to $266.00 and set an "outperform" rating for the company in a research note on Monday, November 2nd. Weiss Ratings downgraded First Solar from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, October 23rd. Finally, Evercore reaffirmed a "positive" rating and set a $218.00 price objective on shares of First Solar in a research report on Monday, August 17th. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $257.38.

First Solar Profile

First Solar, Inc is a U.S.-based solar technology company that designs and manufactures photovoltaic modules for utility-scale solar power projects. Its products use thin-film cadmium telluride (CdTe) technology, an alternative to the crystalline-silicon cells commonly used in solar panels.

Founded in 1999, the company also provides services related to its modules, including recycling designed to recover and reuse materials at the end of a product's useful life. First Solar serves customers in markets across the Americas, Europe, and Asia-Pacific.

The company is headquartered in Tempe, Arizona.

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