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Mackenzie Financial Corp Decreases Holdings in First Solar, Inc. (NASDAQ:FSLR)

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Key Points

  • Mackenzie Financial Corp has reduced its position in First Solar, Inc. by 52.2%, selling 8,494 shares and now holding 7,782 shares valued at $984,000.
  • Several institutional investors, including Demars Financial Group LLC and Royal Bank of Canada, significantly increased their positions in First Solar in the previous quarter, highlighting strong interest in the company's stock.
  • First Solar reported earnings of $3.18 EPS for the last quarter, exceeding analysts' expectations and marking an 8.6% year-over-year revenue increase.
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Mackenzie Financial Corp lessened its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 52.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 7,782 shares of the solar cell manufacturer's stock after selling 8,494 shares during the quarter. Mackenzie Financial Corp's holdings in First Solar were worth $984,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Nemes Rush Group LLC raised its stake in First Solar by 44.6% in the 1st quarter. Nemes Rush Group LLC now owns 2,344 shares of the solar cell manufacturer's stock worth $296,000 after purchasing an additional 723 shares in the last quarter. Sterling Investment Advisors Ltd. raised its stake in First Solar by 6.6% in the 1st quarter. Sterling Investment Advisors Ltd. now owns 2,435 shares of the solar cell manufacturer's stock worth $308,000 after purchasing an additional 150 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in First Solar by 29.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 469,638 shares of the solar cell manufacturer's stock worth $59,376,000 after purchasing an additional 107,135 shares in the last quarter. Empirical Finance LLC raised its stake in First Solar by 8.7% in the 1st quarter. Empirical Finance LLC now owns 1,909 shares of the solar cell manufacturer's stock worth $241,000 after purchasing an additional 152 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in First Solar by 1.1% in the 1st quarter. TD Asset Management Inc now owns 38,272 shares of the solar cell manufacturer's stock worth $4,839,000 after purchasing an additional 433 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FSLR. Jefferies Financial Group set a $194.00 target price on shares of First Solar and gave the company a "buy" rating in a research report on Tuesday, July 15th. Guggenheim dropped their target price on shares of First Solar from $253.00 to $202.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Wall Street Zen upgraded shares of First Solar from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd. Piper Sandler dropped their target price on shares of First Solar from $230.00 to $205.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Finally, TD Cowen boosted their target price on shares of First Solar from $200.00 to $220.00 and gave the company a "buy" rating in a research report on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $222.67.

Get Our Latest Research Report on FSLR

First Solar Trading Down 0.5%

Shares of NASDAQ FSLR traded down $0.95 during midday trading on Friday, reaching $184.65. The stock had a trading volume of 1,629,586 shares, compared to its average volume of 2,623,156. The firm has a market cap of $19.80 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 0.36 and a beta of 1.48. First Solar, Inc. has a twelve month low of $116.56 and a twelve month high of $262.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.41 and a current ratio of 1.90. The company's 50 day moving average price is $168.61 and its 200 day moving average price is $153.25.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The solar cell manufacturer reported $3.18 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.68 by $0.50. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The company's revenue for the quarter was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.25 EPS. As a group, sell-side analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

Insiders Place Their Bets

In related news, insider Patrick James Buehler sold 1,868 shares of the firm's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total value of $278,481.44. Following the sale, the insider directly owned 5,998 shares of the company's stock, valued at $894,181.84. This trade represents a 23.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Koralewski sold 2,951 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the completion of the sale, the insider directly owned 11,369 shares in the company, valued at $1,798,689.49. This represents a 20.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,976 shares of company stock worth $2,515,172. Insiders own 0.48% of the company's stock.

About First Solar

(Free Report)

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.

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Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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