Handelsbanken Fonder AB Grows Position in First Solar, Inc. (NASDAQ:FSLR)

Handelsbanken Fonder AB lifted its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 12.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 421,217 shares of the solar cell manufacturer's stock after purchasing an additional 46,207 shares during the period. Handelsbanken Fonder AB owned about 0.39% of First Solar worth $53,254,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of FSLR. Smartleaf Asset Management LLC boosted its stake in First Solar by 31.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after purchasing an additional 63 shares during the last quarter. Hudson Edge Investment Partners Inc. purchased a new position in shares of First Solar in the fourth quarter worth about $53,000. Banque Transatlantique SA purchased a new position in shares of First Solar in the fourth quarter worth about $53,000. CoreFirst Bank & Trust acquired a new position in First Solar during the fourth quarter worth about $54,000. Finally, Princeton Global Asset Management LLC purchased a new stake in First Solar during the 1st quarter valued at about $51,000. Institutional investors and hedge funds own 92.08% of the company's stock.

First Solar Stock Up 4.4%

FSLR stock traded up $7.37 during mid-day trading on Friday, reaching $175.20. The company had a trading volume of 4,464,949 shares, compared to its average volume of 3,063,107. The firm has a fifty day simple moving average of $147.77 and a 200 day simple moving average of $158.93. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The company has a market capitalization of $18.79 billion, a price-to-earnings ratio of 15.09, a price-to-earnings-growth ratio of 0.19 and a beta of 1.53. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $290.90.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.55). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $844.57 million during the quarter, compared to analyst estimates of $863.11 million. During the same period last year, the business earned $2.20 EPS. The firm's revenue was up 6.4% compared to the same quarter last year. Analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Insider Transactions at First Solar

In related news, CFO Alexander R. Bradley sold 599 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $133.75, for a total value of $80,116.25. Following the transaction, the chief financial officer now directly owns 45,717 shares of the company's stock, valued at $6,114,648.75. This trade represents a 1.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Markus Gloeckler sold 9,557 shares of First Solar stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the sale, the chief technology officer now owns 8,037 shares in the company, valued at $1,246,136.85. This represents a 54.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 17,948 shares of company stock valued at $2,704,927. Insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Citigroup lowered their price target on shares of First Solar from $254.00 to $236.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. Bank of America reduced their target price on shares of First Solar from $236.00 to $215.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Jefferies Financial Group raised shares of First Solar from a "hold" rating to a "buy" rating and increased their price target for the company from $157.00 to $192.00 in a research note on Wednesday. Wall Street Zen downgraded shares of First Solar from a "hold" rating to a "sell" rating in a report on Friday, May 2nd. Finally, Royal Bank of Canada decreased their price objective on First Solar from $237.00 to $214.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, twenty-five have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $229.19.

First Solar Profile

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.