Handelsbanken Fonder AB Reduces Stock Position in First Solar, Inc. $FSLR

Key Points

• Handelsbanken Fonder AB cut its First Solar stake by 4.0% in the fourth quarter, but still held 597,970 shares valued at about $156.2 million. Institutional investors remain heavily involved, with hedge funds and other institutions owning 92.08% of the company.
• Insiders have been selling shares recently, including CEO Mark R. Widmar and insider Patrick James Buehler. In the last 90 days, insiders sold 92,430 shares worth about $18.7 million.
• First Solar reported better-than-expected quarterly results, with EPS of $3.22 versus estimates of $2.87 and revenue of $1.04 billion. Analysts currently rate the stock a Moderate Buy with an average target price of $247.03.

Handelsbanken Fonder AB lessened its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 4.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 597,970 shares of the solar cell manufacturer's stock after selling 24,830 shares during the quarter. Handelsbanken Fonder AB owned approximately 0.56% of First Solar worth $156,208,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of FSLR. Woodline Partners LP increased its holdings in First Solar by 40.7% in the first quarter. Woodline Partners LP now owns 9,044 shares of the solar cell manufacturer's stock valued at $1,143,000 after buying an additional 2,615 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in First Solar by 50.9% in the second quarter. EverSource Wealth Advisors LLC now owns 516 shares of the solar cell manufacturer's stock valued at $85,000 after buying an additional 174 shares during the last quarter. Brown Advisory Inc. increased its holdings in First Solar by 84.3% in the second quarter. Brown Advisory Inc. now owns 4,529 shares of the solar cell manufacturer's stock valued at $750,000 after buying an additional 2,072 shares during the last quarter. Cerity Partners LLC purchased a new position in First Solar in the second quarter valued at $494,000. Finally, AXA S.A. increased its holdings in First Solar by 6.3% in the second quarter. AXA S.A. now owns 18,862 shares of the solar cell manufacturer's stock valued at $3,122,000 after buying an additional 1,115 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company's stock.

Insider Buying and Selling at First Solar

In other news, CEO Mark R. Widmar sold 1,300 shares of the stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $240.02, for a total transaction of $312,026.00. Following the completion of the sale, the chief executive officer owned 93,848 shares in the company, valued at approximately $22,525,396.96. This represents a 1.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Patrick James Buehler sold 235 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $50,673.05. Following the sale, the insider owned 7,406 shares of the company's stock, valued at $1,596,955.78. This trade represents a 3.08% 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. In the last ninety days, insiders have sold 92,430 shares of company stock valued at $18,670,055. Corporate insiders own 0.39% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on FSLR. Freedom Capital raised First Solar from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. Deutsche Bank Aktiengesellschaft downgraded shares of First Solar from a "buy" rating to a "hold" rating and decreased their price objective for the company from $300.00 to $245.00 in a research note on Wednesday, February 25th. Guggenheim dropped their price objective on First Solar from $312.00 to $269.00 and set a "buy" rating on the stock in a report on Tuesday, March 17th. Glj Research lowered First Solar from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $314.43 to $207.82 in a report on Wednesday, March 4th. Finally, Mizuho dropped their price objective on First Solar from $271.00 to $243.00 and set an "outperform" rating on the stock in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $247.03.

First Solar Stock Performance

Shares of FSLR stock opened at $233.64 on Tuesday. The stock's 50-day moving average is $201.37 and its two-hundred day moving average is $231.25. The firm has a market cap of $25.11 billion, a price-to-earnings ratio of 15.09, a PEG ratio of 0.51 and a beta of 1.57. First Solar, Inc. has a 1 year low of $135.50 and a 1 year high of $285.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (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 for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter last year, the company posted $1.95 earnings per share. The business's quarterly revenue was up 23.6% compared to the same quarter last year. Analysts predict that First Solar, Inc. will post 17.64 earnings per share for the current 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.

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