Intech Investment Management LLC Has $1.90 Million Position in First Solar, Inc. $FSLR

Key Points

• Intech Investment Management reduced its First Solar stake by 43.8% in the fourth quarter, selling 5,680 shares and ending with 7,285 shares worth about $1.9 million.
• First Solar reported strong quarterly results, with EPS of $3.22 topping estimates and revenue of $1.04 billion, up 23.6% year over year.
• Despite the solid earnings, insider selling continued, including sales by the general counsel and CEO, while analysts maintain a Moderate Buy consensus with a $247.40 average price target.

Intech Investment Management LLC cut its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 43.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,285 shares of the solar cell manufacturer's stock after selling 5,680 shares during the quarter. Intech Investment Management LLC's holdings in First Solar were worth $1,903,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in FSLR. Linden Thomas Advisory Services LLC raised its holdings in First Solar by 1.7% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 2,287 shares of the solar cell manufacturer's stock worth $504,000 after purchasing an additional 39 shares during the last quarter. Apollon Wealth Management LLC grew its position in shares of First Solar by 1.2% during the 4th quarter. Apollon Wealth Management LLC now owns 3,606 shares of the solar cell manufacturer's stock worth $942,000 after buying an additional 44 shares during the period. Burford Brothers Inc. grew its position in shares of First Solar by 0.3% during the 4th quarter. Burford Brothers Inc. now owns 19,080 shares of the solar cell manufacturer's stock worth $4,984,000 after buying an additional 48 shares during the period. Cromwell Holdings LLC raised its stake in shares of First Solar by 15.8% during the fourth quarter. Cromwell Holdings LLC now owns 367 shares of the solar cell manufacturer's stock worth $96,000 after buying an additional 50 shares during the last quarter. Finally, Rathbones Group PLC raised its stake in shares of First Solar by 1.0% during the third quarter. Rathbones Group PLC now owns 4,930 shares of the solar cell manufacturer's stock worth $1,087,000 after buying an additional 51 shares during the last quarter. Institutional investors own 92.08% of the company's stock.

First Solar Trading Down 1.0%

FSLR opened at $314.95 on Friday. The firm's fifty day moving average is $222.89 and its two-hundred day moving average is $232.83. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56. The firm has a market cap of $33.84 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 0.70 and a beta of 1.71. First Solar, Inc. has a twelve month low of $135.50 and a twelve month high of $320.95.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business earned $1.95 EPS. The firm's revenue was up 23.6% on a year-over-year basis. Equities research analysts anticipate that First Solar, Inc. will post 17.61 EPS for the current year.

Insider Activity

In other news, General Counsel Jason E. Dymbort sold 9,022 shares of First Solar stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $199.62, for a total transaction of $1,800,971.64. Following the transaction, the general counsel owned 9,850 shares in the company, valued at $1,966,257. The trade was a 47.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark R. Widmar sold 9,926 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $233.21, for a total value of $2,314,842.46. Following the completion of the transaction, the chief executive officer owned 95,148 shares of the company's stock, valued at $22,189,465.08. This represents a 9.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 76,480 shares of company stock valued at $16,668,515. Company insiders own 0.39% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on FSLR. Mizuho reduced their price objective on shares of First Solar from $271.00 to $243.00 and set an "outperform" rating on the stock in a research note on Monday, April 27th. BMO Capital Markets dropped their target price on shares of First Solar from $252.00 to $237.00 and set a "market perform" rating for the company in a research report on Monday, April 20th. Freedom Capital raised First Solar from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Barclays reduced their price target on First Solar from $228.00 to $213.00 and set an "overweight" rating on the stock in a research report on Monday, April 20th. Finally, Guggenheim lifted their price objective on First Solar from $269.00 to $279.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $247.40.

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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