Irenic Capital Management LP Invests $1.83 Million in First Solar, Inc. $FSLR

Key Points

• Irenic Capital Management opened a new position in First Solar during the fourth quarter, buying 7,000 shares valued at about $1.83 million.
• Institutional interest in First Solar remains strong, with several large investors adding stakes and 92.08% of the stock now held by institutions.
• First Solar posted strong quarterly results, with EPS of $3.22 beating estimates and revenue rising 23.6% year over year to $1.04 billion, though analysts are mixed with an overall Moderate Buy rating.

Irenic Capital Management LP bought a new position in First Solar, Inc. (NASDAQ:FSLR - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund bought 7,000 shares of the solar cell manufacturer's stock, valued at approximately $1,829,000.

A number of other large investors have also recently made changes to their positions in FSLR. Norges Bank bought a new stake in shares of First Solar in the 4th quarter worth about $392,040,000. Viking Global Investors LP increased its holdings in shares of First Solar by 60.6% in the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock worth $375,122,000 after buying an additional 854,919 shares during the last quarter. Polar Capital Holdings Plc bought a new stake in shares of First Solar in the 4th quarter worth about $200,109,000. Lightrock Netherlands B.V. increased its holdings in shares of First Solar by 2,663.8% in the 4th quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer's stock worth $174,059,000 after buying an additional 642,199 shares during the last quarter. Finally, Amundi increased its holdings in shares of First Solar by 38.6% in the 3rd quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock worth $459,917,000 after buying an additional 564,032 shares during the last quarter. 92.08% of the stock is currently owned by institutional investors.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $254.80 on Thursday. The company has a market capitalization of $27.38 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 0.58 and a beta of 1.71. First Solar, Inc. has a 12 month low of $139.26 and a 12 month high of $320.95. The firm's 50-day moving average is $236.08 and its 200 day moving average is $233.38. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

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

Analyst Ratings Changes

FSLR has been the topic of several analyst reports. BMO Capital Markets cut their price target on shares of First Solar from $252.00 to $237.00 and set a "market perform" rating on the stock in a report on Monday, April 20th. Jefferies Financial Group cut their price target on shares of First Solar from $205.00 to $187.00 and set a "hold" rating on the stock in a report on Tuesday, April 7th. Zacks Research upgraded shares of First Solar from a "strong sell" rating to a "hold" rating in a report on Monday, April 27th. Weiss Ratings downgraded shares of First Solar from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, June 11th. Finally, Wall Street Zen downgraded shares of First Solar from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $249.78.

Insiders Place Their Bets

In other First Solar news, CEO Mark R. Widmar sold 9,926 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 95,148 shares in the company, valued at $22,189,465.08. This represents a 9.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alexander R. Bradley sold 498 shares of the company's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $107,383.74. Following the completion of the transaction, the chief financial officer owned 30,712 shares in the company, valued at $6,622,428.56. This represents a 1.60% decrease in their ownership of the stock. 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. Over the last three months, insiders sold 32,466 shares of company stock worth $8,014,105. 0.39% of the stock is owned by company insiders.

First Solar 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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