KLP Kapitalforvaltning AS Sells 8,900 Shares of First Solar, Inc. $FSLR

Key Points

• KLP Kapitalforvaltning AS reduced its stake in First Solar, Inc. by 9.7%, selling 8,900 shares and holding a total of 82,500 shares worth approximately $13.66 million at the end of the reporting period.
• Multiple institutional investors have increased their holdings in First Solar, with Vanguard Group raising its stake by 3% and Wellington Management increasing theirs by 17.2% in the first quarter.
• First Solar recently reported a quarterly earnings per share of $3.18, surpassing estimates, and analysts have a consensus price target of $231.04 for the stock, with ratings mostly leaning toward a strong buy.

KLP Kapitalforvaltning AS lowered its position in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 9.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,500 shares of the solar cell manufacturer's stock after selling 8,900 shares during the period. KLP Kapitalforvaltning AS owned 0.08% of First Solar worth $13,657,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of First Solar by 3.0% in the first quarter. Vanguard Group Inc. now owns 13,200,342 shares of the solar cell manufacturer's stock valued at $1,668,919,000 after purchasing an additional 378,641 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of First Solar by 17.2% in the first quarter. Wellington Management Group LLP now owns 2,765,303 shares of the solar cell manufacturer's stock valued at $349,617,000 after purchasing an additional 405,457 shares in the last quarter. Invesco Ltd. increased its holdings in shares of First Solar by 32.3% in the first quarter. Invesco Ltd. now owns 2,427,500 shares of the solar cell manufacturer's stock valued at $306,909,000 after purchasing an additional 592,444 shares in the last quarter. Samlyn Capital LLC increased its holdings in shares of First Solar by 6.3% in the first quarter. Samlyn Capital LLC now owns 1,741,794 shares of the solar cell manufacturer's stock valued at $220,215,000 after purchasing an additional 103,403 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of First Solar by 20.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,741,026 shares of the solar cell manufacturer's stock valued at $220,118,000 after purchasing an additional 290,112 shares in the last quarter. Institutional investors own 92.08% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Jefferies Financial Group raised their price target on shares of First Solar from $212.00 to $260.00 and gave the company a "buy" rating in a report on Thursday, October 2nd. JPMorgan Chase & Co. raised their price target on shares of First Solar from $241.00 to $262.00 and gave the company an "overweight" rating in a report on Friday, September 19th. Guggenheim lifted their target price on shares of First Solar from $202.00 to $287.00 and gave the stock a "buy" rating in a report on Friday, August 22nd. Evercore ISI initiated coverage on shares of First Solar in a report on Monday. They set an "in-line" rating and a $240.00 target price for the company. Finally, BMO Capital Markets lifted their target price on shares of First Solar from $194.00 to $203.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, First Solar presently has a consensus rating of "Moderate Buy" and a consensus price target of $231.04.

Insider Buying and Selling at First Solar

In related news, CEO Mark R. Widmar sold 2,321 shares of the business's stock in a transaction on Friday, August 15th. The shares were sold at an average price of $199.44, for a total value of $462,900.24. Following the sale, the chief executive officer directly owned 81,861 shares of the company's stock, valued at approximately $16,326,357.84. The trade was a 2.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Nathan B. Theurer sold 686 shares of the business's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $182.03, for a total transaction of $124,872.58. The disclosure for this sale can be found here. Insiders sold a total of 30,715 shares of company stock worth $5,733,305 over the last ninety days. 0.48% of the stock is currently owned by insiders.

First Solar Price Performance

Shares of FSLR stock opened at $231.37 on Thursday. First Solar, Inc. has a 12-month low of $116.56 and a 12-month high of $235.87. The firm has a market capitalization of $24.81 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 0.45 and a beta of 1.38. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04. The firm has a fifty day moving average of $204.07 and a 200-day moving average of $169.95.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, beating the consensus estimate of $2.68 by $0.50. The business had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.03 billion. First Solar had a net margin of 28.95% and a return on equity of 15.57%. The firm's revenue was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.25 EPS. First Solar has set its FY 2025 guidance at 13.500-16.500 EPS. On average, equities research analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current year.

About First Solar

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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