LGT Group Foundation Lowers Stake in First Solar, Inc. $FSLR

Key Points

• LGT Group Foundation cut its stake in First Solar by 71.2% in Q3, selling 38,426 shares and retaining 15,569 shares valued at about $3.5 million.
• First Solar reported Q EPS of $4.84 (missing the $5.22 consensus) but revenue of $1.68B (beating $1.59B); the company has a market cap of $20.97B and a P/E of 13.75.
• Insiders sold 31,975 shares totaling roughly $6.27M in the last 90 days (including CEO Mark Widmar), while analysts' consensus is a "Moderate Buy" with a $249.65 target price.

LGT Group Foundation lowered its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 71.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,569 shares of the solar cell manufacturer's stock after selling 38,426 shares during the period. LGT Group Foundation's holdings in First Solar were worth $3,500,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Russell Investments Group Ltd. lifted its holdings in shares of First Solar by 6.5% during the third quarter. Russell Investments Group Ltd. now owns 179,716 shares of the solar cell manufacturer's stock valued at $39,762,000 after purchasing an additional 10,905 shares during the last quarter. Private Advisor Group LLC grew its stake in shares of First Solar by 20.5% in the 3rd quarter. Private Advisor Group LLC now owns 9,053 shares of the solar cell manufacturer's stock worth $1,997,000 after buying an additional 1,538 shares during the last quarter. Rathbones Group PLC grew its stake in shares of First Solar by 1.0% in the 3rd 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. Riggs Asset Managment Co. Inc. increased its position in First Solar by 124,283.3% during the 3rd quarter. Riggs Asset Managment Co. Inc. now owns 7,463 shares of the solar cell manufacturer's stock valued at $1,646,000 after buying an additional 7,457 shares in the last quarter. Finally, Natixis Advisors LLC increased its position in First Solar by 13.0% during the 3rd quarter. Natixis Advisors LLC now owns 51,328 shares of the solar cell manufacturer's stock valued at $11,319,000 after buying an additional 5,891 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company's stock.

First Solar Stock Performance

Shares of FSLR opened at $195.38 on Tuesday. The business's fifty day simple moving average is $232.63 and its two-hundred day simple moving average is $236.44. The company has a current ratio of 2.67, a quick ratio of 2.35 and a debt-to-equity ratio of 0.03. First Solar, Inc. has a 12 month low of $116.56 and a 12 month high of $285.99. The company has a market cap of $20.97 billion, a price-to-earnings ratio of 13.75, a P/E/G ratio of 0.30 and a beta of 1.65.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings data on Tuesday, February 24th. The solar cell manufacturer reported $4.84 EPS for the quarter, missing the consensus estimate of $5.22 by ($0.38). First Solar had a net margin of 29.28% and a return on equity of 17.32%. The business had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.59 billion. During the same period last year, the business earned $3.65 earnings per share. The company's quarterly revenue was up 11.1% on a year-over-year basis. Research analysts anticipate that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Deutsche Bank Aktiengesellschaft downgraded First Solar from a "buy" rating to a "hold" rating and dropped their target price for the stock from $300.00 to $245.00 in a report on Wednesday, February 25th. Royal Bank Of Canada reduced their price target on First Solar from $258.00 to $236.00 and set an "outperform" rating for the company in a report on Wednesday, February 25th. Robert W. Baird reaffirmed a "neutral" rating and issued a $205.00 price target (down from $264.00) on shares of First Solar in a research report on Wednesday, February 25th. Argus dropped their price target on shares of First Solar from $300.00 to $250.00 and set a "buy" rating on the stock in a research note on Tuesday, March 3rd. Finally, Needham & Company LLC increased their price objective on shares of First Solar from $286.00 to $303.00 and gave the company a "buy" rating in a research report on Monday, February 23rd. Twenty research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $249.65.

Insiders Place Their Bets

In other news, CEO Mark R. Widmar sold 7,738 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $195.93, for a total transaction of $1,516,106.34. Following the transaction, the chief executive officer directly owned 91,787 shares of the company's stock, valued at $17,983,826.91. This represents a 7.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Caroline Stockdale sold 1,650 shares of the firm's stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $195.93, for a total value of $323,284.50. Following the completion of the transaction, the insider owned 32,200 shares in the company, valued at approximately $6,308,946. This trade represents a 4.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,975 shares of company stock worth $6,267,492 in the last 90 days. Insiders own 0.48% of the company's stock.

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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