Louisiana State Employees Retirement System Invests $1.08 Million in First Solar, Inc. $FSLR

Key Points

• Louisiana State Employees Retirement System opened a new position in First Solar during the first quarter, buying 5,500 shares valued at about $1.08 million.
• First Solar reported strong quarterly results, posting $3.22 EPS versus $2.87 expected and revenue of $1.04 billion, with sales up 23.6% year over year.
• The stock faces some near-term pressure from insider selling and a growing securities class action, even as analysts still assign a consensus Moderate Buy rating with an average price target of $249.78.

Louisiana State Employees Retirement System acquired a new position in First Solar, Inc. (NASDAQ:FSLR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,500 shares of the solar cell manufacturer's stock, valued at approximately $1,085,000.

Other large investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in First Solar in the fourth quarter worth approximately $392,040,000. Viking Global Investors LP grew its position in shares of First Solar by 60.6% during the 2nd quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock valued at $375,122,000 after acquiring an additional 854,919 shares during the period. Polar Capital Holdings Plc purchased a new stake in shares of First Solar in the 4th quarter worth $200,109,000. Lightrock Netherlands B.V. increased its stake 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 purchasing an additional 642,199 shares in the last quarter. Finally, Amundi raised its holdings in 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 purchasing an additional 564,032 shares during the period. 92.08% of the stock is currently owned by institutional investors.

Insider Activity at First Solar

In other news, General Counsel Jason E. Dymbort sold 409 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $88,192.67. Following the transaction, the general counsel owned 10,409 shares of the company's stock, valued at approximately $2,244,492.67. The trade was a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mark R. Widmar sold 4,815 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $247.43, for a total transaction of $1,191,375.45. Following the transaction, the chief executive officer owned 89,033 shares of the company's stock, valued at approximately $22,029,435.19. This represents a 5.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 32,466 shares of company stock worth $8,014,105 in the last three months. Corporate insiders own 0.39% of the company's stock.

First Solar Stock Performance

Shares of First Solar stock opened at $224.57 on Friday. First Solar, Inc. has a fifty-two week low of $159.85 and a fifty-two week high of $320.95. 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 company has a market capitalization of $24.13 billion, a P/E ratio of 14.51, a P/E/G ratio of 0.50 and a beta of 1.73. The company has a fifty day moving average of $247.56 and a 200 day moving average of $232.06.

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

Key Stories Impacting First Solar

Here are the key news stories impacting First Solar this week:

• Negative Sentiment: Multiple law firms, including Rosen, Schall, Kaplan Fox, Pomerantz, and others, urged First Solar shareholders to act on a securities fraud/class action lawsuit ahead of the August 24 deadline. Article Title
• Negative Sentiment: A class action has already been filed alleging First Solar and certain officers violated Sections 10(b) and 20(a) and Rule 10b-5, increasing legal overhang on the stock. Article Title
• Neutral Sentiment: One market update noted First Solar stock recently fell in trading, with the decline adding to near-term weakness already reflected in the shares. Article Title

Analyst Upgrades and Downgrades

FSLR has been the topic of several analyst reports. Barclays lowered their target price 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. Weiss Ratings upgraded First Solar from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, June 25th. Morgan Stanley decreased their price objective on First Solar from $275.00 to $230.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 28th. Susquehanna lowered their price objective on First Solar from $280.00 to $250.00 and set a "positive" rating on the stock in a research report on Thursday, April 9th. Finally, HSBC boosted their price objective on First Solar from $211.00 to $231.00 and gave the company a "hold" rating in a research note on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $249.78.

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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