First Solar, Inc. (NASDAQ:FSLR) Stake Lessened by McLean Asset Management Corp

McLean Asset Management Corp reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 12.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,896 shares of the solar cell manufacturer's stock after selling 1,721 shares during the quarter. McLean Asset Management Corp's holdings in First Solar were worth $1,432,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Norges Bank bought a new position in First Solar in the fourth quarter worth about $317,399,000. Demars Financial Group LLC grew its stake in shares of First Solar by 17,404.5% during the fourth quarter. Demars Financial Group LLC now owns 722,760 shares of the solar cell manufacturer's stock worth $127,379,000 after acquiring an additional 718,631 shares during the last quarter. Mirova US LLC increased its stake in shares of First Solar by 961.0% in the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer's stock worth $113,906,000 after acquiring an additional 585,394 shares during the period. Amundi increased its stake in shares of First Solar by 31.0% in the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer's stock worth $336,871,000 after acquiring an additional 426,797 shares during the period. Finally, Royal Bank of Canada increased its stake in shares of First Solar by 218.6% in the fourth quarter. Royal Bank of Canada now owns 446,799 shares of the solar cell manufacturer's stock worth $78,744,000 after acquiring an additional 306,581 shares during the period. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Stock Performance

First Solar stock traded up $0.44 during trading hours on Wednesday, reaching $159.81. 3,032,731 shares of the stock were exchanged, compared to its average volume of 3,059,707. The firm's 50 day moving average is $141.79 and its 200 day moving average is $160.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The stock has a market cap of $17.14 billion, a P/E ratio of 13.76, a P/E/G ratio of 0.19 and a beta of 1.46. First Solar, Inc. has a 52-week low of $116.56 and a 52-week high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing analysts' consensus estimates of $2.50 by ($0.55). The business had revenue of $844.57 million during the quarter, compared to analyst estimates of $863.11 million. First Solar had a net margin of 32.41% and a return on equity of 17.56%. First Solar's revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.20 earnings per share. Analysts predict that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Wolfe Research upgraded shares of First Solar from a "peer perform" rating to an "outperform" rating and set a $221.00 price target on the stock in a research report on Tuesday, May 13th. BMO Capital Markets lowered their price target on shares of First Solar from $200.00 to $187.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Glj Research upgraded shares of First Solar from a "hold" rating to a "buy" rating and set a $172.37 price target for the company in a report on Thursday, May 1st. Robert W. Baird lowered their price target on shares of First Solar from $267.00 to $240.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, Redburn Atlantic initiated coverage on shares of First Solar in a report on Monday, March 3rd. They set a "neutral" rating for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, First Solar presently has an average rating of "Moderate Buy" and a consensus target price of $227.94.

Insiders Place Their Bets

In other news, insider Michael Koralewski sold 2,951 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the completion of the sale, the insider now directly owns 11,369 shares of the company's stock, valued at $1,798,689.49. The trade was a 20.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Alexander R. Bradley sold 599 shares of First Solar stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $80,116.25. Following the sale, the chief financial officer now owns 45,717 shares in the company, valued at $6,114,648.75. This represents a 1.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,802 shares of company stock valued at $2,655,403 in the last ninety days. Insiders own 0.48% of the company's stock.

First Solar Company Profile

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.