Mitsubishi UFJ Asset Management Co. Ltd. Acquires 10,703 Shares of First Solar, Inc. $FSLR

Key Points

• Mitsubishi UFJ Asset Management increased its First Solar stake by 5.0% in the fourth quarter, adding 10,703 shares and bringing its total holdings to 224,033 shares valued at about $61.5 million.
• First Solar beat quarterly expectations, reporting EPS of $3.22 versus estimates of $2.87 and revenue of $1.04 billion, with revenue up 23.6% year over year.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $246.10, even as some firms recently adjusted targets and ratings.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 5.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 224,033 shares of the solar cell manufacturer's stock after acquiring an additional 10,703 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.21% of First Solar worth $61,461,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Joule Financial LLC bought a new position in shares of First Solar in the third quarter worth about $950,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of First Solar by 22.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 77,155 shares of the solar cell manufacturer's stock valued at $17,015,000 after purchasing an additional 13,904 shares during the last quarter. Belpointe Asset Management LLC bought a new position in shares of First Solar during the 3rd quarter valued at about $1,193,000. Candriam S.C.A. boosted its holdings in shares of First Solar by 70.2% during the 3rd quarter. Candriam S.C.A. now owns 150,379 shares of the solar cell manufacturer's stock valued at $33,163,000 after purchasing an additional 62,048 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of First Solar by 3.5% during the 3rd quarter. Vanguard Group Inc. now owns 13,721,979 shares of the solar cell manufacturer's stock valued at $3,026,108,000 after purchasing an additional 464,130 shares during the last quarter. Institutional investors own 92.08% of the company's stock.

First Solar Stock Up 2.5%

Shares of NASDAQ:FSLR opened at $219.95 on Friday. 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, Inc. has a 12 month low of $133.75 and a 12 month high of $285.99. The company has a 50-day moving average price of $196.96 and a 200 day moving average price of $231.41. The company has a market cap of $23.63 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 0.47 and a beta of 1.57.

First Solar (NASDAQ:FSLR - Get Free Report) last announced 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 net margin of 30.73% and a return on equity of 18.01%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the firm earned $1.95 EPS. The firm's revenue for the quarter was up 23.6% compared to the same quarter last year. As a group, equities research analysts predict that First Solar, Inc. will post 17.58 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. HSBC increased their price objective on shares of First Solar from $211.00 to $231.00 and gave the company a "hold" rating in a report on Tuesday. Citigroup dropped their price objective on shares of First Solar from $300.00 to $243.00 and set a "buy" rating for the company in a report on Tuesday, April 21st. Guggenheim dropped their price objective on shares of First Solar from $312.00 to $269.00 and set a "buy" rating for the company in a report on Tuesday, March 17th. Royal Bank Of Canada dropped their price objective on shares of First Solar from $258.00 to $236.00 and set an "outperform" rating for the company in a report on Wednesday, February 25th. Finally, DZ Bank raised shares of First Solar to a "strong sell" rating in a report on Thursday, February 26th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, First Solar has a consensus rating of "Moderate Buy" and an average target price of $246.10.

Insider Transactions at First Solar

In related news, General Counsel Jason E. Dymbort sold 9,022 shares of the stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $199.62, for a total value of $1,800,971.64. Following the completion of the transaction, the general counsel owned 9,850 shares of the company's stock, valued at approximately $1,966,257. This trade represents a 47.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kuntal Kumar Verma sold 3,426 shares of the firm's stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $195.93, for a total transaction of $671,256.18. Following the completion of the sale, the insider directly owned 8,334 shares of the company's stock, valued at approximately $1,632,880.62. The trade was a 29.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 81,204 shares of company stock worth $16,043,186 in the last quarter. Company insiders own 0.39% of the company's stock.

Trending Headlines about First Solar

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

• Positive Sentiment: Freedom Capital upgraded First Solar from hold to strong-buy, adding to the bullish case for the stock. Read More
• Positive Sentiment: HSBC raised its price target on First Solar to $231, suggesting further upside from current levels. HSBC Increases First Solar NASDAQ: FSLR Price Target to $231.00
• Positive Sentiment: Barclays issued a buy rating on First Solar, and Susquehanna also reportedly gave the stock a buy rating, reinforcing the upbeat analyst tone. First Solar (FSLR) Gets a Buy from Barclays First Solar (FSLR) Receives a Buy from Susquehanna
• Positive Sentiment: Coverage highlighting “3 big reasons to love First Solar” and a Zacks note that FSLR is a trending stock may be helping keep investor attention on the name. First Solar, Inc. (FSLR) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: First Solar CEO sold about $329,051 worth of stock, which can draw some investor caution but is not necessarily a fundamental change in the company’s outlook. Insider Selling: First Solar NASDAQ: FSLR CEO Sells $329,051.38 in 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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