New York State Teachers Retirement System Acquires 10,589 Shares of First Solar, Inc. $FSLR

Key Points

• New York State Teachers Retirement System increased its First Solar stake by 11.9% in the first quarter, buying 10,589 additional shares and bringing its total holdings to 99,272 shares valued at about $19.6 million.
• First Solar is facing legal pressure, with multiple law firms urging shareholders to join a securities fraud/class action case ahead of an August 24 deadline, and a class action has already been filed against the company and certain officers.
• The company’s most recent quarter showed better-than-expected results, with EPS of $3.22 beating estimates and revenue of $1.04 billion topping forecasts, even as insiders sold shares and analysts maintained a consensus Moderate Buy rating with a $249.78 average price target.

New York State Teachers Retirement System grew its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 11.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 99,272 shares of the solar cell manufacturer's stock after buying an additional 10,589 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of First Solar worth $19,582,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in FSLR. Aventura Private Wealth LLC bought a new stake in First Solar during the 4th quarter worth about $25,000. Reflection Asset Management bought a new position in shares of First Solar in the fourth quarter worth about $26,000. Commonwealth Retirement Investments LLC acquired a new position in shares of First Solar during the fourth quarter worth approximately $26,000. Larson Financial Group LLC lifted its position in shares of First Solar by 117.0% during the fourth quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer's stock worth $27,000 after purchasing an additional 55 shares in the last quarter. Finally, Elyxium Wealth LLC bought a new stake in shares of First Solar during the fourth quarter valued at approximately $30,000. 92.08% of the stock is owned by institutional investors.

Key First Solar News

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

Insiders Place Their Bets

In related news, insider Caroline Stockdale sold 10,628 shares of First Solar stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $275.60, for a total transaction of $2,929,076.80. Following the completion of the sale, the insider directly owned 23,792 shares of the company's stock, valued at $6,557,075.20. The trade was a 30.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Mark R. Widmar sold 9,926 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $233.21, for a total value of $2,314,842.46. Following the completion of the sale, the chief executive officer owned 95,148 shares of the company's stock, valued at $22,189,465.08. This represents a 9.45% 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 sold 32,466 shares of company stock worth $8,014,105 over the last three months. Insiders own 0.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Evercore boosted their price objective on shares of First Solar from $212.00 to $219.00 in a research report on Monday, May 4th. Jefferies Financial Group decreased their price objective on First Solar from $205.00 to $187.00 and set a "hold" rating on the stock in a research report on Tuesday, April 7th. Guggenheim lifted their target price on First Solar from $269.00 to $279.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Susquehanna dropped their target price on First Solar from $280.00 to $250.00 and set a "positive" rating for the company in a research report on Thursday, April 9th. Finally, Freedom Capital raised First Solar from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, First Solar currently has a consensus rating of "Moderate Buy" and an average price target of $249.78.

First Solar Stock Performance

Shares of NASDAQ FSLR opened at $224.57 on Friday. The company's 50 day simple moving average is $247.56 and its 200 day simple moving average is $232.06. First Solar, Inc. has a fifty-two week low of $159.85 and a fifty-two week high of $320.95. The firm 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 debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15.

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

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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