Norges Bank Makes New $392.04 Million Investment in First Solar, Inc. $FSLR

Key Points

• Norges Bank initiated a new stake in First Solar during the fourth quarter, buying 1,500,746 shares valued at about $392.04 million. The position accounted for 1.40% of the company at the end of the reporting period.
• Institutional ownership remains very high, with 92.08% of First Solar held by institutional investors and hedge funds. Several other funds also modestly increased their positions in the stock.
• First Solar reported strong quarterly results, with EPS of $3.22 beating estimates and revenue rising 23.6% year over year. Analysts currently view the stock as a Moderate Buy with a consensus target price of $247.40, even as some firms recently trimmed ratings or targets.

Norges Bank bought a new position in First Solar, Inc. (NASDAQ:FSLR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,500,746 shares of the solar cell manufacturer's stock, valued at approximately $392,040,000. Norges Bank owned 1.40% of First Solar at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Linden Thomas Advisory Services LLC grew its stake in shares of First Solar by 1.7% in the third quarter. Linden Thomas Advisory Services LLC now owns 2,287 shares of the solar cell manufacturer's stock worth $504,000 after purchasing an additional 39 shares in the last quarter. Apollon Wealth Management LLC grew its stake in shares of First Solar by 1.2% in the fourth quarter. Apollon Wealth Management LLC now owns 3,606 shares of the solar cell manufacturer's stock worth $942,000 after purchasing an additional 44 shares in the last quarter. Burford Brothers Inc. grew its stake in shares of First Solar by 0.3% in the fourth quarter. Burford Brothers Inc. now owns 19,080 shares of the solar cell manufacturer's stock worth $4,984,000 after purchasing an additional 48 shares in the last quarter. Cromwell Holdings LLC grew its stake in shares of First Solar by 15.8% in the fourth quarter. Cromwell Holdings LLC now owns 367 shares of the solar cell manufacturer's stock worth $96,000 after purchasing an additional 50 shares in the last quarter. Finally, Rathbones Group PLC grew its stake in shares of First Solar by 1.0% in the third quarter. Rathbones Group PLC now owns 4,930 shares of the solar cell manufacturer's stock worth $1,087,000 after purchasing an additional 51 shares in the last quarter. 92.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at First Solar

In other news, CFO Alexander R. Bradley sold 498 shares of the firm's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $107,383.74. Following the completion of the sale, the chief financial officer directly owned 30,712 shares of the company's stock, valued at $6,622,428.56. This trade represents a 1.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Caroline Stockdale sold 10,628 shares of the firm's stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $275.60, for a total value of $2,929,076.80. Following the sale, the insider directly owned 23,792 shares of the company's stock, valued at $6,557,075.20. This trade represents a 30.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 80,940 shares of company stock valued at $17,546,912 over the last 90 days. 0.39% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FSLR. Deutsche Bank Aktiengesellschaft cut First Solar from a "buy" rating to a "hold" rating and decreased their price target for the stock from $300.00 to $245.00 in a research note on Wednesday, February 25th. Needham & Company LLC increased their price target on First Solar from $286.00 to $303.00 and gave the stock a "buy" rating in a research note on Monday, February 23rd. Freedom Capital raised First Solar from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Royal Bank Of Canada decreased their price target on First Solar from $258.00 to $236.00 and set an "outperform" rating for the company in a research note on Wednesday, February 25th. Finally, Wolfe Research cut First Solar from a "strong-buy" rating to a "hold" rating in a research note on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $247.40.

First Solar Trading Down 1.2%

Shares of NASDAQ FSLR opened at $303.00 on Tuesday. First Solar, Inc. has a 12 month low of $135.50 and a 12 month high of $313.75. The company has a market cap of $32.56 billion, a price-to-earnings ratio of 19.57, a P/E/G ratio of 0.68 and a beta of 1.70. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. The business has a fifty day simple moving average of $215.51 and a 200-day simple moving average of $231.65.

First Solar (NASDAQ:FSLR - Get Free Report) last announced its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the business posted $1.95 earnings per share. First Solar's revenue was up 23.6% compared to the same quarter last year. Sell-side analysts predict that First Solar, Inc. will post 17.64 EPS for the current year.

About First Solar

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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