Nuveen LLC Makes New $114.73 Million Investment in First Solar, Inc. (NASDAQ:FSLR)

Key Points

• Nuveen LLC invested approximately $114.73 million in First Solar, acquiring 907,455 shares during the first quarter, which represents about 0.85% ownership of the company.
• First Solar's stock price is currently around $184.73, with a 52-week high of $262.72 and a low of $116.56.
• In the latest quarter, First Solar reported earnings per share of $3.18, exceeding expectations and reflecting an 8.6% revenue increase compared to the same quarter last year.

Nuveen LLC acquired a new stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 907,455 shares of the solar cell manufacturer's stock, valued at approximately $114,730,000. Nuveen LLC owned 0.85% of First Solar at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FSLR. Cetera Investment Advisers raised its holdings in shares of First Solar by 10.9% in the 1st quarter. Cetera Investment Advisers now owns 25,437 shares of the solar cell manufacturer's stock worth $3,216,000 after acquiring an additional 2,510 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of First Solar by 396.5% in the 1st quarter. Oppenheimer & Co. Inc. now owns 11,777 shares of the solar cell manufacturer's stock worth $1,489,000 after acquiring an additional 9,405 shares during the last quarter. Asset Management One Co. Ltd. increased its stake in First Solar by 7.1% in the 1st quarter. Asset Management One Co. Ltd. now owns 48,722 shares of the solar cell manufacturer's stock valued at $6,160,000 after buying an additional 3,226 shares during the last quarter. Vontobel Holding Ltd. increased its stake in First Solar by 14.2% in the 1st quarter. Vontobel Holding Ltd. now owns 189,320 shares of the solar cell manufacturer's stock valued at $23,936,000 after buying an additional 23,528 shares during the last quarter. Finally, Oakworth Capital Inc. increased its stake in First Solar by 24.7% in the 1st quarter. Oakworth Capital Inc. now owns 9,682 shares of the solar cell manufacturer's stock valued at $1,224,000 after buying an additional 1,916 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company's stock.

Insider Buying and Selling at First Solar

In other First Solar news, insider Patrick James Buehler sold 1,868 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total value of $278,481.44. Following the sale, the insider directly owned 5,998 shares in the company, valued at $894,181.84. This represents a 23.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Koralewski sold 2,951 shares of the stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total transaction of $466,877.71. Following the completion of the sale, the insider owned 11,369 shares in the company, valued at $1,798,689.49. This represents a 20.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,684 shares of company stock valued at $7,660,704 in the last quarter. Corporate insiders own 0.48% of the company's stock.

First Solar Stock Performance

FSLR traded up $19.90 on Friday, hitting $199.95. The company's stock had a trading volume of 10,927,711 shares, compared to its average volume of 2,393,773. The company's 50 day simple moving average is $171.26 and its 200-day simple moving average is $153.81. The firm has a market cap of $21.44 billion, a P/E ratio of 17.10, a price-to-earnings-growth ratio of 0.39 and a beta of 1.48. First Solar, Inc. has a 12 month low of $116.56 and a 12 month high of $262.72. The company has a quick ratio of 1.41, a current ratio of 1.90 and a debt-to-equity ratio of 0.04.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The solar cell manufacturer reported $3.18 EPS for the quarter, topping the consensus estimate of $2.68 by $0.50. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a net margin of 28.95% and a return on equity of 15.57%. First Solar's revenue for the quarter was up 8.6% on a year-over-year basis. During the same period last year, the firm earned $3.25 EPS. Analysts forecast that First Solar, Inc. will post 13.05 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have commented on FSLR shares. BMO Capital Markets increased their price objective on shares of First Solar from $194.00 to $203.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Glj Research reiterated a "buy" rating and issued a $214.06 price objective (up previously from $172.53) on shares of First Solar in a research note on Tuesday. Jefferies Financial Group set a $194.00 price objective on shares of First Solar and gave the company a "buy" rating in a research note on Tuesday, July 15th. KeyCorp lowered shares of First Solar from a "sector weight" rating to an "underweight" rating and set a $100.00 price objective for the company. in a research note on Wednesday, April 30th. Finally, Wall Street Zen upgraded shares of First Solar from a "sell" rating to a "hold" rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty-two have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $222.44.

First Solar 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.