Patton Fund Management Inc. Increases Stake in First Solar, Inc. $FSLR

Key Points

• Patton Fund Management boosted its stake in First Solar by 1,942.7% in Q4 to 28,884 shares valued at $7.545 million, representing ~1.0% of the fund and its 29th largest holding.
• First Solar reported Q4 EPS of $4.84, missing estimates of $5.22 while revenue of $1.68 billion topped expectations, and the company delivered a strong net margin of 29.28%.
• Analysts carry a Moderate Buy consensus with an average target of $246.13 (20 Buys, 13 Holds, 2 Sells), even as insiders sold about 75,989 shares (~$14.9M) in the last three months.

Patton Fund Management Inc. lifted its holdings in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 1,942.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,884 shares of the solar cell manufacturer's stock after purchasing an additional 27,470 shares during the quarter. First Solar accounts for approximately 1.0% of Patton Fund Management Inc.'s investment portfolio, making the stock its 29th largest position. Patton Fund Management Inc.'s holdings in First Solar were worth $7,545,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aventura Private Wealth LLC purchased a new position in shares of First Solar in the fourth quarter valued at $25,000. Strategic Wealth Investment Group LLC purchased a new position in shares of First Solar in the second quarter valued at $26,000. Total Investment Management Inc. purchased a new position in shares of First Solar in the second quarter valued at $36,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of First Solar in the third quarter valued at $44,000. Finally, CYBER HORNET ETFs LLC purchased a new position in shares of First Solar in the second quarter valued at $47,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on FSLR shares. Needham & Company LLC raised their target price on shares of First Solar from $286.00 to $303.00 and gave the company a "buy" rating in a report on Monday, February 23rd. Guggenheim cut their target price 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. Robert W. Baird reaffirmed a "neutral" rating and set a $205.00 price objective (down from $264.00) on shares of First Solar in a research note on Wednesday, February 25th. Wells Fargo & Company reduced their target price on shares of First Solar from $285.00 to $255.00 and set an "overweight" rating on the stock in a research note on Thursday, February 26th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of First Solar in a research note on Friday, March 27th. Twenty equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, First Solar currently has a consensus rating of "Moderate Buy" and an average target price of $246.13.

Insider Activity

In other news, insider Kuntal Kumar Verma sold 180 shares of the business's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $199.53, for a total transaction of $35,915.40. Following the completion of the sale, the insider directly owned 9,436 shares of the company's stock, valued at approximately $1,882,765.08. The trade was a 1.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark R. Widmar sold 1,937 shares of the business's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $200.80, for a total transaction of $388,949.60. Following the sale, the chief executive officer directly owned 102,798 shares of the company's stock, valued at $20,641,838.40. This represents a 1.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 75,989 shares of company stock valued at $14,921,902. Insiders own 0.39% of the company's stock.

First Solar Trading Down 1.5%

Shares of FSLR opened at $200.35 on Tuesday. First Solar, Inc. has a twelve month low of $119.09 and a twelve month high of $285.99. The company has a market cap of $21.53 billion, a P/E ratio of 14.10, a P/E/G ratio of 0.43 and a beta of 1.61. The company has a current ratio of 2.67, a quick ratio of 2.35 and a debt-to-equity ratio of 0.03. The company's fifty day simple moving average is $207.55 and its 200-day simple moving average is $234.87.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $5.22 by ($0.38). The company had revenue of $1.68 billion for the quarter, compared to analysts' expectations of $1.59 billion. First Solar had a net margin of 29.28% and a return on equity of 17.32%. The firm's revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.65 earnings per share. As a group, analysts expect that First Solar, Inc. will post 13.05 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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