Principal Financial Group Inc. Has $42.67 Million Stock Position in First Solar, Inc. $FSLR

Key Points

• Principal Financial Group trimmed its First Solar stake by 13% in the fourth quarter, but still held 163,337 shares valued at about $42.67 million.
• First Solar reported better-than-expected Q1 results, with EPS of $3.22 versus the $2.87 consensus and revenue of $1.04 billion, up 23.6% year over year.
• Analyst sentiment remains upbeat overall, with multiple firms issuing buy ratings or higher targets; the stock has a Moderate Buy consensus and an average price target of $246.10.

Principal Financial Group Inc. lowered its stake in First Solar, Inc. (NASDAQ:FSLR - Free Report) by 13.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 163,337 shares of the solar cell manufacturer's stock after selling 24,430 shares during the quarter. Principal Financial Group Inc. owned approximately 0.15% of First Solar worth $42,669,000 as of its most recent SEC filing.

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

First Solar Price Performance

First Solar stock opened at $219.95 on Friday. First Solar, Inc. has a 12 month low of $133.75 and a 12 month high of $285.99. The stock's 50 day moving average is $196.96 and its 200-day moving average is $231.41. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02. The company has a market capitalization 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 posted 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 company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the business earned $1.95 earnings per share. The firm's revenue for the quarter was up 23.6% on a year-over-year basis. Equities research analysts expect that First Solar, Inc. will post 17.58 EPS for the current year.

Analysts Set New Price Targets

FSLR has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "hold (c+)" rating on shares of First Solar in a research report on Friday, March 27th. UBS Group decreased their target price on First Solar from $300.00 to $290.00 and set a "buy" rating on the stock in a research report on Monday. Freedom Capital raised First Solar from a "hold" rating to a "strong-buy" rating in a research report on Tuesday. Evercore upped their target price on First Solar from $212.00 to $219.00 in a research report on Monday, May 4th. Finally, HSBC upped their target price on First Solar from $211.00 to $231.00 and gave the company a "hold" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $246.10.

More First Solar News

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

Insiders Place Their Bets

In related news, CFO Alexander R. Bradley sold 498 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $107,383.74. Following the completion of the sale, the chief financial officer directly owned 30,712 shares in the company, valued at approximately $6,622,428.56. The trade was a 1.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Patrick James Buehler sold 235 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $50,673.05. Following the completion of the sale, the insider owned 7,406 shares of the company's stock, valued at approximately $1,596,955.78. This trade represents a 3.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 81,204 shares of company stock valued at $16,043,186 in the last quarter. Company insiders own 0.39% of the company's 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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