Rockefeller Capital Management L.P. Raises Stock Position in First Solar, Inc. $FSLR

Key Points

• Rockefeller Capital Management boosted its First Solar stake by 79.9% in the fourth quarter, ending with 41,723 shares worth about $10.9 million.
• Analyst sentiment remains mixed but generally positive: First Solar has a Moderate Buy consensus, with a consensus price target of $249.78 despite several target cuts and one new underperform rating.
• First Solar recently reported better-than-expected earnings of $3.22 per share on $1.04 billion in revenue, while insiders also sold shares during the quarter, including CEO Mark R. Widmar.

Rockefeller Capital Management L.P. increased its stake in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 79.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,723 shares of the solar cell manufacturer's stock after acquiring an additional 18,537 shares during the quarter. Rockefeller Capital Management L.P.'s holdings in First Solar were worth $10,899,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FSLR. Atlatl Advisers LLC acquired a new stake in shares of First Solar in the 4th quarter worth $1,697,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of First Solar by 1,054.3% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 52,219 shares of the solar cell manufacturer's stock valued at $13,641,000 after acquiring an additional 47,695 shares in the last quarter. Lee Johnson Capital Management LLC acquired a new position in shares of First Solar during the fourth quarter worth about $5,304,000. Clean Energy Transition LLP increased its stake in shares of First Solar by 48.2% during the third quarter. Clean Energy Transition LLP now owns 1,117,228 shares of the solar cell manufacturer's stock worth $246,382,000 after acquiring an additional 363,274 shares during the period. Finally, Genus Capital Management Inc. purchased a new position in First Solar during the fourth quarter worth about $4,525,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on FSLR shares. JPMorgan Chase & Co. reduced their price target on First Solar from $303.00 to $256.00 and set an "overweight" rating for the company in a report on Wednesday, February 25th. Evercore upped their price objective on First Solar from $212.00 to $219.00 in a report on Monday, May 4th. Royal Bank Of Canada cut their price objective on First Solar from $258.00 to $236.00 and set an "outperform" rating for the company in a research report on Wednesday, February 25th. Sanford C. Bernstein started coverage on First Solar in a report on Tuesday, June 16th. They issued an "underperform" rating and a $217.00 target price for the company. Finally, Mizuho boosted their target price on shares of First Solar from $243.00 to $300.00 and gave the stock an "outperform" rating in a research report on Friday, June 12th. 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 two have assigned a Sell rating to the company's stock. According to MarketBeat, First Solar has a consensus rating of "Moderate Buy" and a consensus price target of $249.78.

First Solar Stock Down 0.3%

FSLR stock opened at $248.42 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.56 and a quick ratio of 2.15. The company's 50 day simple moving average is $241.72 and its 200-day simple moving average is $233.13. First Solar, Inc. has a 12 month low of $147.30 and a 12 month high of $320.95. The firm has a market capitalization of $26.69 billion, a PE ratio of 16.05, a P/E/G ratio of 0.55 and a beta of 1.71.

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

Insider Activity

In related news, insider Georges Antoun sold 566 shares of First Solar stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $122,046.58. Following the transaction, the insider owned 19,918 shares in the company, valued at approximately $4,294,918.34. The trade was a 2.76% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Mark R. Widmar sold 9,926 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $233.21, for a total transaction of $2,314,842.46. Following the sale, the chief executive officer directly owned 95,148 shares of the company's stock, valued at approximately $22,189,465.08. This trade represents a 9.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,466 shares of company stock valued at $8,014,105 over the last quarter. 0.39% of the stock is owned by insiders.

First Solar Company 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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