Sumitomo Mitsui Trust Group Inc. Has $30.85 Million Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Sumitomo Mitsui Trust Group Inc. decreased its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 244,023 shares of the solar cell manufacturer's stock after selling 5,808 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.23% of First Solar worth $30,852,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in FSLR. Vanguard Group Inc. lifted its stake in First Solar by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer's stock valued at $2,259,697,000 after purchasing an additional 120,289 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of First Solar by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer's stock valued at $469,154,000 after buying an additional 63,739 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of First Solar by 12.5% in the fourth quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer's stock valued at $415,899,000 after buying an additional 262,482 shares in the last quarter. Invesco Ltd. lifted its position in shares of First Solar by 13.9% during the 4th quarter. Invesco Ltd. now owns 1,835,056 shares of the solar cell manufacturer's stock valued at $323,410,000 after acquiring an additional 223,933 shares during the last quarter. Finally, Amundi boosted its stake in shares of First Solar by 31.0% during the 4th quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer's stock worth $336,871,000 after acquiring an additional 426,797 shares in 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 news, insider Michael Koralewski sold 2,951 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $158.21, for a total transaction of $466,877.71. Following the transaction, the insider owned 11,369 shares in the company, valued at $1,798,689.49. This represents a 20.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Markus Gloeckler sold 9,557 shares of First Solar stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $155.05, for a total transaction of $1,481,812.85. Following the completion of the sale, the chief technology officer directly owned 8,037 shares of the company's stock, valued at approximately $1,246,136.85. The trade was a 54.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 14,376 shares of company stock worth $2,227,172 over the last ninety days. 0.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FSLR. Bank of America decreased their target price on First Solar from $236.00 to $215.00 and set a "buy" rating on the stock in a report on Tuesday, April 8th. Guggenheim decreased their price target on First Solar from $253.00 to $202.00 and set a "buy" rating for the company in a research report on Thursday, May 1st. Piper Sandler cut their price objective on First Solar from $230.00 to $205.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. BMO Capital Markets reduced their price objective on shares of First Solar from $200.00 to $187.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Finally, TD Cowen decreased their target price on shares of First Solar from $275.00 to $200.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $228.69.

First Solar Stock Up 8.7%

FSLR traded up $14.91 during trading on Friday, reaching $185.43. 6,399,688 shares of the stock traded hands, compared to its average volume of 3,233,808. The stock's 50-day simple moving average is $156.66 and its two-hundred day simple moving average is $154.83. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.93 and a quick ratio of 1.39. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $262.72. The stock has a market cap of $19.89 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 0.37 and a beta of 1.52.

First Solar (NASDAQ:FSLR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing analysts' consensus estimates of $2.50 by ($0.55). The firm had revenue of $844.57 million for the quarter, compared to analysts' expectations of $863.11 million. First Solar had a return on equity of 16.32% and a net margin of 29.72%. The firm's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the business earned $2.20 earnings per share. As a group, equities research analysts expect that First Solar, Inc. will post 13.05 EPS for the current year.

First Solar Company 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.