Sumitomo Mitsui Trust Group Inc. Sells 7,956 Shares of First Solar, Inc. $FSLR

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in First Solar by 3.2%, selling 7,956 shares and retaining 242,496 shares worth about $63.35 million (0.23% of the company).
• Significant insider selling has occurred recently: the CFO sold 14,106 shares and the general counsel 9,022 on March 17, and insiders have offloaded 75,989 shares valued at ~$14.92 million in the past three months (insider ownership is 0.39%).
• Analysts have cut price targets for FSLR (e.g., TD Cowen to $253, JPMorgan to $256), but the consensus remains a “Moderate Buy” with an average target of $246.13.

Sumitomo Mitsui Trust Group Inc. trimmed its position in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 242,496 shares of the solar cell manufacturer's stock after selling 7,956 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.23% of First Solar worth $63,347,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Linden Thomas Advisory Services LLC boosted its holdings in First Solar by 1.7% during the third quarter. Linden Thomas Advisory Services LLC now owns 2,287 shares of the solar cell manufacturer's stock worth $504,000 after purchasing an additional 39 shares during the last quarter. Apollon Wealth Management LLC increased its stake in First Solar by 1.2% in the 4th quarter. Apollon Wealth Management LLC now owns 3,606 shares of the solar cell manufacturer's stock valued at $942,000 after buying an additional 44 shares during the last quarter. Signaturefd LLC lifted its position in shares of First Solar by 2.6% during the 3rd quarter. Signaturefd LLC now owns 1,879 shares of the solar cell manufacturer's stock worth $414,000 after buying an additional 47 shares in the last quarter. Figure 8 Investment Strategies LLC boosted its stake in shares of First Solar by 0.6% in the 3rd quarter. Figure 8 Investment Strategies LLC now owns 8,116 shares of the solar cell manufacturer's stock worth $1,790,000 after buying an additional 48 shares during the last quarter. Finally, Cromwell Holdings LLC boosted its stake in shares of First Solar by 15.8% in the 4th quarter. Cromwell Holdings LLC now owns 367 shares of the solar cell manufacturer's stock worth $96,000 after buying an additional 50 shares during the last quarter. Institutional investors own 92.08% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on FSLR shares. TD Cowen decreased their price target on First Solar from $320.00 to $253.00 and set a "buy" rating for the company in a research report on Wednesday, February 25th. Weiss Ratings reissued a "hold (c+)" rating on shares of First Solar in a research report on Friday, March 27th. JPMorgan Chase & Co. reduced their price objective on First Solar from $303.00 to $256.00 and set an "overweight" rating for the company in a research note on Wednesday, February 25th. Freedom Capital lowered First Solar from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 26th. Finally, Evercore lowered their target price on First Solar from $241.00 to $212.00 in a research note on Thursday, March 5th. Twenty equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, First Solar presently has a consensus rating of "Moderate Buy" and an average target price of $246.13.

Insider Activity

In related news, CFO Alexander R. Bradley sold 14,106 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The shares were sold at an average price of $199.97, for a total transaction of $2,820,776.82. Following the sale, the chief financial officer directly owned 30,000 shares in the company, valued at approximately $5,999,100. This represents a 31.98% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Jason E. Dymbort sold 9,022 shares of the firm's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $199.62, for a total transaction of $1,800,971.64. Following the completion of the transaction, the general counsel directly owned 9,850 shares of the company's stock, valued at approximately $1,966,257. This trade represents a 47.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 75,989 shares of company stock valued at $14,921,902. 0.39% of the stock is currently owned by corporate insiders.

First Solar Price Performance

First Solar stock opened at $200.61 on Wednesday. The business's 50 day simple moving average is $206.79 and its 200 day simple moving average is $234.73. First Solar, Inc. has a 12 month low of $119.09 and a 12 month high of $285.99. The company has a market cap of $21.56 billion, a price-to-earnings ratio of 14.12, a PEG 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.

First Solar (NASDAQ:FSLR - Get Free Report) last released 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). First Solar had a return on equity of 17.32% and a net margin of 29.28%.The firm had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.59 billion. During the same period in the prior year, the business earned $3.65 earnings per share. The business's quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts forecast 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.

Want to see what other hedge funds are holding FSLR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Solar, Inc. (NASDAQ:FSLR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.