Summerhill Capital Management lnc. Decreases Stock Holdings in First Solar, Inc. $FSLR

Key Points

• Summerhill Capital Management cut its First Solar stake by 51% in the first quarter, leaving it with 21,410 shares worth about $4.22 million.
• Institutional ownership in First Solar remains very high at 92.08%, even as some hedge funds recently bought or expanded positions in the stock.
• First Solar posted a better-than-expected quarter, with EPS of $3.22 versus estimates of $2.87 and revenue up 23.6% year over year; analysts currently rate the stock Moderate Buy with a consensus target of $249.78.

Summerhill Capital Management lnc. reduced its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 51.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,410 shares of the solar cell manufacturer's stock after selling 22,328 shares during the quarter. First Solar makes up about 3.7% of Summerhill Capital Management lnc.'s holdings, making the stock its 11th largest position. Summerhill Capital Management lnc.'s holdings in First Solar were worth $4,223,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FSLR. Norges Bank purchased a new position in shares of First Solar in the 4th quarter worth about $392,040,000. Viking Global Investors LP increased its holdings in First Solar by 60.6% during the second quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer's stock worth $375,122,000 after buying an additional 854,919 shares during the last quarter. Polar Capital Holdings Plc bought a new stake in First Solar in the fourth quarter worth about $200,109,000. Lightrock Netherlands B.V. raised its position in First Solar by 2,663.8% in the fourth quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer's stock worth $174,059,000 after acquiring an additional 642,199 shares during the period. Finally, Amundi boosted its stake in First Solar by 38.6% in the third quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock valued at $459,917,000 after acquiring an additional 564,032 shares during the last quarter. Hedge funds and other institutional investors own 92.08% of the company's stock.

Insider Transactions at First Solar

In other news, insider Caroline Stockdale sold 10,628 shares of First Solar stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $275.60, for a total value of $2,929,076.80. Following the completion of the transaction, the insider directly owned 23,792 shares in the company, valued at approximately $6,557,075.20. The trade was a 30.88% 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 the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Georges Antoun sold 566 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total value of $122,046.58. Following the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 32,466 shares of company stock valued at $8,014,105. 0.39% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FSLR. Weiss Ratings upgraded shares of First Solar from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday. The Goldman Sachs Group upped their price objective on First Solar from $300.00 to $310.00 in a research note on Friday, May 1st. Susquehanna reduced their price objective on First Solar from $280.00 to $250.00 and set a "positive" rating for the company in a report on Thursday, April 9th. Sanford C. Bernstein reissued an "underperform" rating on shares of First Solar in a report on Friday. Finally, HSBC raised their target price on First Solar from $211.00 to $231.00 and gave the stock a "hold" rating in a research report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, First Solar has an average rating of "Moderate Buy" and a consensus price target of $249.78.

First Solar Stock Performance

Shares of FSLR stock opened at $239.07 on Friday. The stock has a market capitalization of $25.69 billion, a P/E ratio of 15.44, a PEG ratio of 0.53 and a beta of 1.71. 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 firm's 50 day moving average is $243.56 and its 200 day moving average is $233.11. First Solar, Inc. has a 12 month low of $149.54 and a 12 month high of $320.95.

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

More First Solar News

Here are the key news stories impacting First Solar this week:

• Negative Sentiment: Several firms, including Howard G. Smith, Bronstein Gewirtz & Grossman, Rosen Law, Pomerantz, Portnoy, and the Schall Law Firm, announced or promoted class-action cases tied to First Solar, increasing legal overhang and headline risk. Article Title
• Negative Sentiment: Multiple securities-fraud investigations were also launched or reiterated by plaintiff firms, suggesting investors are actively probing whether earlier company disclosures may have been misleading. Article Title
• Neutral Sentiment: One Zacks item called First Solar a strong growth stock, which is supportive on fundamentals, but it appears to be a generic rating piece rather than a new company-specific catalyst. Article Title

About First Solar

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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