Truist Financial Corp Boosts Holdings in First Solar, Inc. $FSLR

Key Points

• Truist Financial Corp increased its stake in First Solar by 132.8% in the fourth quarter, ending with 15,528 shares valued at about $4.06 million.
• Institutional ownership remains very high, with hedge funds and asset managers such as Vanguard, Viking Global, and Amundi also boosting positions; overall, 92.08% of First Solar is owned by institutional investors and hedge funds.
• First Solar reported strong quarterly results, with EPS of $3.22 beating estimates and revenue of $1.04 billion slightly above expectations, even as analysts kept a mixed-but-constructive view with an average Moderate Buy rating and $246.10 price target.

Truist Financial Corp increased its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 132.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,528 shares of the solar cell manufacturer's stock after buying an additional 8,859 shares during the period. Truist Financial Corp's holdings in First Solar were worth $4,056,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake 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 purchasing an additional 464,130 shares during the last quarter. Viking Global Investors LP increased its position 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 period. Amundi boosted its stake in First Solar by 38.6% during the 3rd quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer's stock worth $459,917,000 after purchasing an additional 564,032 shares during the period. Northern Trust Corp grew its position in First Solar by 2.6% during the 3rd quarter. Northern Trust Corp now owns 1,349,531 shares of the solar cell manufacturer's stock worth $297,612,000 after purchasing an additional 34,313 shares during the last quarter. Finally, Clean Energy Transition LLP increased its stake in First Solar by 48.2% in the third quarter. Clean Energy Transition LLP now owns 1,117,228 shares of the solar cell manufacturer's stock valued at $246,382,000 after purchasing an additional 363,274 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other First Solar news, insider Georges Antoun sold 566 shares of the company'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 $122,046.58. Following the completion of the sale, the insider directly owned 19,918 shares in the company, valued at $4,294,918.34. This represents a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 First Solar stock in a transaction 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 transaction, the insider owned 7,406 shares in the company, valued at approximately $1,596,955.78. This trade represents a 3.08% 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. Insiders have sold 81,204 shares of company stock valued at $16,043,186 over the last 90 days. Corporate insiders own 0.39% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Robert W. Baird reiterated a "neutral" rating and set a $205.00 target price (down from $264.00) on shares of First Solar in a research report on Wednesday, February 25th. Zacks Research raised First Solar from a "strong sell" rating to a "hold" rating in a research report on Monday, April 27th. Citigroup lowered their price target on First Solar from $300.00 to $243.00 and set a "buy" rating for the company in a report on Tuesday, April 21st. Argus dropped their price objective on First Solar from $300.00 to $250.00 and set a "buy" rating for the company in a report on Tuesday, March 3rd. Finally, Barclays cut their price objective on First Solar from $228.00 to $213.00 and set an "overweight" rating on the stock in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $246.10.

First Solar Stock Performance

FSLR stock opened at $233.27 on Tuesday. The company has a market capitalization of $25.06 billion, a P/E ratio of 15.07, a PEG ratio of 0.49 and a beta of 1.57. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. The company has a 50-day simple moving average of $197.82 and a 200 day simple moving average of $231.39. First Solar, Inc. has a fifty-two week low of $135.50 and a fifty-two week high of $285.99.

First Solar (NASDAQ:FSLR - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, topping analysts' consensus estimates of $2.87 by $0.35. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. First Solar's revenue was up 23.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.95 EPS. Sell-side analysts predict that First Solar, Inc. will post 17.58 earnings per share for the current fiscal year.

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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