Wellington Management Group LLP lessened its holdings in First Solar, Inc. (NASDAQ:FSLR – Free Report) by 3.7% during the 2nd quarter, Holdings Channel reports. The firm owned 357,702 shares of the solar cell manufacturer’s stock after selling 13,615 shares during the quarter. Wellington Management Group LLP’s holdings in First Solar were worth $84,403,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of FSLR. Pictet Asset Management Holding SA boosted its stake in shares of First Solar by 29.3% during the first quarter. Pictet Asset Management Holding SA now owns 1,138,473 shares of the solar cell manufacturer’s stock valued at $224,540,000 after acquiring an additional 258,204 shares during the last quarter. Rakuten Investment Management Inc. acquired a new position in First Solar in the 2nd quarter valued at about $4,019,000. Atlatl Advisers LLC purchased a new position in First Solar in the 4th quarter valued at about $1,697,000. Northwestern Mutual Wealth Management Co. lifted its holdings in First Solar by 1,054.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 52,219 shares of the solar cell manufacturer’s stock valued at $13,641,000 after purchasing an additional 47,695 shares in the last quarter. Finally, Genus Capital Management Inc. acquired a new stake in shares of First Solar during the 4th quarter worth about $4,525,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at First Solar
In related news, CTO Markus Gloeckler sold 3,425 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $218.95, for a total transaction of $749,903.75. Following the completion of the sale, the chief technology officer owned 7,471 shares of the company’s stock, valued at approximately $1,635,775.45. This represents a 31.43% decrease in their position. The transaction 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, EVP Samantha L. Sloan sold 127 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $222.95, for a total transaction of $28,314.65. Following the completion of the transaction, the executive vice president owned 2,018 shares in the company, valued at $449,913.10. The trade was a 5.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 15,881 shares of company stock valued at $3,617,086. 0.39% of the stock is owned by company insiders.
First Solar Stock Up 1.5%
First Solar (NASDAQ:FSLR – Get Free Report) last issued its earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $2.90 by $1.02. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The firm had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter last year, the firm earned $3.18 earnings per share. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. As a group, analysts expect that First Solar, Inc. will post 17.77 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on FSLR shares. Jefferies Financial Group set a $196.00 price objective on shares of First Solar in a research report on Monday, August 3rd. HC Wainwright started coverage on shares of First Solar in a research note on Thursday, August 27th. They issued a “buy” rating for the company. Raymond James Financial assumed coverage on First Solar in a report on Thursday, August 27th. They issued a “market perform” rating for the company. Barclays increased their price target on First Solar from $213.00 to $279.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Finally, Citigroup cut First Solar from a “buy” rating to a “hold” rating in a report on Thursday, August 27th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $266.27.
Read Our Latest Report on FSLR
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.
Featured Articles
- Five stocks we like better than First Solar
- Striking Oil: How the U.S. Play for Venezuela Fuels Supermajors
- J.M. Smucker Stock’s Rally Has More Than Tariffs Behind It
- Wendy’s Rally Fades After Trian Steps Back: Was It Ever Real?
- GitLab’s Earnings Beat Just Gave Software Bulls a New SaaSpocalypse Test
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).
Receive News & Ratings for First Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Solar and related companies with MarketBeat.com's FREE daily email newsletter.
