Principal Financial Group Inc. decreased its position in shares of First Solar, Inc. (NASDAQ:FSLR – Free Report) by 4.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 198,663 shares of the solar cell manufacturer’s stock after selling 9,713 shares during the quarter. Principal Financial Group Inc. owned approximately 0.19% of First Solar worth $43,209,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Armstrong Advisory Group Inc. acquired a new position in First Solar in the first quarter valued at about $25,000. Massmutual Trust Co. FSB ADV lifted its position in First Solar by 172.7% in the first quarter. Massmutual Trust Co. FSB ADV now owns 150 shares of the solar cell manufacturer’s stock valued at $33,000 after buying an additional 95 shares during the last quarter. Householder Group Estate & Retirement Specialist LLC acquired a new position in First Solar in the first quarter valued at about $33,000. Spire Wealth Management lifted its position in First Solar by 67.9% in the first quarter. Spire Wealth Management now owns 178 shares of the solar cell manufacturer’s stock valued at $39,000 after buying an additional 72 shares during the last quarter. Finally, Valley National Advisers Inc. acquired a new position in First Solar in the first quarter valued at about $39,000. Institutional investors and hedge funds own 82.74% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have commented on FSLR shares. Susquehanna upped their target price on shares of First Solar from $225.00 to $261.00 and gave the company a “positive” rating in a research report on Friday, July 28th. StockNews.com initiated coverage on shares of First Solar in a research report on Thursday. They issued a “hold” rating on the stock. Piper Sandler boosted their price target on shares of First Solar from $225.00 to $260.00 in a research note on Monday, May 22nd. Guggenheim cut their price target on shares of First Solar from $334.00 to $332.00 and set a “buy” rating on the stock in a research note on Friday, July 28th. Finally, Wolfe Research lowered shares of First Solar from an “outperform” rating to a “market perform” rating in a research note on Monday, May 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $225.62.
Insider Activity at First Solar
In related news, Director Michael T. Sweeney sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $205.14, for a total value of $1,435,980.00. Following the completion of the transaction, the director now directly owns 19,647 shares of the company’s stock, valued at $4,030,385.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Michael T. Sweeney sold 7,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $205.14, for a total value of $1,435,980.00. Following the completion of the sale, the director now directly owns 19,647 shares of the company’s stock, valued at $4,030,385.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Georges Antoun sold 12,346 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $202.89, for a total value of $2,504,879.94. Following the completion of the sale, the insider now directly owns 46,841 shares of the company’s stock, valued at $9,503,570.49. The disclosure for this sale can be found here. Insiders sold 75,436 shares of company stock valued at $15,149,057 over the last three months. 0.58% of the stock is owned by corporate insiders.
First Solar Stock Performance
Shares of FSLR opened at $181.91 on Friday. The stock has a 50 day moving average price of $193.96 and a 200 day moving average price of $194.82. The company has a quick ratio of 2.66, a current ratio of 3.36 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $19.43 billion, a price-to-earnings ratio of 124.60 and a beta of 1.37. First Solar, Inc. has a 52-week low of $111.20 and a 52-week high of $232.00.
First Solar (NASDAQ:FSLR – Get Free Report) last announced its quarterly earnings results on Thursday, July 27th. The solar cell manufacturer reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.90. The firm had revenue of $810.67 million during the quarter, compared to the consensus estimate of $720.43 million. First Solar had a return on equity of 3.13% and a net margin of 5.23%. Research analysts predict that First Solar, Inc. will post 7.7 EPS for the current fiscal year.
About First Solar
First Solar, Inc is a solar technology company, which engages in the provision of solar modules. It is involved in the design, manufacture, and sale of cadmium tellurid (CdTe) solar modules, which convert sunlight into electricity. The company was founded by Michael J. Ahearn in 1999 and is headquartered in Tempe, AZ.
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