LGT Fund Management Co Ltd. Cuts Stock Position in First Solar, Inc. $FSLR

LGT Fund Management Co Ltd. lessened its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 92.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,630 shares of the solar cell manufacturer’s stock after selling 20,500 shares during the period. LGT Fund Management Co Ltd.’s holdings in First Solar were worth $366,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Strategic Wealth Investment Group LLC acquired a new stake in First Solar in the second quarter valued at approximately $26,000. Total Investment Management Inc. purchased a new position in First Solar in the second quarter worth $36,000. NBT Bank N A NY increased its position in shares of First Solar by 550.0% during the third quarter. NBT Bank N A NY now owns 221 shares of the solar cell manufacturer’s stock worth $49,000 after purchasing an additional 187 shares in the last quarter. Mather Group LLC. purchased a new stake in shares of First Solar during the 3rd quarter valued at $52,000. Finally, Westfuller Advisors LLC purchased a new stake in shares of First Solar during the 3rd quarter valued at $52,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Analyst Upgrades and Downgrades

FSLR has been the subject of a number of recent analyst reports. Bank of America lowered their price objective on First Solar from $291.00 to $271.00 and set a “buy” rating for the company in a research report on Thursday, January 22nd. Susquehanna decreased their price target on First Solar from $292.00 to $280.00 and set a “positive” rating for the company in a research note on Wednesday, February 25th. Needham & Company LLC increased their price target on First Solar from $286.00 to $303.00 and gave the company a “buy” rating in a research note on Monday, February 23rd. Wolfe Research downgraded First Solar from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 26th. Finally, The Goldman Sachs Group dropped their price target on First Solar from $316.00 to $300.00 and set a “buy” rating on the stock in a research note on Wednesday, February 25th. Twenty analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $249.65.

First Solar Trading Up 3.3%

First Solar stock opened at $195.38 on Tuesday. The stock has a 50-day moving average price of $232.63 and a 200 day moving average price of $236.44. The company has a market capitalization of $20.97 billion, a price-to-earnings ratio of 13.75, a price-to-earnings-growth ratio of 0.30 and a beta of 1.65. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $285.99. The company has a quick ratio of 2.35, a current ratio of 2.67 and a debt-to-equity ratio of 0.03.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Tuesday, February 24th. The solar cell manufacturer reported $4.84 earnings per share for the quarter, missing the consensus estimate of $5.22 by ($0.38). First Solar had a return on equity of 17.32% and a net margin of 29.28%.The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.59 billion. During the same quarter last year, the company posted $3.65 EPS. First Solar’s quarterly revenue was up 11.1% compared to the same quarter last year. Sell-side analysts anticipate that First Solar, Inc. will post 13.05 EPS for the current year.

Insider Transactions at First Solar

In related news, insider Georges Antoun sold 1,958 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $194.95, for a total transaction of $381,712.10. Following the completion of the transaction, the insider directly owned 17,705 shares in the company, valued at $3,451,589.75. The trade was a 9.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Markus Gloeckler sold 3,640 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $196.95, for a total transaction of $716,898.00. Following the completion of the sale, the chief technology officer directly owned 8,037 shares in the company, valued at approximately $1,582,887.15. The trade was a 31.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 31,975 shares of company stock valued at $6,267,492. 0.48% of the stock is owned by corporate insiders.

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.