Principal Financial Group Inc. Cuts Position in First Solar, Inc. (NASDAQ:FSLR)

Principal Financial Group Inc. trimmed its position in First Solar, Inc. (NASDAQ:FSLRGet Rating) by 0.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 346,756 shares of the solar cell manufacturer’s stock after selling 2,566 shares during the quarter. Principal Financial Group Inc. owned 0.33% of First Solar worth $30,223,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. KBC Group NV raised its holdings in shares of First Solar by 5.7% in the 4th quarter. KBC Group NV now owns 24,862 shares of the solar cell manufacturer’s stock worth $2,167,000 after purchasing an additional 1,331 shares during the period. Cullen Frost Bankers Inc. purchased a new position in shares of First Solar in the 4th quarter worth about $26,000. Franklin Resources Inc. raised its holdings in shares of First Solar by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 345,319 shares of the solar cell manufacturer’s stock worth $32,964,000 after purchasing an additional 26,000 shares during the period. Wellington Shields & Co. LLC raised its holdings in shares of First Solar by 17.1% in the 3rd quarter. Wellington Shields & Co. LLC now owns 3,428 shares of the solar cell manufacturer’s stock worth $327,000 after purchasing an additional 500 shares during the period. Finally, AlphaCrest Capital Management LLC raised its holdings in shares of First Solar by 181.5% during the 4th quarter. AlphaCrest Capital Management LLC now owns 16,994 shares of the solar cell manufacturer’s stock valued at $1,481,000 after buying an additional 10,958 shares during the period. Institutional investors own 75.42% of the company’s stock.

Shares of NASDAQ FSLR opened at $64.25 on Friday. The company has a market cap of $6.85 billion, a price-to-earnings ratio of 31.97, a price-to-earnings-growth ratio of 13.50 and a beta of 1.38. First Solar, Inc. has a 12-month low of $59.60 and a 12-month high of $123.13. The company has a current ratio of 4.07, a quick ratio of 2.93 and a debt-to-equity ratio of 0.04. The stock’s 50 day simple moving average is $76.29 and its 200 day simple moving average is $84.87.

First Solar (NASDAQ:FSLRGet Rating) last announced its quarterly earnings results on Thursday, April 28th. The solar cell manufacturer reported ($0.41) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.41). The business had revenue of $367.00 million for the quarter, compared to the consensus estimate of $588.73 million. First Solar had a return on equity of 3.68% and a net margin of 8.68%. The business’s revenue was down 54.3% on a year-over-year basis. During the same quarter last year, the business posted $1.96 EPS. As a group, equities analysts forecast that First Solar, Inc. will post 0.33 earnings per share for the current fiscal year.

Several equities research analysts recently commented on the company. Cowen dropped their target price on First Solar from $92.00 to $90.00 and set an “outperform” rating on the stock in a report on Wednesday, March 2nd. Wolfe Research dropped their target price on First Solar from $75.00 to $65.00 and set a “peer perform” rating on the stock in a report on Wednesday, March 2nd. Credit Suisse Group dropped their target price on First Solar from $88.00 to $82.00 and set a “neutral” rating on the stock in a report on Tuesday, March 8th. Morgan Stanley dropped their target price on First Solar from $63.00 to $62.00 and set an “underweight” rating on the stock in a report on Monday, April 4th. Finally, Citigroup dropped their target price on First Solar from $80.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, March 3rd. Five analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, First Solar currently has a consensus rating of “Hold” and an average target price of $87.83.

In other First Solar news, insider Kuntal Kumar Verma sold 2,219 shares of First Solar stock in a transaction on Thursday, March 31st. The stock was sold at an average price of $82.59, for a total transaction of $183,267.21. Following the sale, the insider now owns 2,490 shares of the company’s stock, valued at approximately $205,649.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alexander R. Bradley sold 3,211 shares of First Solar stock in a transaction on Monday, March 7th. The shares were sold at an average price of $75.19, for a total value of $241,435.09. The disclosure for this sale can be found here. In the last three months, insiders sold 26,849 shares of company stock worth $2,051,947. Company insiders own 0.55% of the company’s stock.

First Solar Profile (Get Rating)

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.

Further Reading

Institutional Ownership by Quarter for First Solar (NASDAQ:FSLR)

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