Saudi Central Bank Boosts Position in First Solar, Inc. $FSLR

Saudi Central Bank lifted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 89.9% in the second quarter, Holdings Channel.com reports. The fund owned 7,145 shares of the solar cell manufacturer’s stock after purchasing an additional 3,382 shares during the period. Saudi Central Bank’s holdings in First Solar were worth $1,686,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in First Solar during the 2nd quarter valued at $3,310,298,000. Geode Capital Management LLC increased its position in shares of First Solar by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 2,919,991 shares of the solar cell manufacturer’s stock valued at $761,396,000 after buying an additional 24,206 shares during the period. Hill City Capital LP purchased a new position in shares of First Solar during the second quarter valued at about $620,133,555. Viking Global Investors LP raised its stake in First Solar by 60.6% in 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 in the last quarter. Finally, Amundi raised its stake in First Solar by 9.4% in the fourth quarter. Amundi now owns 2,215,461 shares of the solar cell manufacturer’s stock worth $578,791,000 after buying an additional 189,626 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Up 4.3%

Shares of NASDAQ FSLR opened at $213.25 on Wednesday. The firm has a market cap of $22.91 billion, a P/E ratio of 13.15, a PEG ratio of 0.54 and a beta of 1.74. First Solar, Inc. has a twelve month low of $182.99 and a twelve month high of $320.95. The company has a 50 day moving average of $217.75 and a 200 day moving average of $222.29.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share for the quarter, topping the consensus estimate of $2.90 by $1.02. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%.The company’s revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.18 earnings per share. As a group, equities analysts expect that First Solar, Inc. will post 17.77 earnings per share for the current fiscal year.

Insider Activity at First Solar

In related news, 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 value of $28,314.65. Following the sale, the executive vice president owned 2,018 shares in the company, valued at approximately $449,913.10. This trade represents a 5.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Jason E. Dymbort sold 3,700 shares of First Solar stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the completion of the sale, the general counsel directly owned 5,624 shares of the company’s stock, valued at approximately $1,402,513.12. This trade represents a 39.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 15,881 shares of company stock worth $3,617,086 over the last quarter. 0.39% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Raymond James Financial assumed coverage on First Solar in a report on Thursday, August 27th. They set a “market perform” rating on the stock. Susquehanna lifted their price target on First Solar from $250.00 to $270.00 and gave the company a “positive” rating in a research report on Friday, July 10th. Robert W. Baird set a $318.00 price target on First Solar and gave the stock an “outperform” rating in a research note on Tuesday, August 11th. Barclays raised their price objective on First Solar from $213.00 to $279.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. Finally, Guggenheim upped their target price on shares of First Solar from $279.00 to $282.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, First Solar has a consensus rating of “Moderate Buy” and an average price target of $266.27.

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.