Royal London Asset Management Ltd. Cuts Holdings in First Solar, Inc. (NASDAQ:FSLR)

Royal London Asset Management Ltd. reduced its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 0.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 47,234 shares of the solar cell manufacturer’s stock after selling 65 shares during the period. Royal London Asset Management Ltd.’s holdings in First Solar were worth $10,649,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Oregon Public Employees Retirement Fund boosted its position in First Solar by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 9,172 shares of the solar cell manufacturer’s stock worth $2,068,000 after purchasing an additional 49 shares in the last quarter. Cambridge Trust Co. lifted its position in shares of First Solar by 1.6% during the 1st quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock valued at $546,000 after buying an additional 50 shares in the last quarter. Great Diamond Partners LLC grew its stake in First Solar by 3.8% in the 1st quarter. Great Diamond Partners LLC now owns 1,463 shares of the solar cell manufacturer’s stock valued at $247,000 after acquiring an additional 53 shares during the period. Massmutual Trust Co. FSB ADV increased its holdings in First Solar by 24.9% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 311 shares of the solar cell manufacturer’s stock worth $70,000 after acquiring an additional 62 shares in the last quarter. Finally, Family Legacy Inc. raised its position in First Solar by 1.4% during the first quarter. Family Legacy Inc. now owns 4,950 shares of the solar cell manufacturer’s stock worth $836,000 after acquiring an additional 69 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Trading Down 1.6 %

NASDAQ FSLR opened at $235.95 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.23 and a quick ratio of 1.65. The stock has a market capitalization of $25.26 billion, a P/E ratio of 24.73, a PEG ratio of 0.35 and a beta of 1.44. The firm’s 50-day moving average is $220.93 and its two-hundred day moving average is $209.11. First Solar, Inc. has a 12 month low of $129.21 and a 12 month high of $306.77.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, topping the consensus estimate of $2.69 by $0.56. First Solar had a net margin of 31.98% and a return on equity of 17.73%. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $939.71 million. During the same period in the prior year, the business posted $1.85 EPS. The business’s revenue for the quarter was up 24.6% compared to the same quarter last year. On average, sell-side analysts anticipate that First Solar, Inc. will post 13.6 earnings per share for the current year.

Insider Transactions at First Solar

In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now owns 3,468 shares in the company, valued at approximately $769,896. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other First Solar news, insider Kuntal Kumar Verma sold 1,621 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $260.00, for a total value of $421,460.00. Following the completion of the transaction, the insider now owns 3,549 shares in the company, valued at $922,740. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Patrick James Buehler sold 8,619 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $222.00, for a total value of $1,913,418.00. Following the sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The disclosure for this sale can be found here. Insiders sold a total of 12,506 shares of company stock worth $2,827,217 over the last ninety days. Company insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Barclays lifted their target price on shares of First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, August 2nd. BMO Capital Markets reduced their target price on First Solar from $311.00 to $286.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. The Goldman Sachs Group lifted their price target on First Solar from $268.00 to $302.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. Robert W. Baird reduced their price objective on First Solar from $344.00 to $307.00 and set an “outperform” rating for the company in a research note on Tuesday, July 2nd. Finally, Oppenheimer raised their price objective on First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, First Solar currently has an average rating of “Moderate Buy” and a consensus target price of $277.25.

About First Solar

First Solar, Inc, a solar technology company, provides photovoltaic (PV) solar energy solutions in the United States, France, Japan, Chile, and internationally. The company manufactures and sells PV solar modules with a thin film semiconductor technology that provides a lower-carbon alternative to conventional crystalline silicon PV solar modules.