iA Global Asset Management Inc. Acquires 3,580 Shares of First Solar, Inc. $FSLR

iA Global Asset Management Inc. boosted its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 21.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,060 shares of the solar cell manufacturer’s stock after acquiring an additional 3,580 shares during the quarter. iA Global Asset Management Inc.’s holdings in First Solar were worth $5,240,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Joule Financial LLC purchased a new position in shares of First Solar during the third quarter valued at about $950,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in First Solar by 22.0% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 77,155 shares of the solar cell manufacturer’s stock worth $17,015,000 after purchasing an additional 13,904 shares during the period. Belpointe Asset Management LLC purchased a new stake in First Solar in the third quarter worth about $1,193,000. National Pension Service grew its holdings in First Solar by 24.1% in the third quarter. National Pension Service now owns 41,419 shares of the solar cell manufacturer’s stock worth $9,134,000 after purchasing an additional 8,036 shares during the period. Finally, Candriam S.C.A. grew its holdings in First Solar by 70.2% in the third quarter. Candriam S.C.A. now owns 150,379 shares of the solar cell manufacturer’s stock worth $33,163,000 after purchasing an additional 62,048 shares during the period. 92.08% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FSLR. Wall Street Zen cut shares of First Solar from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Bank of America cut their price objective on shares of First Solar from $291.00 to $271.00 and set a “buy” rating on the stock in a report on Thursday, January 22nd. Guggenheim cut their price objective on shares of First Solar from $312.00 to $269.00 and set a “buy” rating on the stock in a report on Tuesday, March 17th. Mizuho cut their price objective on shares of First Solar from $271.00 to $243.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Finally, Freedom Capital upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $247.03.

Insider Activity

In other news, insider Patrick James Buehler sold 235 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $50,673.05. Following the sale, the insider owned 7,406 shares in the company, valued at $1,596,955.78. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Alexander R. Bradley sold 498 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $215.63, for a total transaction of $107,383.74. Following the sale, the chief financial officer owned 30,712 shares in the company, valued at approximately $6,622,428.56. The trade was a 1.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 92,430 shares of company stock valued at $18,670,055. Company insiders own 0.39% of the company’s stock.

First Solar Stock Performance

NASDAQ:FSLR opened at $233.37 on Monday. The company’s 50 day moving average price is $200.53 and its 200-day moving average price is $231.29. First Solar, Inc. has a 52 week low of $135.50 and a 52 week high of $285.99. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. The stock has a market cap of $25.08 billion, a price-to-earnings ratio of 15.08, a PEG ratio of 0.51 and a beta of 1.57.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 EPS for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same quarter in the prior year, the company posted $1.95 earnings per share. The business’s revenue for the quarter was up 23.6% on a year-over-year basis. On average, equities research analysts forecast that First Solar, Inc. will post 17.64 earnings per share for the current fiscal year.

About First Solar

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.