Chase Investment Counsel Corp Decreases Stock Position in First Solar, Inc. $FSLR

Chase Investment Counsel Corp cut its position in First Solar, Inc. (NASDAQ:FSLR) by 92.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,234 shares of the solar cell manufacturer’s stock after selling 14,604 shares during the period. Chase Investment Counsel Corp’s holdings in First Solar were worth $243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. CacheTech Inc. bought a new position in shares of First Solar during the 1st quarter worth $3,290,000. Himension Capital Singapore PTE. LTD. increased its holdings in First Solar by 69.3% in the 1st quarter. Himension Capital Singapore PTE. LTD. now owns 10,746 shares of the solar cell manufacturer’s stock worth $2,120,000 after acquiring an additional 4,398 shares during the last quarter. ABN Amro Investment Solutions increased its holdings in First Solar by 3.5% in the 1st quarter. ABN Amro Investment Solutions now owns 93,691 shares of the solar cell manufacturer’s stock worth $18,481,000 after acquiring an additional 3,142 shares during the last quarter. Oslo Pensjonsforsikring AS bought a new stake in First Solar in the 1st quarter valued at about $257,000. Finally, Andra AP fonden raised its stake in First Solar by 226.3% in the 1st quarter. Andra AP fonden now owns 78,249 shares of the solar cell manufacturer’s stock valued at $15,435,000 after acquiring an additional 54,271 shares during the period. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

Shares of FSLR opened at $206.05 on Wednesday. First Solar, Inc. has a 52-week low of $171.99 and a 52-week high of $320.95. The stock’s 50-day simple moving average is $250.23 and its 200 day simple moving average is $227.94. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.15 and a current ratio of 2.56. The stock has a market capitalization of $22.14 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 0.46 and a beta of 1.73.

First Solar (NASDAQ:FSLR) last posted its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $0.35. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the firm earned $1.95 EPS. The company’s quarterly revenue was up 23.6% compared to the same quarter last year. Research analysts forecast that First Solar, Inc. will post 17.54 EPS for the current fiscal year.

Insider Activity at First Solar

In related news, insider Kuntal Kumar Verma sold 582 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $250.00, for a total transaction of $145,500.00. Following the completion of the transaction, the insider owned 4,967 shares of the company’s stock, valued at approximately $1,241,750. The trade was a 10.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Georges Antoun sold 566 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total transaction of $122,046.58. Following the sale, the insider directly owned 19,918 shares in the company, valued at $4,294,918.34. This trade represents a 2.76% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 31,893 shares of company stock valued at $7,893,775 in the last quarter. 0.39% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on FSLR shares. Freedom Capital upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Jefferies Financial Group reissued a “hold” rating and issued a $207.00 price target on shares of First Solar in a research report on Tuesday. Argus boosted their price target on shares of First Solar from $250.00 to $275.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Barclays upped their price target on shares of First Solar from $213.00 to $279.00 and gave the company an “overweight” rating in a research note on Tuesday, July 14th. Finally, Wells Fargo & Company raised their price objective on shares of First Solar from $255.00 to $320.00 and gave the stock an “overweight” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, First Solar has an average rating of “Moderate Buy” and a consensus price target of $257.10.

More First Solar News

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: First Solar continues to draw attention from investors and analysts because of its growth in U.S. solar manufacturing and exposure to domestic solar demand. Article Title
• Neutral Sentiment: Several law firms issued reminder notices about the pending securities class action and the August 24 deadline for investors to seek lead-plaintiff status. Article Title
• Neutral Sentiment: Pomerantz announced that a class action has been filed against First Solar and certain officers, alleging securities-law violations tied to the class period. Article Title
• Negative Sentiment: The lawsuit and repeated legal notices highlight alleged misrepresentations about module production underutilization and the challenges of onshoring operations, which can weigh on investor sentiment and raise litigation risk. Article Title

First Solar 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.