Comerica Bank Has $2.61 Million Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Comerica Bank lowered its position in First Solar, Inc. (NASDAQ:FSLR) by 12.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 14,800 shares of the solar cell manufacturer’s stock after selling 2,082 shares during the quarter. Comerica Bank’s holdings in First Solar were worth $2,608,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its stake in First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after purchasing an additional 63 shares during the period. Crews Bank & Trust acquired a new position in shares of First Solar in the 4th quarter worth approximately $53,000. Hudson Edge Investment Partners Inc. bought a new position in shares of First Solar during the 4th quarter worth approximately $53,000. CoreFirst Bank & Trust bought a new position in shares of First Solar during the 4th quarter worth approximately $54,000. Finally, Montag A & Associates Inc. boosted its stake in First Solar by 18.8% in the 4th quarter. Montag A & Associates Inc. now owns 475 shares of the solar cell manufacturer’s stock valued at $84,000 after buying an additional 75 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

Insider Buying and Selling at First Solar

In other First Solar news, insider Georges Antoun sold 229 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $133.75, for a total transaction of $30,628.75. Following the completion of the transaction, the insider now owns 52,836 shares in the company, valued at approximately $7,066,815. This represents a 0.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $141.09, for a total value of $3,039,360.78. Following the completion of the sale, the chief executive officer now directly owns 103,403 shares in the company, valued at approximately $14,589,129.27. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,311 shares of company stock valued at $4,767,158. Company insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Piper Sandler dropped their price objective on First Solar from $230.00 to $205.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Morgan Stanley set a $223.00 price target on shares of First Solar and gave the company an “overweight” rating in a report on Wednesday, April 23rd. Bank of America decreased their price objective on shares of First Solar from $236.00 to $215.00 and set a “buy” rating on the stock in a research note on Tuesday, April 8th. Seaport Res Ptn upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 15th. Finally, Royal Bank of Canada decreased their price target on First Solar from $237.00 to $214.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 30th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $223.87.

First Solar Stock Performance

Shares of NASDAQ:FSLR opened at $133.76 on Friday. The firm’s 50 day simple moving average is $130.14 and its 200 day simple moving average is $164.39. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $306.77. The company has a market capitalization of $14.34 billion, a price-to-earnings ratio of 11.52, a P/E/G ratio of 0.19 and a beta of 1.46. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.14 and a quick ratio of 1.44.

First Solar (NASDAQ:FSLR) last posted its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share for the quarter, missing the consensus estimate of $2.50 by ($0.55). First Solar had a return on equity of 17.56% and a net margin of 32.41%. The firm had revenue of $844.57 million during the quarter, compared to analyst estimates of $863.11 million. During the same quarter last year, the business posted $2.20 earnings per share. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, sell-side analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current year.

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.