Skandinaviska Enskilda Banken AB publ Reduces Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Skandinaviska Enskilda Banken AB publ lowered its position in First Solar, Inc. (NASDAQ:FSLR) by 14.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,005 shares of the solar cell manufacturer’s stock after selling 5,890 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in First Solar were worth $8,115,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of First Solar by 6.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock valued at $43,749,000 after purchasing an additional 15,430 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in First Solar by 20.3% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock worth $20,434,000 after buying an additional 20,465 shares during the period. Northern Trust Corp boosted its stake in First Solar by 1.7% during the fourth quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer’s stock worth $175,816,000 after buying an additional 16,756 shares during the period. Legend Financial Advisors Inc. purchased a new position in First Solar during the first quarter worth about $759,000. Finally, Burford Brothers Inc. purchased a new position in First Solar during the fourth quarter worth about $3,539,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Stock Performance

NASDAQ:FSLR opened at $240.20 on Friday. The firm’s fifty day moving average price is $222.03 and its 200 day moving average price is $213.07. First Solar, Inc. has a 1-year low of $129.21 and a 1-year high of $306.77. 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 firm has a market cap of $25.71 billion, a price-to-earnings ratio of 25.18, a price-to-earnings-growth ratio of 0.40 and a beta of 1.44.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, beating analysts’ consensus estimates 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 last year, the firm posted $1.85 EPS. First Solar’s quarterly revenue was up 24.6% on a year-over-year basis. On average, sell-side analysts expect that First Solar, Inc. will post 13.6 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on FSLR. Deutsche Bank Aktiengesellschaft increased their target price on shares of First Solar from $215.00 to $280.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. The Goldman Sachs Group increased their target price on shares of First Solar from $268.00 to $302.00 and gave the stock a “buy” rating in a research note on Tuesday, June 4th. Morgan Stanley increased their target price on shares of First Solar from $248.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 4th. Oppenheimer increased their price target on shares of First Solar from $325.00 to $326.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Finally, DZ Bank raised shares of First Solar from a “hold” rating to a “buy” rating and set a $280.00 price target on the stock in a research report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, First Solar presently has an average rating of “Moderate Buy” and an average price target of $283.46.

Insiders Place Their Bets

In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the sale, the chief accounting officer now directly owns 500 shares in the company, valued at approximately $108,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Patrick James Buehler sold 8,619 shares of the business’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total value of $1,913,418.00. Following the completion of the transaction, the insider now owns 3,468 shares of the company’s stock, valued at approximately $769,896. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Byron Michael Jeffers sold 1,766 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total transaction of $382,339.00. Following the completion of the transaction, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at approximately $108,250. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,885 shares of company stock worth $2,405,757. Corporate insiders own 0.58% of the company’s stock.

First Solar Profile

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.