Intech Investment Management LLC Sells 32,613 Shares of First Solar, Inc. (NASDAQ:FSLR)

Intech Investment Management LLC decreased its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 69.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,501 shares of the solar cell manufacturer’s stock after selling 32,613 shares during the quarter. Intech Investment Management LLC’s holdings in First Solar were worth $3,269,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Atlas Capital Advisors LLC grew its stake in First Solar by 411.1% in the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after purchasing an additional 111 shares in the last quarter. Dixon Mitchell Investment Counsel Inc. bought a new position in shares of First Solar during the 1st quarter worth $25,000. University of Texas Texas AM Investment Managment Co. bought a new stake in shares of First Solar in the fourth quarter valued at about $27,000. Summit Securities Group LLC bought a new stake in shares of First Solar in the second quarter valued at about $36,000. Finally, Riverview Trust Co purchased a new stake in First Solar in the first quarter worth about $32,000. Institutional investors own 92.08% of the company’s stock.

Insider Activity

In related news, CAO Byron Michael Jeffers sold 1,766 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $216.50, for a total value of $382,339.00. Following the transaction, the chief accounting officer now directly owns 500 shares of the company’s stock, valued at approximately $108,250. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other First Solar news, CAO Byron Michael Jeffers sold 1,766 shares of First Solar 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 owns 500 shares of the company’s stock, valued at approximately $108,250. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick James Buehler sold 8,619 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $222.00, for a total transaction of $1,913,418.00. Following the completion of the sale, the insider now owns 3,468 shares of the company’s stock, valued at $769,896. The disclosure for this sale can be found here. Insiders have sold a total of 10,885 shares of company stock worth $2,405,757 over the last 90 days. 0.58% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FSLR has been the subject of several research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $315.00 price target on shares of First Solar in a research report on Wednesday, July 31st. Morgan Stanley upped their target price on First Solar from $248.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, June 4th. Barclays lifted their price target on First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Clarkson Capital assumed coverage on First Solar in a research note on Wednesday, August 14th. They set a “buy” rating and a $270.00 price objective for the company. Finally, Bank of America lifted their target price on First Solar from $320.00 to $343.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Five research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $283.46.

First Solar Price Performance

NASDAQ:FSLR opened at $240.20 on Monday. The stock has a market capitalization of $25.71 billion, a PE ratio of 25.18, a price-to-earnings-growth ratio of 0.40 and a beta of 1.44. First Solar, Inc. has a 52 week low of $129.21 and a 52 week high of $306.77. The company has a quick ratio of 1.65, a current ratio of 2.23 and a debt-to-equity ratio of 0.06. The stock’s 50-day moving average price is $222.03 and its 200-day moving average price is $213.46.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, July 30th. The solar cell manufacturer reported $3.25 EPS for the quarter, beating analysts’ consensus estimates of $2.69 by $0.56. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $939.71 million. During the same period in the previous year, the business earned $1.85 earnings per share. The business’s revenue was up 24.6% compared to the same quarter last year. As a group, equities analysts expect that First Solar, Inc. will post 13.6 EPS for the current fiscal year.

First Solar Company 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.