First Solar, Inc. (NASDAQ:FSLR) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 18.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 150,783 shares of the solar cell manufacturer’s stock after selling 33,418 shares during the quarter. Principal Financial Group Inc.’s holdings in First Solar were worth $37,611,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. AlphaMark Advisors LLC acquired a new stake in First Solar in the third quarter valued at $25,000. Strengthening Families & Communities LLC acquired a new stake in First Solar in the 3rd quarter valued at about $25,000. Kennebec Savings Bank purchased a new position in First Solar during the 3rd quarter valued at about $29,000. Atlas Capital Advisors LLC raised its position in First Solar by 411.1% during the second quarter. Atlas Capital Advisors LLC now owns 138 shares of the solar cell manufacturer’s stock worth $31,000 after acquiring an additional 111 shares during the last quarter. Finally, Itau Unibanco Holding S.A. purchased a new stake in shares of First Solar in the second quarter valued at about $38,000. 92.08% of the stock is owned by hedge funds and other institutional investors.

First Solar Stock Performance

Shares of FSLR opened at $186.36 on Tuesday. 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, Inc. has a 12-month low of $135.88 and a 12-month high of $306.77. The business’s fifty day moving average price is $195.54 and its 200 day moving average price is $219.36. The stock has a market capitalization of $19.95 billion, a PE ratio of 16.05, a price-to-earnings-growth ratio of 0.35 and a beta of 1.46.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings data on Tuesday, October 29th. The solar cell manufacturer reported $2.91 earnings per share for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.19). The business had revenue of $887.70 million for the quarter, compared to the consensus estimate of $1.07 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. First Solar’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.50 EPS. Equities research analysts forecast that First Solar, Inc. will post 13.15 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on FSLR shares. Hsbc Global Res upgraded First Solar to a “strong-buy” rating in a research report on Wednesday, October 9th. William Blair started coverage on First Solar in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. The Goldman Sachs Group dropped their price objective on First Solar from $311.00 to $279.00 and set a “buy” rating for the company in a research report on Wednesday, October 30th. BMO Capital Markets restated an “outperform” rating and issued a $260.00 target price (down from $286.00) on shares of First Solar in a report on Wednesday, October 30th. Finally, Janney Montgomery Scott raised shares of First Solar from a “neutral” rating to a “buy” rating and set a $260.00 price objective for the company in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, First Solar has an average rating of “Moderate Buy” and an average target price of $279.04.

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.