Corebridge Financial Inc. Lowers Stake in First Solar, Inc. (NASDAQ:FSLR)

Corebridge Financial Inc. lessened its stake in First Solar, Inc. (NASDAQ:FSLR) by 1.1% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 26,292 shares of the solar cell manufacturer’s stock after selling 283 shares during the period. Corebridge Financial Inc.’s holdings in First Solar were worth $4,634,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Cerity Partners LLC raised its holdings in shares of First Solar by 60.0% in the 3rd quarter. Cerity Partners LLC now owns 7,457 shares of the solar cell manufacturer’s stock valued at $1,860,000 after buying an additional 2,796 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in First Solar in the 3rd quarter valued at about $360,000. The Manufacturers Life Insurance Company increased its stake in First Solar by 1.9% during the third quarter. The Manufacturers Life Insurance Company now owns 80,271 shares of the solar cell manufacturer’s stock worth $20,036,000 after purchasing an additional 1,479 shares during the period. Townsquare Capital LLC acquired a new stake in shares of First Solar during the third quarter worth about $240,000. Finally, Glenmede Trust Co. NA boosted its stake in shares of First Solar by 4.1% in the third quarter. Glenmede Trust Co. NA now owns 2,328 shares of the solar cell manufacturer’s stock valued at $581,000 after purchasing an additional 91 shares during the period. 92.08% of the stock is currently owned by institutional investors and hedge funds.

First Solar Stock Up 0.6 %

Shares of NASDAQ FSLR opened at $127.32 on Monday. The stock has a market cap of $13.63 billion, a PE ratio of 10.97, a price-to-earnings-growth ratio of 0.19 and a beta of 1.52. First Solar, Inc. has a 52-week low of $124.32 and a 52-week high of $306.77. The business has a 50-day moving average price of $150.28 and a 200 day moving average price of $184.79. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing the consensus estimate of $4.81 by ($1.16). The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.48 billion. First Solar had a net margin of 32.41% and a return on equity of 17.56%. Equities research analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current year.

Analysts Set New Price Targets

FSLR has been the topic of several recent research reports. Redburn Atlantic assumed coverage on shares of First Solar in a research note on Monday, March 3rd. They set a “neutral” rating on the stock. JPMorgan Chase & Co. reduced their price objective on First Solar from $282.00 to $268.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Citigroup decreased their target price on First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Roth Mkm reissued a “buy” rating and set a $280.00 target price on shares of First Solar in a research note on Wednesday, February 26th. Finally, Deutsche Bank Aktiengesellschaft set a $265.00 price target on First Solar in a research report on Thursday, February 27th. Four analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $262.08.

Insiders Place Their Bets

In other First Solar news, insider Kuntal Kumar Verma sold 7,475 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $136.60, for a total transaction of $1,021,085.00. Following the completion of the sale, the insider now directly owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This trade represents a 67.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of the business’s 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 transaction, the chief executive officer now directly owns 103,403 shares in the company, valued at approximately $14,589,129.27. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,311 shares of company stock valued at $4,767,158. 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.