The Manufacturers Life Insurance Company Sells 4,072 Shares of First Solar, Inc. (NASDAQ:FSLR)

The Manufacturers Life Insurance Company lowered its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 4.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 78,792 shares of the solar cell manufacturer’s stock after selling 4,072 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of First Solar worth $17,819,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in First Solar by 6.3% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 259,177 shares of the solar cell manufacturer’s stock worth $43,749,000 after purchasing an additional 15,430 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in First Solar by 20.3% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,055 shares of the solar cell manufacturer’s stock valued at $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% in the fourth quarter. Northern Trust Corp now owns 1,020,527 shares of the solar cell manufacturer’s stock valued at $175,816,000 after acquiring an additional 16,756 shares during the last quarter. Legend Financial Advisors Inc. acquired a new stake in First Solar during the 1st quarter worth $759,000. Finally, Burford Brothers Inc. bought a new stake in shares of First Solar during the 4th quarter valued at $3,539,000. Institutional investors own 92.08% of the company’s stock.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $234.44 on Thursday. 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 business has a 50-day moving average of $226.71 and a 200-day moving average of $218.07. The stock has a market capitalization of $25.09 billion, a price-to-earnings ratio of 24.57, a PEG ratio of 0.42 and a beta of 1.44. First Solar, Inc. has a fifty-two week low of $129.21 and a fifty-two week high of $306.77.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results 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 return on equity of 17.73% and a net margin of 31.98%. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $939.71 million. During the same period last year, the company earned $1.85 earnings per share. The business’s revenue was up 24.6% compared to the same quarter last year. As a group, sell-side analysts predict that First Solar, Inc. will post 13.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Patrick James Buehler sold 8,619 shares of First Solar 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 legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Patrick James Buehler sold 8,619 shares of the firm’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 sale, the insider now directly owns 3,468 shares in the company, valued at approximately $769,896. The sale was disclosed in a document filed 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 that occurred on Wednesday, August 7th. The stock was 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 in the company, valued at approximately $108,250. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,885 shares of company stock valued at $2,405,757. 0.58% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FSLR has been the subject of a number of analyst reports. DZ Bank raised First Solar from a “hold” rating to a “buy” rating and set a $280.00 price objective for the company in a research note on Thursday, August 1st. Clarkson Capital assumed coverage on First Solar in a research note on Wednesday, August 14th. They issued a “buy” rating and a $270.00 price target for the company. Janney Montgomery Scott lowered shares of First Solar from a “buy” rating to a “neutral” rating in a research note on Tuesday, June 18th. Oppenheimer upped their target price on shares of First Solar from $325.00 to $326.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Finally, William Blair assumed coverage on shares of First Solar in a research report on Thursday, August 29th. They set a “market perform” rating on the stock. Five research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and an average price target of $284.12.

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.