Lazard Asset Management LLC Raises Position in First Solar, Inc. (NASDAQ:FSLR)

Lazard Asset Management LLC increased its holdings in First Solar, Inc. (NASDAQ:FSLR) by 111.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 526 shares of the solar cell manufacturer’s stock after purchasing an additional 277 shares during the period. Lazard Asset Management LLC’s holdings in First Solar were worth $92,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its holdings in First Solar by 665.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 39,192 shares of the solar cell manufacturer’s stock valued at $7,308,000 after buying an additional 34,074 shares during the period. Paragon Capital Management Inc. acquired a new position in First Solar during the fourth quarter worth approximately $1,240,000. Robeco Institutional Asset Management B.V. raised its stake in First Solar by 9.0% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 595,267 shares of the solar cell manufacturer’s stock worth $104,910,000 after purchasing an additional 49,074 shares during the period. Golden State Equity Partners boosted its holdings in shares of First Solar by 41,342.9% in the 4th quarter. Golden State Equity Partners now owns 2,901 shares of the solar cell manufacturer’s stock valued at $511,000 after purchasing an additional 2,894 shares during the last quarter. Finally, RWC Asset Management LLP acquired a new position in shares of First Solar in the 4th quarter valued at $16,745,000. 92.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at First Solar

In other news, CFO Alexander R. Bradley sold 599 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $80,116.25. Following the completion of the transaction, the chief financial officer now owns 45,717 shares in the company, valued at approximately $6,114,648.75. This represents a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark R. Widmar sold 21,542 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the transaction, the chief executive officer now owns 103,403 shares of the company’s stock, valued at approximately $14,589,129.27. This trade represents a 17.24% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,311 shares of company stock worth $4,767,158. 0.48% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Oppenheimer lowered First Solar from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 30th. TD Cowen cut their price objective on First Solar from $275.00 to $200.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. Wolfe Research upgraded First Solar from a “peer perform” rating to an “outperform” rating and set a $221.00 target price for the company in a report on Tuesday, May 13th. Roth Mkm restated a “buy” rating and issued a $280.00 price target on shares of First Solar in a report on Wednesday, February 26th. Finally, Robert W. Baird decreased their price objective on shares of First Solar from $267.00 to $240.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $227.37.

First Solar Stock Performance

First Solar stock opened at $158.38 on Monday. 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 $116.56 and a 12 month high of $306.77. The company has a fifty day moving average price of $137.94 and a two-hundred day moving average price of $161.43. The company has a market cap of $16.99 billion, a PE ratio of 13.64, a P/E/G ratio of 0.19 and a beta of 1.46.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing the consensus estimate of $2.50 by ($0.55). The business had revenue of $844.57 million during the quarter, compared to analyst estimates of $863.11 million. First Solar had a net margin of 32.41% and a return on equity of 17.56%. The company’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period last year, the firm posted $2.20 earnings per share. Research analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current year.

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.