M&T Bank Corp Decreases Stake in First Solar, Inc. (NASDAQ:FSLR)

M&T Bank Corp lessened its stake in First Solar, Inc. (NASDAQ:FSLR) by 3.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,760 shares of the solar cell manufacturer’s stock after selling 258 shares during the quarter. M&T Bank Corp’s holdings in First Solar were worth $981,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FSLR. Vanguard Group Inc. grew its holdings in First Solar by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 12,821,701 shares of the solar cell manufacturer’s stock valued at $2,259,697,000 after purchasing an additional 120,289 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of First Solar by 2.4% in the 4th quarter. Geode Capital Management LLC now owns 2,666,242 shares of the solar cell manufacturer’s stock worth $469,154,000 after buying an additional 63,739 shares in the last quarter. Wellington Management Group LLP grew its stake in First Solar by 12.5% in the 4th quarter. Wellington Management Group LLP now owns 2,359,846 shares of the solar cell manufacturer’s stock valued at $415,899,000 after acquiring an additional 262,482 shares during the last quarter. Invesco Ltd. grew its stake in First Solar by 13.9% in the 4th quarter. Invesco Ltd. now owns 1,835,056 shares of the solar cell manufacturer’s stock valued at $323,410,000 after acquiring an additional 223,933 shares during the last quarter. Finally, Norges Bank purchased a new position in First Solar during the 4th quarter valued at about $317,399,000. Hedge funds and other institutional investors own 92.08% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on FSLR shares. The Goldman Sachs Group upped their price target on shares of First Solar from $204.00 to $255.00 and gave the company a “buy” rating in a report on Monday, May 19th. Truist Financial reaffirmed a “buy” rating and issued a $200.00 target price (down previously from $245.00) on shares of First Solar in a research note on Thursday, May 1st. KeyCorp downgraded First Solar from a “sector weight” rating to an “underweight” rating and set a $100.00 price target for the company. in a research report on Wednesday, April 30th. Mizuho boosted their price target on First Solar from $275.00 to $278.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Susquehanna decreased their price objective on First Solar from $223.00 to $217.00 and set a “positive” rating on the stock in a research note on Monday, April 14th. Two analysts have rated the stock with a sell rating, four have given a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $228.80.

Insider Buying and Selling at First Solar

In other First Solar news, insider Michael Koralewski sold 2,951 shares of the company’s stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $158.21, for a total value of $466,877.71. Following the completion of the transaction, the insider owned 11,369 shares in the company, valued at $1,798,689.49. This represents a 20.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick James Buehler sold 1,868 shares of First Solar stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $149.08, for a total transaction of $278,481.44. Following the sale, the insider owned 5,998 shares in the company, valued at $894,181.84. This represents a 23.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 15,976 shares of company stock valued at $2,515,172 over the last three months. 0.48% of the stock is owned by company insiders.

First Solar Stock Down 1.0%

Shares of NASDAQ:FSLR opened at $160.84 on Tuesday. The stock has a 50-day simple moving average of $160.16 and a 200-day simple moving average of $153.86. The stock has a market capitalization of $17.25 billion, a P/E ratio of 13.68, a PEG ratio of 0.32 and a beta of 1.52. First Solar, Inc. has a 1 year low of $116.56 and a 1 year high of $262.72. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.39 and a current ratio of 1.93.

First Solar (NASDAQ:FSLR) last released its quarterly earnings data on Tuesday, April 29th. The solar cell manufacturer reported $1.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.50 by ($0.55). First Solar had a return on equity of 16.32% and a net margin of 29.72%. The business had revenue of $844.57 million for the quarter, compared to analysts’ expectations of $863.11 million. During the same quarter in the prior year, the firm earned $2.20 earnings per share. First Solar’s quarterly revenue was up 6.4% compared to the same quarter last year. Equities analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current year.

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.