Cresset Asset Management LLC Trims Position in First Solar, Inc. (NASDAQ:FSLR)

Cresset Asset Management LLC lessened its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 68.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,149 shares of the solar cell manufacturer’s stock after selling 4,772 shares during the quarter. Cresset Asset Management LLC’s holdings in First Solar were worth $379,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Clear Harbor Asset Management LLC grew its holdings in shares of First Solar by 0.6% during the fourth quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer’s stock worth $1,623,000 after purchasing an additional 55 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after purchasing an additional 63 shares in the last quarter. Independent Advisor Alliance grew its holdings in shares of First Solar by 3.1% during the fourth quarter. Independent Advisor Alliance now owns 2,090 shares of the solar cell manufacturer’s stock worth $368,000 after purchasing an additional 63 shares in the last quarter. Huntington National Bank grew its holdings in shares of First Solar by 15.3% during the fourth quarter. Huntington National Bank now owns 511 shares of the solar cell manufacturer’s stock worth $90,000 after purchasing an additional 68 shares in the last quarter. Finally, Evexia Wealth LLC grew its holdings in shares of First Solar by 2.1% during the fourth quarter. Evexia Wealth LLC now owns 3,481 shares of the solar cell manufacturer’s stock worth $586,000 after purchasing an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 92.08% of the company’s stock.

First Solar Price Performance

Shares of First Solar stock opened at $186.18 on Friday. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market cap of $19.97 billion, a PE ratio of 16.04, a P/E/G ratio of 0.19 and a beta of 1.46. The business has a 50 day moving average of $134.18 and a 200 day moving average of $163.52. First Solar, Inc. has a 52 week low of $116.56 and a 52 week high of $306.77.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, April 29th. The solar cell manufacturer reported $1.95 EPS for the quarter, missing analysts’ consensus estimates of $2.50 by ($0.55). The business had revenue of $844.57 million for the quarter, compared to the consensus estimate of $863.11 million. First Solar had a net margin of 32.41% and a return on equity of 17.56%. First Solar’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.20 EPS. As a group, equities research analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on FSLR shares. Roth Mkm reissued a “buy” rating and set a $280.00 price objective on shares of First Solar in a report on Wednesday, February 26th. Robert W. Baird cut their price objective on First Solar from $267.00 to $240.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Mizuho raised First Solar from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $218.00 to $259.00 in a research note on Tuesday, February 11th. The Goldman Sachs Group cut their target price on First Solar from $235.00 to $204.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, KeyCorp lowered First Solar from a “sector weight” rating to an “underweight” rating and set a $100.00 target price for the company. in a research note on Wednesday, April 30th. Two equities research 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $224.48.

Insider Activity at First Solar

In other First Solar news, CTO Markus Gloeckler sold 380 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $133.75, for a total value of $50,825.00. Following the completion of the transaction, the chief technology officer now owns 17,594 shares in the company, valued at approximately $2,353,197.50. This represents a 2.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark R. Widmar sold 1,272 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $132.96, for a total value of $169,125.12. Following the completion of the transaction, the chief executive officer now owns 109,000 shares of the company’s stock, valued at approximately $14,492,640. This trade represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,311 shares of company stock worth $4,767,158 over the last quarter. 0.48% of the stock is owned by corporate insiders.

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.