Summerhill Capital Management lnc. Sells 22,328 Shares of First Solar, Inc. $FSLR

Summerhill Capital Management lnc. cut its position in First Solar, Inc. (NASDAQ:FSLR) by 51.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,410 shares of the solar cell manufacturer’s stock after selling 22,328 shares during the quarter. First Solar comprises 3.7% of Summerhill Capital Management lnc.’s investment portfolio, making the stock its 11th biggest position. Summerhill Capital Management lnc.’s holdings in First Solar were worth $4,223,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in shares of First Solar during the 4th quarter valued at $392,040,000. Viking Global Investors LP raised its position in shares of First Solar by 60.6% in the second quarter. Viking Global Investors LP now owns 2,266,050 shares of the solar cell manufacturer’s stock worth $375,122,000 after buying an additional 854,919 shares in the last quarter. Polar Capital Holdings Plc purchased a new stake in shares of First Solar in the fourth quarter worth $200,109,000. Lightrock Netherlands B.V. boosted its stake in First Solar by 2,663.8% during the fourth quarter. Lightrock Netherlands B.V. now owns 666,307 shares of the solar cell manufacturer’s stock valued at $174,059,000 after buying an additional 642,199 shares during the period. Finally, Amundi boosted its stake in First Solar by 38.6% during the third quarter. Amundi now owns 2,025,835 shares of the solar cell manufacturer’s stock valued at $459,917,000 after buying an additional 564,032 shares during the period. 92.08% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Mark R. Widmar sold 9,926 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $233.21, for a total transaction of $2,314,842.46. Following the transaction, the chief executive officer directly owned 95,148 shares of the company’s stock, valued at approximately $22,189,465.08. This trade represents a 9.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alexander R. Bradley sold 498 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $215.63, for a total value of $107,383.74. Following the completion of the sale, the chief financial officer owned 30,712 shares of the company’s stock, valued at $6,622,428.56. The trade was a 1.60% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 32,466 shares of company stock worth $8,014,105. 0.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FSLR shares. Citigroup reduced their target price on First Solar from $300.00 to $243.00 and set a “buy” rating for the company in a research report on Tuesday, April 21st. The Goldman Sachs Group lifted their price target on First Solar from $300.00 to $310.00 in a research report on Friday, May 1st. Barclays cut their price objective on First Solar from $228.00 to $213.00 and set an “overweight” rating for the company in a report on Monday, April 20th. UBS Group upped their price objective on shares of First Solar from $290.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Finally, Wall Street Zen downgraded shares of First Solar from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $249.78.

More First Solar News

Here are the key news stories impacting First Solar this week:

• Negative Sentiment: Several firms, including Howard G. Smith, Bronstein Gewirtz & Grossman, Rosen Law, Pomerantz, Portnoy, and the Schall Law Firm, announced or promoted class-action cases tied to First Solar, increasing legal overhang and headline risk. Article Title
• Negative Sentiment: Multiple securities-fraud investigations were also launched or reiterated by plaintiff firms, suggesting investors are actively probing whether earlier company disclosures may have been misleading. Article Title
• Neutral Sentiment: One Zacks item called First Solar a strong growth stock, which is supportive on fundamentals, but it appears to be a generic rating piece rather than a new company-specific catalyst. Article Title

First Solar Stock Down 3.8%

FSLR opened at $239.07 on Friday. The stock has a market cap of $25.69 billion, a PE ratio of 15.44, a P/E/G ratio of 0.53 and a beta of 1.71. The company has a quick ratio of 2.15, a current ratio of 2.56 and a debt-to-equity ratio of 0.02. First Solar, Inc. has a 52 week low of $149.54 and a 52 week high of $320.95. The business’s fifty day simple moving average is $243.56 and its 200 day simple moving average is $233.11.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.87 by $0.35. First Solar had a return on equity of 18.01% and a net margin of 30.73%.The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the company posted $1.95 earnings per share. The company’s revenue was up 23.6% compared to the same quarter last year. As a group, research analysts expect that First Solar, Inc. will post 17.61 earnings per share for the current fiscal year.

First Solar Company Profile

First Solar, Inc (NASDAQ: FSLR) is a United States–based solar technology company best known for designing and manufacturing thin‑film photovoltaic (PV) modules that use cadmium telluride (CdTe) semiconductor technology. The company supplies PV modules and delivers integrated solar power solutions for utility‑scale projects, positioning itself as a provider of both components and complete solar energy systems rather than solely a parts supplier. First Solar was founded in 1999 and is headquartered in Tempe, Arizona.

Beyond module manufacturing, First Solar offers a range of project services including development support, engineering, procurement and construction (EPC) services, and operations and maintenance (O&M) for large-scale solar installations.