Franklin Resources Inc. Acquires 19,694 Shares of First Solar, Inc. (NASDAQ:FSLR)

Franklin Resources Inc. grew its holdings in First Solar, Inc. (NASDAQ:FSLR) by 15.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 151,328 shares of the solar cell manufacturer’s stock after acquiring an additional 19,694 shares during the quarter. Franklin Resources Inc. owned 0.14% of First Solar worth $26,670,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Norges Bank bought a new stake in First Solar during the 4th quarter worth approximately $317,399,000. Mirova US LLC increased its position in shares of First Solar by 961.0% during the fourth quarter. Mirova US LLC now owns 646,310 shares of the solar cell manufacturer’s stock worth $113,906,000 after acquiring an additional 585,394 shares in the last quarter. Amundi raised its holdings in shares of First Solar by 31.0% during the fourth quarter. Amundi now owns 1,805,244 shares of the solar cell manufacturer’s stock worth $336,871,000 after acquiring an additional 426,797 shares during the period. Wellington Management Group LLP lifted its position 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 in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in First Solar by 110.4% during the 4th quarter. Handelsbanken Fonder AB now owns 375,010 shares of the solar cell manufacturer’s stock worth $66,092,000 after purchasing an additional 196,744 shares in the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

Insiders Place Their Bets

In related news, insider Kuntal Kumar Verma sold 7,475 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the transaction, the insider now owns 3,549 shares in the company, valued at approximately $484,793.40. This trade represents a 67.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 sale, the chief executive officer now directly owns 103,403 shares of the company’s stock, valued at $14,589,129.27. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,311 shares of company stock worth $4,767,158 in the last 90 days. Company insiders own 0.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Morgan Stanley reduced their price objective on First Solar from $297.00 to $238.00 and set an “overweight” rating for the company in a research report on Thursday, February 27th. Citigroup decreased their price target on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Truist Financial reissued a “buy” rating and issued a $245.00 price objective (down previously from $285.00) on shares of First Solar in a research report on Wednesday, April 2nd. Roth Mkm reaffirmed a “buy” rating and issued a $280.00 target price on shares of First Solar in a research report on Wednesday, February 26th. Finally, Royal Bank of Canada cut their price target on shares of First Solar from $280.00 to $251.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 26th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and an average price target of $260.42.

First Solar Trading Down 5.5 %

Shares of First Solar stock opened at $128.69 on Monday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. The firm has a 50-day moving average of $145.44 and a 200-day moving average of $181.04. First Solar, Inc. has a 52-week low of $120.60 and a 52-week high of $306.77. The stock has a market cap of $13.78 billion, a PE ratio of 11.08, a PEG ratio of 0.19 and a beta of 1.48.

First Solar (NASDAQ:FSLR) last posted its quarterly earnings data on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.48 billion. As a group, sell-side analysts forecast that First Solar, Inc. will post 13.05 EPS for the current year.

First Solar Company 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.