Sumitomo Mitsui Financial Group Inc. Reduces Stake in First Solar, Inc. (NASDAQ:FSLR)

Sumitomo Mitsui Financial Group Inc. lessened its holdings in shares of First Solar, Inc. (NASDAQ:FSLR - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 86,003 shares of the solar cell manufacturer's stock after selling 2,034 shares during the period. Sumitomo Mitsui Financial Group Inc. owned 0.08% of First Solar worth $15,157,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Clear Harbor Asset Management LLC grew its holdings in First Solar by 0.6% during the 4th quarter. Clear Harbor Asset Management LLC now owns 9,210 shares of the solar cell manufacturer's stock valued at $1,623,000 after buying an additional 55 shares in the last quarter. Doliver Advisors LP grew its stake in shares of First Solar by 1.2% in the 4th quarter. Doliver Advisors LP now owns 4,713 shares of the solar cell manufacturer's stock worth $831,000 after buying an additional 56 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of First Solar by 31.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer's stock worth $47,000 after buying an additional 63 shares during the last quarter. Independent Advisor Alliance lifted its holdings in shares of First Solar by 3.1% in the 4th quarter. Independent Advisor Alliance now owns 2,090 shares of the solar cell manufacturer's stock valued at $368,000 after acquiring an additional 63 shares during the last quarter. Finally, Huntington National Bank increased its stake in 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 acquiring an additional 68 shares during the last quarter. 92.08% of the stock is owned by hedge funds and other institutional investors.

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First Solar Stock Performance

NASDAQ FSLR traded up $3.74 on Friday, reaching $125.93. 2,689,100 shares of the company's stock traded hands, compared to its average volume of 2,733,280. The stock has a 50 day moving average price of $139.83 and a 200-day moving average price of $176.18. The firm has a market cap of $13.48 billion, a price-to-earnings ratio of 10.85, a P/E/G ratio of 0.19 and a beta of 1.48. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.44 and a current ratio of 2.14. First Solar, Inc. has a fifty-two week low of $116.56 and a fifty-two week high of $306.77.

First Solar (NASDAQ:FSLR - Get Free Report) last issued its earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 EPS for the quarter, missing analysts' consensus estimates of $4.81 by ($1.16). The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.48 billion. First Solar had a return on equity of 17.56% and a net margin of 32.41%. Equities research analysts predict that First Solar, Inc. will post 13.05 EPS for the current fiscal year.

Insider Activity at First Solar

In other First Solar news, CFO Alexander R. Bradley sold 599 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $133.75, for a total transaction of $80,116.25. Following the transaction, the chief financial officer now directly owns 45,717 shares of the company's stock, valued at $6,114,648.75. This trade represents a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Mark R. Widmar sold 21,542 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $141.09, for a total value of $3,039,360.78. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,311 shares of company stock worth $4,767,158 in the last three months. Company insiders own 0.58% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Royal Bank of Canada dropped their target price on First Solar from $280.00 to $251.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. StockNews.com raised shares of First Solar from a "sell" rating to a "hold" rating in a research note on Thursday, January 2nd. Guggenheim reduced their target price on shares of First Solar from $304.00 to $253.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Wells Fargo & Company reduced their price objective on shares of First Solar from $240.00 to $209.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Finally, Redburn Atlantic assumed coverage on First Solar in a research report on Monday, March 3rd. They set a "neutral" rating for the company. Four research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $256.08.

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.