Bank of New York Mellon Corp Has $144.84 Million Position in First Solar, Inc. $FSLR

Bank of New York Mellon Corp lowered its position in shares of First Solar, Inc. (NASDAQ:FSLR) by 1.5% in the third quarter, HoldingsChannel reports. The firm owned 656,769 shares of the solar cell manufacturer’s stock after selling 10,063 shares during the period. Bank of New York Mellon Corp’s holdings in First Solar were worth $144,837,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FSLR. Norges Bank acquired a new stake in shares of First Solar during the second quarter worth approximately $212,621,000. Viking Global Investors LP grew its holdings in shares of First Solar by 60.6% during 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 purchasing an additional 854,919 shares during the last quarter. Atreides Management LP bought a new position in shares of First Solar in the second quarter valued at about $65,134,000. Ariel Investments LLC acquired a new position in First Solar during the 2nd quarter worth about $50,869,000. Finally, Peconic Partners LLC bought a new stake in First Solar during the 2nd quarter worth about $49,662,000. 92.08% of the stock is owned by institutional investors.

First Solar Trading Up 0.7%

NASDAQ:FSLR opened at $225.52 on Friday. The company has a current ratio of 1.91, a quick ratio of 1.55 and a debt-to-equity ratio of 0.03. First Solar, Inc. has a 1-year low of $116.56 and a 1-year high of $285.99. The firm has a market capitalization of $24.20 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 0.29 and a beta of 1.60. The business’s 50-day moving average price is $255.74 and its two-hundred day moving average price is $229.87.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Thursday, October 30th. The solar cell manufacturer reported $4.24 earnings per share for the quarter, missing analysts’ consensus estimates of $4.32 by ($0.08). The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.56 billion. First Solar had a net margin of 27.73% and a return on equity of 16.61%. The business’s revenue was up 79.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.91 earnings per share. On average, equities analysts expect that First Solar, Inc. will post 13.05 earnings per share for the current year.

Insider Transactions at First Solar

In other First Solar news, insider Georges Antoun sold 37,412 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $265.01, for a total value of $9,914,554.12. Following the completion of the transaction, the insider directly owned 15,424 shares of the company’s stock, valued at approximately $4,087,514.24. The trade was a 70.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael T. Sweeney sold 4,500 shares of the firm’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $271.11, for a total value of $1,219,995.00. Following the sale, the director directly owned 13,662 shares in the company, valued at approximately $3,703,904.82. This represents a 24.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 48,912 shares of company stock valued at $12,971,349 over the last three months. 0.48% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Barclays reaffirmed an “overweight” rating and issued a $279.00 target price on shares of First Solar in a research note on Monday, November 3rd. KeyCorp reaffirmed an “overweight” rating on shares of First Solar in a report on Friday, October 31st. Seaport Research Partners increased their price objective on First Solar from $217.00 to $305.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Robert W. Baird boosted their target price on First Solar from $240.00 to $264.00 and gave the stock an “outperform” rating in a research report on Monday, October 13th. Finally, Wells Fargo & Company upped their price target on First Solar from $270.00 to $285.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $275.94.

About First Solar

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.