AGF Management Ltd. Sells 58,424 Shares of First Solar, Inc. (NASDAQ:FSLR)

AGF Management Ltd. reduced its stake in shares of First Solar, Inc. (NASDAQ:FSLR) by 76.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 17,592 shares of the solar cell manufacturer’s stock after selling 58,424 shares during the period. AGF Management Ltd.’s holdings in First Solar were worth $3,344,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of FSLR. Bessemer Group Inc. raised its position in shares of First Solar by 1.4% in the 1st quarter. Bessemer Group Inc. now owns 5,399 shares of the solar cell manufacturer’s stock worth $1,174,000 after acquiring an additional 77 shares in the last quarter. RFP Financial Group LLC raised its position in shares of First Solar by 6,311.1% in the 2nd quarter. RFP Financial Group LLC now owns 577 shares of the solar cell manufacturer’s stock worth $110,000 after acquiring an additional 568 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of First Solar in the 2nd quarter worth about $1,788,000. Achmea Investment Management B.V. raised its position in shares of First Solar by 1,036.1% in the 2nd quarter. Achmea Investment Management B.V. now owns 2,829 shares of the solar cell manufacturer’s stock worth $538,000 after acquiring an additional 2,580 shares in the last quarter. Finally, Keybank National Association OH raised its position in shares of First Solar by 1.6% in the 1st quarter. Keybank National Association OH now owns 4,929 shares of the solar cell manufacturer’s stock worth $1,072,000 after acquiring an additional 80 shares in the last quarter. 82.08% of the stock is owned by institutional investors.

First Solar Price Performance

Shares of NASDAQ FSLR opened at $154.51 on Friday. First Solar, Inc. has a twelve month low of $129.21 and a twelve month high of $232.00. The stock’s 50 day moving average price is $154.59 and its 200-day moving average price is $179.60. The company has a market capitalization of $16.51 billion, a PE ratio of 34.96 and a beta of 1.42. The company has a quick ratio of 2.45, a current ratio of 3.19 and a debt-to-equity ratio of 0.07.

First Solar (NASDAQ:FSLR) last announced its earnings results on Tuesday, October 31st. The solar cell manufacturer reported $2.50 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.41. First Solar had a return on equity of 8.35% and a net margin of 14.99%. The firm had revenue of $801.09 million for the quarter, compared to the consensus estimate of $904.11 million. During the same quarter in the previous year, the business earned ($0.46) EPS. The company’s revenue was up 27.4% compared to the same quarter last year. On average, equities analysts anticipate that First Solar, Inc. will post 7.97 EPS for the current year.

Insider Activity at First Solar

In related news, insider Kuntal Kumar Verma sold 1,621 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $144.16, for a total value of $233,683.36. Following the transaction, the insider now owns 1,621 shares in the company, valued at $233,683.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Kuntal Kumar Verma sold 1,621 shares of the company’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $144.16, for a total value of $233,683.36. Following the transaction, the insider now owns 1,621 shares in the company, valued at $233,683.36. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Alexander R. Bradley sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $158.23, for a total value of $791,150.00. Following the completion of the transaction, the chief financial officer now owns 30,419 shares in the company, valued at approximately $4,813,198.37. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 12,585 shares of company stock worth $2,133,491. Insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

FSLR has been the subject of several research analyst reports. Citigroup lowered their price objective on First Solar from $200.00 to $185.00 and set a “neutral” rating for the company in a research report on Wednesday, October 18th. JPMorgan Chase & Co. raised First Solar from a “neutral” rating to an “overweight” rating and decreased their target price for the company from $239.00 to $220.00 in a research report on Thursday, October 19th. Deutsche Bank Aktiengesellschaft raised First Solar from a “hold” rating to a “buy” rating and boosted their target price for the company from $220.00 to $235.00 in a research report on Friday, September 8th. TD Cowen boosted their target price on First Solar from $250.00 to $293.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. Finally, TheStreet raised First Solar from a “c” rating to a “b-” rating in a research report on Thursday, July 27th. Six research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $234.72.

About First Solar

First Solar, Inc provides photovoltaic (PV) solar energy solutions in the United State, Japan, France, Canada, India, Australia, and internationally. The company designs, manufactures, and sells cadmium telluride solar modules that converts sunlight into electricity. It serves developers and operators of systems, utilities, independent power producers, commercial and industrial companies, and other system owners.