Chevy Chase Trust Holdings LLC Reduces Position in First Solar, Inc. (NASDAQ:FSLR)

Chevy Chase Trust Holdings LLC reduced its position in First Solar, Inc. (NASDAQ:FSLR) by 1.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 58,533 shares of the solar cell manufacturer’s stock after selling 774 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of First Solar worth $13,197,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Cambridge Trust Co. lifted its stake in shares of First Solar by 1.6% during the 1st quarter. Cambridge Trust Co. now owns 3,232 shares of the solar cell manufacturer’s stock worth $546,000 after acquiring an additional 50 shares during the last quarter. Great Diamond Partners LLC increased its holdings in shares of First Solar by 3.8% in the 1st quarter. Great Diamond Partners LLC now owns 1,463 shares of the solar cell manufacturer’s stock valued at $247,000 after acquiring an additional 53 shares during the period. Massmutual Trust Co. FSB ADV grew its stake in First Solar by 24.9% in the second quarter. Massmutual Trust Co. FSB ADV now owns 311 shares of the solar cell manufacturer’s stock valued at $70,000 after purchasing an additional 62 shares during the last quarter. Family Legacy Inc. raised its holdings in First Solar by 1.4% in the first quarter. Family Legacy Inc. now owns 4,950 shares of the solar cell manufacturer’s stock worth $836,000 after purchasing an additional 69 shares in the last quarter. Finally, Harbor Investment Advisory LLC lifted its position in shares of First Solar by 36.0% during the first quarter. Harbor Investment Advisory LLC now owns 272 shares of the solar cell manufacturer’s stock valued at $46,000 after buying an additional 72 shares during the last quarter. Institutional investors own 92.08% of the company’s stock.

Insider Buying and Selling

In other First Solar news, insider Michael Koralewski sold 4,646 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $272.92, for a total value of $1,267,986.32. Following the sale, the insider now owns 7,766 shares of the company’s stock, valued at approximately $2,119,496.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Alexander R. Bradley sold 16,051 shares of First Solar stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $274.69, for a total transaction of $4,409,049.19. Following the completion of the sale, the chief financial officer now directly owns 30,652 shares of the company’s stock, valued at approximately $8,419,797.88. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Koralewski sold 4,646 shares of the firm’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $272.92, for a total value of $1,267,986.32. Following the completion of the sale, the insider now owns 7,766 shares in the company, valued at $2,119,496.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,203 shares of company stock valued at $9,598,253. Company insiders own 0.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on FSLR shares. Piper Sandler lifted their price objective on shares of First Solar from $219.00 to $250.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. The Goldman Sachs Group lifted their price target on shares of First Solar from $268.00 to $302.00 and gave the stock a “buy” rating in a report on Tuesday, June 4th. Barclays increased their price objective on First Solar from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. BMO Capital Markets dropped their target price on First Solar from $311.00 to $286.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Finally, Mizuho reiterated a “neutral” rating and issued a $274.00 price target (up from $209.00) on shares of First Solar in a research note on Thursday, May 30th. Four equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $275.36.

First Solar Price Performance

Shares of FSLR traded up $2.70 during trading hours on Wednesday, hitting $222.90. 486,974 shares of the stock were exchanged, compared to its average volume of 2,464,334. The stock’s 50-day moving average price is $231.45 and its two-hundred day moving average price is $201.24. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.86 and a current ratio of 2.23. The company has a market cap of $23.86 billion, a price-to-earnings ratio of 23.08, a price-to-earnings-growth ratio of 0.37 and a beta of 1.44. First Solar, Inc. has a 12-month low of $129.21 and a 12-month high of $306.77.

First Solar (NASDAQ:FSLR) last issued its earnings results on Tuesday, July 30th. The solar cell manufacturer reported $3.25 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.56. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $939.71 million. First Solar had a return on equity of 17.73% and a net margin of 31.98%. The business’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.85 EPS. Research analysts expect that First Solar, Inc. will post 13.53 earnings per share 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.