TD Waterhouse Canada Inc. Sells 3,836 Shares of First Solar, Inc. $FSLR

TD Waterhouse Canada Inc. lowered its holdings in shares of First Solar, Inc. (NASDAQ:FSLR) by 22.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 13,266 shares of the solar cell manufacturer’s stock after selling 3,836 shares during the period. TD Waterhouse Canada Inc.’s holdings in First Solar were worth $2,287,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Reflection Asset Management acquired a new stake in First Solar in the fourth quarter valued at about $26,000. Toth Financial Advisory Corp acquired a new position in First Solar during the third quarter worth about $32,000. Clearstead Trust LLC acquired a new position in First Solar during the second quarter worth about $34,000. Vega Investment Solutions acquired a new position in First Solar during the second quarter worth about $40,000. Finally, Rakuten Securities Inc. bought a new position in shares of First Solar in the second quarter worth about $44,000. 92.08% of the stock is currently owned by institutional investors.

Insider Activity

In other First Solar news, insider Michael Koralewski sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $221.51, for a total transaction of $1,550,570.00. Following the completion of the transaction, the insider owned 7,642 shares in the company, valued at approximately $1,692,779.42. This trade represents a 47.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Jason Dymbort sold 3,700 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $249.38, for a total transaction of $922,706.00. Following the transaction, the general counsel owned 5,624 shares of the company’s stock, valued at approximately $1,402,513.12. The trade was a 39.68% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 16,681 shares of company stock worth $3,756,286. 0.39% of the stock is owned by company insiders.

First Solar Trading Up 1.5%

NASDAQ FSLR opened at $174.43 on Wednesday. The firm has a market capitalization of $18.74 billion, a PE ratio of 10.75, a price-to-earnings-growth ratio of 0.47 and a beta of 1.80. The business’s 50-day moving average price is $196.02 and its two-hundred day moving average price is $218.85. First Solar, Inc. has a 12 month low of $168.60 and a 12 month high of $320.95.

First Solar (NASDAQ:FSLR) last issued its quarterly earnings data on Thursday, July 30th. The solar cell manufacturer reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.90 by $1.02. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.06 billion. First Solar had a return on equity of 18.02% and a net margin of 32.47%. The firm’s revenue was down 3.4% compared to the same quarter last year. During the same period last year, the company earned $3.18 earnings per share. As a group, analysts forecast that First Solar, Inc. will post 17.63 earnings per share for the current fiscal year.

Key Stories Impacting First Solar

Here are the key news stories impacting First Solar this week:

• Positive Sentiment: First Solar’s contracted sales of American-made modules could benefit from U.S. trade policies and customer demand for domestic content. This is a key reason investors may be assigning value to the company despite the broader solar-stock slump. Why You Need To Pay Attention To First Solar Stock
• Positive Sentiment: JPMorgan maintained an “overweight” rating and lowered its price target modestly to $252 from $256, still implying substantial upside from recent levels. The call provides some support for the stock after its prolonged decline. JPMorgan First Solar Price Target Update
• Positive Sentiment: First Solar has generated higher earnings over its latest four reported quarters than in the prior four-quarter period. Its latest reported quarter also exceeded analyst EPS expectations, supporting the view that profitability remains a relative strength.
• Neutral Sentiment: The company has a sizable contracted backlog, but backlog value does not automatically translate into near-term cash flow. Investors are focused on shipment timing, pricing of new orders and how effectively First Solar converts demand into revenue and cash. First Solar Has a Huge Backlog. Will New Orders Deliver the Cash?
• Negative Sentiment: Solar stocks recently faced broad selling pressure, with First Solar declining alongside other industry names. Concerns include weaker near-term sales, uncertain future order pricing and the possibility that policy protection may take time to affect results. Solar Stocks Sell Off as Sunrun Falls Toward a 52-Week Low

Wall Street Analysts Forecast Growth

FSLR has been the topic of a number of research analyst reports. Guggenheim restated a “buy” rating on shares of First Solar in a research note on Monday, September 28th. Morgan Stanley upped their price objective on shares of First Solar from $323.00 to $326.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 14th. Barclays lowered their price objective on shares of First Solar from $279.00 to $259.00 and set an “overweight” rating for the company in a research report on Thursday, October 15th. TD Cowen raised shares of First Solar to a “strong-buy” rating in a research note on Monday, October 5th. Finally, HSBC upgraded shares of First Solar from a “hold” rating to a “buy” rating in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.

About First Solar

First Solar, Inc is a vertically integrated solar technology and manufacturing company that designs, manufactures and sells photovoltaic (PV) solar modules. Its modules use advanced thin-film semiconductor technology based on cadmium telluride (CdTe), rather than the crystalline-silicon technology used by most solar manufacturers. The company serves utility-scale solar developers, commercial and industrial customers, and other large-scale energy users.

Founded in 1999 and headquartered in Tempe, Arizona, First Solar operates research and development, manufacturing and recycling facilities in the United States and internationally.