Westover Capital Advisors LLC Reduces Stock Holdings in First Solar, Inc. (NASDAQ:FSLR)

Westover Capital Advisors LLC reduced its stake in First Solar, Inc. (NASDAQ:FSLR) by 2.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,387 shares of the solar cell manufacturer’s stock after selling 163 shares during the period. Westover Capital Advisors LLC’s holdings in First Solar were worth $949,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Strengthening Families & Communities LLC purchased a new position in First Solar in the third quarter valued at approximately $25,000. Kennebec Savings Bank purchased a new position in shares of First Solar during the third quarter worth approximately $29,000. Larson Financial Group LLC grew its position in shares of First Solar by 214.0% during the third quarter. Larson Financial Group LLC now owns 157 shares of the solar cell manufacturer’s stock worth $39,000 after acquiring an additional 107 shares during the last quarter. Smartleaf Asset Management LLC grew its position in shares of First Solar by 31.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 262 shares of the solar cell manufacturer’s stock worth $47,000 after acquiring an additional 63 shares during the last quarter. Finally, Crews Bank & Trust purchased a new position in shares of First Solar during the fourth quarter worth approximately $53,000. 92.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FSLR shares. Redburn Atlantic started coverage on shares of First Solar in a research report on Monday. They set a “neutral” rating on the stock. UBS Group lowered their target price on shares of First Solar from $360.00 to $285.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. Seaport Res Ptn upgraded shares of First Solar from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, January 15th. Citigroup lowered their target price on shares of First Solar from $254.00 to $236.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company decreased their price target on First Solar from $240.00 to $209.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Four investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, First Solar currently has a consensus rating of “Moderate Buy” and a consensus target price of $262.08.

Insider Activity

In related news, CEO Mark R. Widmar sold 21,542 shares of First Solar stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $141.09, for a total transaction of $3,039,360.78. Following the completion of the sale, the chief executive officer now owns 103,403 shares in the company, valued at approximately $14,589,129.27. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kuntal Kumar Verma sold 7,475 shares of First Solar stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $136.60, for a total value of $1,021,085.00. Following the sale, the insider now owns 3,549 shares of the company’s stock, valued at approximately $484,793.40. This represents a 67.81 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.58% of the company’s stock.

First Solar Trading Down 6.3 %

Shares of FSLR stock opened at $127.63 on Tuesday. First Solar, Inc. has a fifty-two week low of $126.54 and a fifty-two week high of $306.77. The stock has a market cap of $13.66 billion, a P/E ratio of 10.99, a P/E/G ratio of 0.19 and a beta of 1.47. The business has a fifty day simple moving average of $171.20 and a 200-day simple moving average of $196.97. The company has a quick ratio of 1.44, a current ratio of 2.14 and a debt-to-equity ratio of 0.05.

First Solar (NASDAQ:FSLR) last announced its quarterly earnings results on Tuesday, February 25th. The solar cell manufacturer reported $3.65 earnings per share for the quarter, missing analysts’ consensus estimates of $4.81 by ($1.16). First Solar had a net margin of 32.41% and a return on equity of 17.56%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.48 billion. On average, analysts forecast that First Solar, Inc. will post 13.05 earnings per share for the current fiscal year.

About First Solar

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.