CIBC Asset Management Inc Has $6.74 Million Holdings in First Solar, Inc. $FSLR

CIBC Asset Management Inc raised its stake in First Solar, Inc. (NASDAQ:FSLR) by 67.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,782 shares of the solar cell manufacturer’s stock after acquiring an additional 10,370 shares during the quarter. CIBC Asset Management Inc’s holdings in First Solar were worth $6,735,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FSLR. Aventura Private Wealth LLC bought a new position in shares of First Solar in the 4th quarter valued at about $25,000. Larson Financial Group LLC boosted its stake in shares of First Solar by 117.0% in the 4th quarter. Larson Financial Group LLC now owns 102 shares of the solar cell manufacturer’s stock valued at $27,000 after purchasing an additional 55 shares during the last quarter. Elyxium Wealth LLC bought a new position in shares of First Solar in the 4th quarter valued at about $30,000. Strategic Wealth Investment Group LLC bought a new position in shares of First Solar in the 2nd quarter valued at about $26,000. Finally, Rothschild Investment LLC boosted its stake in shares of First Solar by 212.3% in the 4th quarter. Rothschild Investment LLC now owns 178 shares of the solar cell manufacturer’s stock valued at $47,000 after purchasing an additional 121 shares during the last quarter. Institutional investors and hedge funds own 92.08% of the company’s stock.

First Solar Price Performance

Shares of FSLR opened at $279.01 on Friday. The company has a market cap of $29.98 billion, a price-to-earnings ratio of 18.02, a PEG ratio of 0.70 and a beta of 1.71. First Solar, Inc. has a 1-year low of $135.50 and a 1-year high of $320.95. The company’s fifty day simple moving average is $224.60 and its 200 day simple moving average is $233.15. The company has a current ratio of 2.56, a quick ratio of 2.15 and a debt-to-equity ratio of 0.02.

First Solar (NASDAQ:FSLR) last issued its earnings results on Thursday, April 30th. The solar cell manufacturer reported $3.22 earnings per share for the quarter, topping analysts’ consensus estimates of $2.87 by $0.35. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. First Solar had a net margin of 30.73% and a return on equity of 18.01%. The firm’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same period in the previous year, the company earned $1.95 earnings per share. On average, research analysts forecast that First Solar, Inc. will post 17.61 earnings per share for the current fiscal year.

Insider Buying and Selling at First Solar

In related news, CFO Alexander R. Bradley sold 14,106 shares of the business’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $199.97, for a total transaction of $2,820,776.82. Following the transaction, the chief financial officer directly owned 30,000 shares in the company, valued at approximately $5,999,100. The trade was a 31.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark R. Widmar sold 9,926 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $233.21, for a total transaction of $2,314,842.46. Following the transaction, the chief executive officer owned 95,148 shares in the company, valued at approximately $22,189,465.08. The trade was a 9.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 76,480 shares of company stock valued at $16,668,515 in the last 90 days. Company insiders own 0.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FSLR shares. Weiss Ratings raised shares of First Solar from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Barclays reduced their target price on shares of First Solar from $228.00 to $213.00 and set an “overweight” rating on the stock in a research note on Monday, April 20th. Guggenheim raised their target price on shares of First Solar from $269.00 to $279.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Wall Street Zen lowered shares of First Solar from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, BMO Capital Markets reduced their target price on shares of First Solar from $252.00 to $237.00 and set a “market perform” rating on the stock in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, First Solar presently has a consensus rating of “Moderate Buy” and a consensus target price of $247.40.

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.