Westover Capital Advisors LLC has expanded its investment in First Solar, Inc. (NASDAQ: FSLR) by purchasing an additional 1,761 shares during the second quarter of 2023. This move increases the firm’s total holdings in the solar manufacturer by 17.7%, bringing their total to 11,718 shares. As of the latest reporting period, the value of Westover’s investment in First Solar stands at approximately $1.94 million.
Several other institutional investors have also adjusted their positions in First Solar. Notably, Vanguard Group Inc. raised its holdings by 3.0% in the first quarter, acquiring 378,641 shares to reach a total of 13,200,342 shares, valued at around $1.67 billion. Geode Capital Management LLC increased its stake by 0.9% during the same period, now owning 2,857,848 shares worth $471.93 million, after purchasing an additional 26,476 shares.
Wellington Management Group LLP also boosted its position by 17.2% in the first quarter, resulting in 2,765,303 shares valued at $349.62 million. Invesco Ltd. significantly raised its stake by 32.3%, acquiring an additional 592,444 shares to total 2,427,500 shares valued at $306.91 million. Samlyn Capital LLC lifted its position in First Solar by 6.3%, now holding 1,741,794 shares worth $220.22 million. Overall, institutional investors and hedge funds collectively own 92.08% of First Solar’s stock.
Insider Transactions and Stock Performance
In related news, insider Georges Antoun sold 37,412 shares of First Solar on November 4, 2023, at an average price of $265.01, totaling approximately $9.91 million. Following this transaction, Antoun holds 15,424 shares, valued at around $4.09 million, marking a 70.81% decrease in his position.
Additionally, Director Paul H. Stebbins sold 7,000 shares on November 7, 2023, for an average price of $262.40, equating to $1.84 million. Stebbins now retains 15,287 shares, valued at approximately $4.01 million, reflecting a 31.41% decrease. In total, corporate insiders sold 48,912 shares valued at $12.97 million in the past three months, with insiders owning 0.48% of the company.
Financial Highlights and Future Outlook
First Solar’s stock opened at $253.54 on Tuesday, reflecting its market capitalization of $27.21 billion. The company reported a price-to-earnings (P/E) ratio of 21.69 and a price-to-earnings-growth (PEG) ratio of 0.46. Over the past year, First Solar’s stock has fluctuated between a low of $116.56 and a high of $281.55. The company maintains a quick ratio of 1.41, a current ratio of 1.90, and a debt-to-equity ratio of 0.04.
On October 30, 2023, First Solar announced its quarterly earnings, reporting earnings per share of $4.24, which fell short of analysts’ expectations of $4.32 by $0.08. The company generated revenues of $1.59 billion, surpassing estimates of $1.56 billion. First Solar reported a year-over-year revenue increase of 79.7%, compared to $2.91 EPS during the same period the previous year. The company has set its fiscal year 2025 guidance at 14.000-15.000 EPS, while analysts project an average EPS of 13.05 for the current fiscal year.
Founded in 1999, First Solar, Inc. specializes in photovoltaic (PV) solar energy solutions, providing services in the United States and internationally, including markets in France, Japan, and Chile. The company is recognized for its manufacturing of PV solar modules utilizing thin film semiconductor technology, offering a more sustainable alternative to traditional crystalline silicon PV modules.
