Sumitomo Mitsui Trust Holdings Inc. recently acquired a new stake in the world-renowned sustainable energy company, First Solar, Inc. (NASDAQ:FSLR). In accordance with its 13F filing with the Securities & Exchange Commission, Sumitomo Mitsui Trust Holdings is now the owner of 243,742 shares of First Solar’s stock, valuing approximately $36,510,000. This recent move by Sumitomo Mitsui Trust Holdings has been observed closely by industry analysts worldwide, sparking much interest and discussion about the potential implications it may have on the future of sustainable energy.
The acquisition of this stake by Sumitomo Mitsui Trust Holdings comes off the back of strong earnings results announced by First Solar last quarter on Tuesday, February 28th. The solar cell manufacturer reported earnings per share (EPS) for the quarter at ($0.07), outperforming analyst expectations of ($0.18) by $0.11. Interestingly enough, this marks a significant change from First Solar’s earnings last year which earned $1.23 per share, showcasing impressive resilience during these unprecedented times within a rapidly growing market.
First Solar plays a pivotal role in empowering businesses and consumers alike to transition towards more environmentally conscious methods of energy consumption through their innovative design and manufacturing of cadmium tellurid solar modules that are responsible for converting sunlight into electricity.
Led by CEO Mark Widmar since April 2016, First Solar forms part of a larger movement among elite companies that prioritize sustainability as an intrinsic aspect of their corporate strategy – an ethos that relentlessly materializes in various aspects such as sourcing raw materials responsibly to closing sales through e-signatures to minimize administrative carbon footprint.
As we continue to grapple with global climate change crises and sustainable growth remains one of the most prevalent themes among nations globally today; it seems expected these all-encompassing solutions will continue maintaining increasing significance forcing other like-minded companies like First Solar to remain relevant through constant innovation and perseverance towards achieving global green notability.
First Solar’s Stocks on the Rise, Gaining Institutional Investor Interest
First Solar, Inc., a solar technology company, has been in the news recently due to the purchase and sale of its shares by institutional investors. Riverview Trust Co was among one of these investors, acquiring their position in First Solar’s shares last quarter. TCI Wealth Advisors also increased their holdings significantly, owning 193 shares of the company and increasing their ownership percentage by 370.7%. Similarly, First Horizon Advisors raised their position by over 214%, owning 261 shares at present. Asset Dedication LLC also entered the picture with a new position worth $35,000. The progressively growing number of institutional investors indicates that many are gaining faith in First Solar.
The share prices for NASDAQ FSLR opened at $208.40 on Monday which is an all-time high for the stock. The company’s market cap has risen to $22.26 billion making it one of the most significant growths experienced to date in terms of stock prices within this industry sector.
As a solar cell manufacturer designing, producing and selling advanced CdTe solar modules – which convert sunlight into electricity – First Solar Inc has garnered much attention from investors and consumers alike since its establishment in 1999 by Michael J. Ahearn.
First Solar’s leadership team continues to make headlines with recent actions such as CEO Mark R.Widmar selling several thousand shares at an average price of $206.70 between Friday, March 3rd & Tuesday March 7th raises some concern about investor response with some insiders selling more than others over recent months – however overall only accounting a minute part (0.58%) of the total amount of its outstanding stocks owned.
A range of research firms have issued reports on First Solar as well; Robert W. Baird giving it an “outperform” rating with a price target raised from $180 to $208 per share; Wells Fargo & Company raising its target price on FSLR shares from $188 to $233, and our analysis of other ratings shows a simply “Moderate Buy” consensus among researchers.
Given the fluctuations in stock prices over the last few months, it will be interesting to keep an eye on any further developments occurring within this industry, particularly in terms of the fluctuating interests of institutional investors.