California Public Employees Retirement System boosted its stake in shares of SunPower Corporation (NASDAQ:SPWR) by 21.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 827,900 shares of the semiconductor company’s stock after purchasing an additional 144,400 shares during the quarter. California Public Employees Retirement System owned about 0.59% of SunPower Corporation worth $7,733,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of SunPower Corporation by 13.8% in the second quarter. Vanguard Group Inc. now owns 4,922,577 shares of the semiconductor company’s stock valued at $45,977,000 after acquiring an additional 598,221 shares during the period. Northern Trust Corp raised its stake in shares of SunPower Corporation by 141.3% in the second quarter. Northern Trust Corp now owns 845,237 shares of the semiconductor company’s stock valued at $7,894,000 after purchasing an additional 494,979 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of SunPower Corporation by 6.3% in the first quarter. Geode Capital Management LLC now owns 532,710 shares of the semiconductor company’s stock valued at $3,249,000 after purchasing an additional 31,526 shares in the last quarter. GAM Holding AG raised its stake in shares of SunPower Corporation by 970.8% in the second quarter. GAM Holding AG now owns 428,311 shares of the semiconductor company’s stock valued at $4,000,000 after purchasing an additional 388,311 shares in the last quarter. Finally, Delta Lloyd Asset Management N.V. acquired a new position in shares of SunPower Corporation in the second quarter valued at $2,895,000. 28.82% of the stock is owned by hedge funds and other institutional investors.
Shares of SunPower Corporation (SPWR) opened at 6.68 on Friday. SunPower Corporation has a 12 month low of $5.84 and a 12 month high of $11.70. The firm’s market cap is $931.80 million. The company has a 50-day moving average price of $7.65 and a 200-day moving average price of $8.23.
SunPower Corporation (NASDAQ:SPWR) last issued its quarterly earnings results on Tuesday, August 1st. The semiconductor company reported ($0.39) EPS for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.24. SunPower Corporation had a negative return on equity of 12.56% and a negative net margin of 21.84%. The firm had revenue of $341.50 million for the quarter, compared to analysts’ expectations of $312.58 million. During the same period in the previous year, the firm posted ($0.22) EPS. The business’s revenue for the quarter was down 15.0% compared to the same quarter last year. Analysts forecast that SunPower Corporation will post ($1.08) earnings per share for the current fiscal year.
A number of brokerages recently commented on SPWR. Deutsche Bank AG upped their target price on SunPower Corporation from $6.00 to $9.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. BidaskClub lowered SunPower Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Morgan Stanley lowered SunPower Corporation from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $7.22 to $6.00 in a research note on Wednesday, September 27th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $13.00 target price (up from $10.00) on shares of SunPower Corporation in a research note on Wednesday, August 2nd. Finally, Bank of America Corporation lowered their target price on SunPower Corporation from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Tuesday, September 26th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $9.27.
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About SunPower Corporation
SunPower Corporation is a global energy company. The Company delivers complete solar solutions to residential, commercial, and power plant customers. The Company’s segments include Residential Segment, Commercial Segment and Power Plant Segment. The Residential and Commercial Segments combined are referred to as Distributed Generation.
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