Rhumbline Advisers lessened its stake in shares of SunPower Co. (NASDAQ:SPWR) by 3.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 87,172 shares of the semiconductor company’s stock after selling 3,557 shares during the quarter. Rhumbline Advisers’ holdings in SunPower were worth $567,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the business. Norges Bank acquired a new stake in SunPower in the fourth quarter valued at approximately $5,873,000. Northern Trust Corp raised its holdings in SunPower by 0.4% in the fourth quarter. Northern Trust Corp now owns 760,039 shares of the semiconductor company’s stock valued at $3,778,000 after acquiring an additional 3,007 shares in the last quarter. Geode Capital Management LLC raised its holdings in SunPower by 4.5% in the fourth quarter. Geode Capital Management LLC now owns 743,670 shares of the semiconductor company’s stock valued at $3,696,000 after acquiring an additional 31,794 shares in the last quarter. California Public Employees Retirement System raised its holdings in SunPower by 14.1% in the fourth quarter. California Public Employees Retirement System now owns 684,902 shares of the semiconductor company’s stock valued at $3,404,000 after acquiring an additional 84,826 shares in the last quarter. Finally, KBC Group NV raised its holdings in SunPower by 3.9% in the fourth quarter. KBC Group NV now owns 273,271 shares of the semiconductor company’s stock valued at $1,358,000 after acquiring an additional 10,169 shares in the last quarter. 27.86% of the stock is owned by institutional investors.
SPWR has been the topic of several analyst reports. BidaskClub raised shares of SunPower from a “sell” rating to a “hold” rating in a report on Monday, April 1st. JPMorgan Chase & Co. initiated coverage on shares of SunPower in a report on Thursday, April 11th. They set a “neutral” rating and a $7.50 price objective on the stock. Bank of America cut shares of SunPower from a “neutral” rating to an “underperform” rating and set a $6.00 target price on the stock. in a report on Friday, February 15th. Credit Suisse Group cut shares of SunPower from an “outperform” rating to a “neutral” rating and cut their target price for the company from $10.00 to $7.00 in a report on Friday, February 15th. Finally, ValuEngine upgraded shares of SunPower from a “hold” rating to a “buy” rating in a research report on Wednesday, April 10th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. SunPower has a consensus rating of “Hold” and a consensus price target of $6.82.
In other SunPower news, CFO Manavendra Sial sold 8,177 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $8.06, for a total transaction of $65,906.62. Following the sale, the chief financial officer now directly owns 8,178 shares in the company, valued at approximately $65,914.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kenneth Lawrence Mahaffey sold 32,248 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $7.98, for a total transaction of $257,339.04. Following the sale, the executive vice president now owns 67,796 shares in the company, valued at $541,012.08. The disclosure for this sale can be found here. Insiders have sold a total of 74,034 shares of company stock worth $588,421 over the last 90 days. Insiders own 1.04% of the company’s stock.
NASDAQ:SPWR traded down $0.15 during midday trading on Wednesday, reaching $8.31. The stock had a trading volume of 3,085 shares, compared to its average volume of 1,747,024. SunPower Co. has a 12-month low of $4.55 and a 12-month high of $8.61. The company has a debt-to-equity ratio of 39.39, a current ratio of 1.15 and a quick ratio of 0.89. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -9.61 and a beta of 2.08.
SunPower (NASDAQ:SPWR) last issued its earnings results on Thursday, May 9th. The semiconductor company reported ($0.45) EPS for the quarter, topping the consensus estimate of ($0.50) by $0.05. The company had revenue of $348.22 million for the quarter, compared to analyst estimates of $387.93 million. SunPower had a negative net margin of 46.65% and a negative return on equity of 83.67%. The business’s revenue was down 11.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.20) EPS. As a group, analysts expect that SunPower Co. will post -0.59 earnings per share for the current fiscal year.
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SunPower Corporation researches, develops, manufactures, and delivers solar solutions worldwide. It operates through three segments: Residential, Commercial, and Power Plant. The company provides solar power components, including panels and system components, primarily to dealers, system integrators, and distributors.
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