Vanguard Group Inc. Raises Holdings in SunPower Corporation (SPWR)
Vanguard Group Inc. raised its position in SunPower Corporation (NASDAQ:SPWR) by 13.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,922,577 shares of the semiconductor company’s stock after buying an additional 598,221 shares during the quarter. Vanguard Group Inc. owned about 3.53% of SunPower Corporation worth $45,977,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. 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 buying an additional 494,979 shares during the period. Van ECK Associates Corp raised its stake in shares of SunPower Corporation by 2.3% in the second quarter. Van ECK Associates Corp now owns 114,172 shares of the semiconductor company’s stock valued at $1,066,000 after buying an additional 2,599 shares during the period. Investec Asset Management LTD raised its stake in shares of SunPower Corporation by 35.6% in the second quarter. Investec Asset Management LTD now owns 108,243 shares of the semiconductor company’s stock valued at $1,011,000 after buying an additional 28,418 shares during the period. Nationwide Fund Advisors bought a new stake in shares of SunPower Corporation in the second quarter valued at $317,000. Finally, Teachers Advisors LLC raised its stake in shares of SunPower Corporation by 73.7% in the second quarter. Teachers Advisors LLC now owns 147,712 shares of the semiconductor company’s stock valued at $1,380,000 after buying an additional 62,684 shares during the period. Hedge funds and other institutional investors own 28.41% of the company’s stock.
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Several brokerages have issued reports on SPWR. ValuEngine upgraded SunPower Corporation from a “sell” rating to a “hold” rating in a research note on Saturday. Zacks Investment Research lowered SunPower Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, October 3rd. Morgan Stanley lowered SunPower Corporation from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $7.22 to $6.00 in a research note on Wednesday, September 27th. Bank of America Corporation decreased their price objective on SunPower Corporation from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 26th. Finally, Cowen and Company reiterated a “buy” rating and set a $12.00 price objective on shares of SunPower Corporation in a research note on Sunday, September 17th. One research analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $9.29.
SunPower Corporation (NASDAQ SPWR) opened at $8.64 on Monday. The company has a quick ratio of 1.02, a current ratio of 1.41 and a debt-to-equity ratio of 1.71.
SunPower Corporation (NASDAQ:SPWR) last posted its quarterly earnings data on Thursday, November 2nd. The semiconductor company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.60. SunPower Corporation had a negative return on equity of 20.81% and a negative net margin of 24.91%. The firm had revenue of $477.20 million during the quarter, compared to analysts’ expectations of $383.76 million. During the same period in the prior year, the business earned $0.68 EPS. The company’s revenue for the quarter was down 34.6% compared to the same quarter last year. equities analysts anticipate that SunPower Corporation will post -1.41 EPS for the current fiscal year.
SunPower Corporation Profile
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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