Canal Insurance CO acquired a new position in SunPower Co. (NASDAQ:SPWR) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 60,000 shares of the semiconductor company’s stock, valued at approximately $298,000.
Several other institutional investors also recently modified their holdings of SPWR. ETF Managers Group LLC boosted its holdings in shares of SunPower by 15.8% in the fourth quarter. ETF Managers Group LLC now owns 16,339 shares of the semiconductor company’s stock worth $81,000 after acquiring an additional 2,226 shares during the period. SG Americas Securities LLC raised its position in shares of SunPower by 75.1% in the fourth quarter. SG Americas Securities LLC now owns 25,935 shares of the semiconductor company’s stock worth $129,000 after buying an additional 11,124 shares in the last quarter. Highland Capital Management LP purchased a new stake in shares of SunPower in the third quarter worth $146,000. Alps Advisors Inc. raised its position in shares of SunPower by 21.7% in the fourth quarter. Alps Advisors Inc. now owns 31,732 shares of the semiconductor company’s stock worth $158,000 after buying an additional 5,652 shares in the last quarter. Finally, North Star Investment Management Corp. raised its position in shares of SunPower by 19.9% in the fourth quarter. North Star Investment Management Corp. now owns 36,200 shares of the semiconductor company’s stock worth $180,000 after buying an additional 6,000 shares in the last quarter. 27.27% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ SPWR traded down $0.06 during trading hours on Tuesday, hitting $6.37. The company’s stock had a trading volume of 992,200 shares, compared to its average volume of 1,758,944. The company has a debt-to-equity ratio of 39.39, a current ratio of 1.52 and a quick ratio of 1.09. The stock has a market capitalization of $924.64 million, a PE ratio of -7.24 and a beta of 2.24. SunPower Co. has a 12 month low of $4.55 and a 12 month high of $10.00.
SunPower (NASDAQ:SPWR) last posted its earnings results on Wednesday, February 13th. The semiconductor company reported ($0.25) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.38) by $0.13. The company had revenue of $525.40 million for the quarter, compared to analysts’ expectations of $566.06 million. SunPower had a negative return on equity of 83.67% and a negative net margin of 46.99%. SunPower’s quarterly revenue was down 36.2% on a year-over-year basis. During the same period last year, the firm earned $0.25 earnings per share. As a group, equities research analysts anticipate that SunPower Co. will post -1.11 earnings per share for the current year.
A number of brokerages recently issued reports on SPWR. Credit Suisse Group downgraded SunPower from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $10.00 to $7.00 in a research report on Friday, February 15th. BidaskClub downgraded SunPower from a “sell” rating to a “strong sell” rating in a research report on Saturday, December 8th. Bank of America downgraded SunPower from a “neutral” rating to an “underperform” rating and set a $6.00 price target on the stock. in a research report on Friday, February 15th. Zacks Investment Research upgraded SunPower from a “hold” rating to a “buy” rating and set a $6.25 price target on the stock in a research report on Wednesday, January 9th. Finally, Barclays assumed coverage on SunPower in a research report on Monday, January 7th. They set an “underweight” rating and a $4.00 price target on the stock. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. SunPower presently has an average rating of “Hold” and a consensus price target of $7.16.
COPYRIGHT VIOLATION WARNING: This report was first reported by Fairfield Current and is the sole property of of Fairfield Current. If you are reading this report on another publication, it was illegally copied and reposted in violation of United States and international copyright laws. The original version of this report can be viewed at https://www.fairfieldcurrent.com/news/2019/03/05/canal-insurance-co-invests-298000-in-sunpower-co-spwr-stock.html.
SunPower Company Profile
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.
Further Reading: What is the QQQ ETF?
Receive News & Ratings for SunPower Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for SunPower and related companies with MarketBeat.com’s FREE daily email newsletter.