ICM Asset Management Inc. WA Acquires New Stake in SunPower Corp. (SPWR)
ICM Asset Management Inc. WA acquired a new position in SunPower Corp. (NASDAQ:SPWR) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 126,790 shares of the company’s stock, valued at approximately $1,964,000. SunPower Corp. makes up about 2.9% of ICM Asset Management Inc. WA’s investment portfolio, making the stock its 9th largest position.
Several other large investors also recently modified their holdings of the company. BlackRock Inc. raised its position in shares of SunPower Corp. by 101.8% in the first quarter. BlackRock Inc. now owns 6,559 shares of the company’s stock valued at $146,000 after buying an additional 3,308 shares in the last quarter. Edmond DE Rothschild Holding S.A. raised its position in shares of SunPower Corp. by 3.3% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 8,904 shares of the company’s stock valued at $199,000 after buying an additional 285 shares in the last quarter. Seven Eight Capital LLC acquired a new position in shares of SunPower Corp. during the first quarter valued at about $207,000. Scotia Capital Inc. raised its position in shares of SunPower Corp. by 29.7% in the first quarter. Scotia Capital Inc. now owns 11,806 shares of the company’s stock valued at $264,000 after buying an additional 2,704 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado raised its position in shares of SunPower Corp. by 0.6% in the second quarter. Public Employees Retirement Association of Colorado now owns 14,433 shares of the company’s stock valued at $224,000 after buying an additional 92 shares in the last quarter. Hedge funds and other institutional investors own 38.88% of the company’s stock.
SunPower Corp. (NASDAQ:SPWR) traded up 2.78% during trading on Monday, hitting $8.50. The stock had a trading volume of 2,304,427 shares. The firm’s market cap is $1.17 billion. The stock’s 50 day moving average price is $8.89 and its 200 day moving average price is $14.63. SunPower Corp. has a 12-month low of $7.37 and a 12-month high of $31.10.
SunPower Corp. (NASDAQ:SPWR) last issued its quarterly earnings results on Tuesday, August 9th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The firm had revenue of $420.50 million for the quarter, compared to analysts’ expectations of $344.97 million. SunPower Corp. had a positive return on equity of 10.76% and a negative net margin of 21.75%. The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. On average, analysts anticipate that SunPower Corp. will post $0.32 EPS for the current fiscal year.
Several research analysts recently issued reports on SPWR shares. Robert W. Baird reaffirmed an “outperform” rating and set a $37.00 target price on shares of SunPower Corp. in a research report on Thursday, July 7th. Zacks Investment Research lowered SunPower Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 26th. TheStreet lowered SunPower Corp. from a “hold” rating to a “sell” rating in a report on Monday, July 25th. Guggenheim raised SunPower Corp. from a “neutral” rating to a “buy” rating and increased their price objective for the company from $15.64 to $20.00 in a report on Wednesday, July 27th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $27.00 price objective (down from $39.00) on shares of SunPower Corp. in a report on Wednesday, August 3rd. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $24.94.
SunPower Corp. Company Profile
SunPower Corporation is a global energy company. The Company provides solar technology to residential, commercial and utility customers worldwide. The Company operates through three segments: Residential Segment, Commercial Segment and Power Plant Segment. The Company designs, manufactures, and sells rooftop and ground-mounted solar power systems under construction and development agreements.
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