Fifth Third Bancorp grew its holdings in shares of Sunrun Inc. (NASDAQ:RUN – Free Report) by 2,218.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 54,100 shares of the energy company’s stock after acquiring an additional 51,767 shares during the period. Fifth Third Bancorp’s holdings in Sunrun were worth $734,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Contour Asset Management LLC purchased a new stake in shares of Sunrun in the 4th quarter worth approximately $98,010,000. Norges Bank purchased a new position in Sunrun during the fourth quarter valued at $62,169,000. Voloridge Investment Management LLC purchased a new position in Sunrun during the third quarter valued at $40,193,000. Arrowstreet Capital Limited Partnership bought a new stake in Sunrun in the third quarter worth $21,427,000. Finally, Invesco Ltd. boosted its holdings in Sunrun by 26.6% in the fourth quarter. Invesco Ltd. now owns 5,868,199 shares of the energy company’s stock worth $107,975,000 after acquiring an additional 1,231,628 shares in the last quarter. 91.69% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, CRO Paul S. Dickson sold 15,613 shares of the firm’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $13.18, for a total transaction of $205,779.34. Following the sale, the executive owned 839,539 shares of the company’s stock, valued at $11,065,124.02. This trade represents a 1.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jeanna Steele sold 9,897 shares of Sunrun stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $13.19, for a total transaction of $130,541.43. Following the completion of the sale, the insider owned 461,715 shares of the company’s stock, valued at $6,090,020.85. This represents a 2.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 223,045 shares of company stock worth $3,081,335 in the last quarter. Insiders own 3.55% of the company’s stock.
Sunrun Stock Up 0.4%
Sunrun (NASDAQ:RUN – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The energy company reported $0.62 earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.67. The firm had revenue of $722.23 million during the quarter, compared to analysts’ expectations of $688.50 million. Sunrun had a return on equity of 14.06% and a net margin of 17.88%.The company’s revenue was up 43.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.20 earnings per share. Equities analysts predict that Sunrun Inc. will post 1.01 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
RUN has been the subject of several analyst reports. Wall Street Zen downgraded Sunrun from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. Glj Research reiterated a “sell” rating and issued a $4.63 price target on shares of Sunrun in a research note on Friday, July 10th. Roth Capital reissued a “buy” rating on shares of Sunrun in a research report on Thursday, July 9th. Barclays reduced their price objective on shares of Sunrun from $23.00 to $14.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 21st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $18.00 target price on shares of Sunrun in a report on Thursday, May 7th. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Sunrun has a consensus rating of “Hold” and a consensus price target of $18.81.
Sunrun Profile
Sunrun, Inc (NASDAQ: RUN) is a leading provider of residential solar energy systems in the United States. The company designs, installs and maintains rooftop solar panels and battery storage solutions for homeowners under flexible financing arrangements. Customers can choose from leasing, power purchase agreements or solar ownership models, all of which are supported by Sunrun’s network of installation partners and service technicians. Sunrun also offers integrated home energy management services, including its Brightbox battery storage product, which enables customers to store solar energy for use during peak hours or power outages.
Founded in 2007 by Lynn Jurich, Ed Fenster and Nat Kreamer, Sunrun is headquartered in San Francisco, California.
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