Principal Financial Group Inc. Decreases Position in Solaris Energy Infrastructure, Inc. $SEI

Key Points

• Principal Financial Group reduced its stake in Solaris Energy Infrastructure by 21.9% in the first quarter, selling 321,691 shares and ending with 1,144,652 shares valued at about $64.7 million.
• Wall Street remains generally bullish on the stock, with a consensus Moderate Buy rating and an average price target of $86.25, though one analyst recently downgraded it to strong sell.
• Solaris Energy Infrastructure reported better-than-expected earnings of $0.44 per share for the latest quarter, while the stock has recently fallen 8.5% and was trading at $61.39.

Principal Financial Group Inc. trimmed its stake in Solaris Energy Infrastructure, Inc. (NYSE:SEI - Free Report) by 21.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,144,652 shares of the company's stock after selling 321,691 shares during the period. Principal Financial Group Inc. owned approximately 1.67% of Solaris Energy Infrastructure worth $64,684,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SEI. Signaturefd LLC raised its holdings in Solaris Energy Infrastructure by 344.9% during the 4th quarter. Signaturefd LLC now owns 614 shares of the company's stock valued at $28,000 after buying an additional 476 shares during the period. Cullen Frost Bankers Inc. bought a new position in Solaris Energy Infrastructure during the fourth quarter valued at $28,000. Strs Ohio purchased a new stake in shares of Solaris Energy Infrastructure in the first quarter valued at $28,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Solaris Energy Infrastructure in the 3rd quarter worth about $31,000. Finally, Larson Financial Group LLC boosted its stake in shares of Solaris Energy Infrastructure by 363.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,014 shares of the company's stock worth $41,000 after purchasing an additional 795 shares during the period. Hedge funds and other institutional investors own 67.44% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Northland Securities set a $104.00 price target on shares of Solaris Energy Infrastructure in a report on Friday, June 12th. Zacks Research cut Solaris Energy Infrastructure from a "hold" rating to a "strong sell" rating in a research note on Tuesday, June 30th. Raymond James Financial reissued an "outperform" rating and set a $82.00 price target on shares of Solaris Energy Infrastructure in a research note on Wednesday, April 29th. Wells Fargo & Company upped their price objective on Solaris Energy Infrastructure from $71.00 to $82.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 29th. Finally, Citigroup lifted their target price on Solaris Energy Infrastructure from $61.00 to $84.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Solaris Energy Infrastructure has a consensus rating of "Moderate Buy" and an average price target of $86.25.

Solaris Energy Infrastructure Stock Down 8.5%

Shares of NYSE:SEI opened at $61.39 on Friday. Solaris Energy Infrastructure, Inc. has a 52-week low of $24.57 and a 52-week high of $86.19. The stock has a market cap of $4.51 billion, a P/E ratio of 68.98 and a beta of 1.17. The business's 50 day moving average is $73.16 and its 200 day moving average is $62.65. The company has a quick ratio of 1.07, a current ratio of 1.11 and a debt-to-equity ratio of 1.23.

Solaris Energy Infrastructure (NYSE:SEI - Get Free Report) last issued its earnings results on Monday, April 27th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.18. The business had revenue of $196.24 million during the quarter. Solaris Energy Infrastructure had a return on equity of 13.33% and a net margin of 6.69%. Sell-side analysts predict that Solaris Energy Infrastructure, Inc. will post 1.09 EPS for the current year.

Insider Buying and Selling

In related news, CAO Christopher P. Wirtz sold 700 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $77.22, for a total value of $54,054.00. Following the completion of the sale, the chief accounting officer directly owned 36,085 shares of the company's stock, valued at $2,786,483.70. This represents a 1.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher M. Powell sold 36,852 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $74.63, for a total transaction of $2,750,264.76. Following the transaction, the insider directly owned 114,117 shares in the company, valued at $8,516,551.71. This trade represents a 24.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 4,099,593 shares of company stock valued at $297,782,099 over the last quarter. 20.23% of the stock is owned by company insiders.

Solaris Energy Infrastructure Company Profile

Solaris Energy Infrastructure Fund Inc NYSE: SEI is a closed-end management investment company that seeks to provide total return through a combination of current income and capital appreciation. The fund pursues its objective by investing primarily in equity securities of energy infrastructure companies, including master limited partnerships (MLPs) and other midstream entities. SEI is externally managed by Solaris Asset Management LP, a firm specializing in energy infrastructure investments.

The fund’s portfolio targets businesses involved in the gathering, processing, transportation, storage and terminalling of oil, natural gas and refined products.

Want to see what other hedge funds are holding SEI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Solaris Energy Infrastructure, Inc. (NYSE:SEI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.