Sunrun Inc. $RUN Position Cut by PGGM Investments

Key Points

• PGGM Investments cut its Sunrun stake by 7.1% in the fourth quarter, selling 589,528 shares. The fund still held 7.67 million shares worth about $141.1 million, making Sunrun its 14th-largest holding.
• Brokerages remain mixed on the stock: one analyst downgraded Sunrun to sell, while others lowered price targets; the consensus rating is now Moderate Buy with an average target price of $18.48.
• Sunrun reported a strong quarter, posting $0.62 EPS versus expectations for a loss and revenue of $722.23 million, up 43.2% year over year. The company also saw notable insider selling, including CEO Mary Powell’s sale of 193,002 shares.

PGGM Investments trimmed its stake in Sunrun Inc. (NASDAQ:RUN - Free Report) by 7.1% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 7,667,413 shares of the energy company's stock after selling 589,528 shares during the quarter. Sunrun makes up about 2.2% of PGGM Investments' investment portfolio, making the stock its 14th largest holding. PGGM Investments owned about 3.30% of Sunrun worth $141,080,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its stake in shares of Sunrun by 156.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,449 shares of the energy company's stock valued at $27,000 after purchasing an additional 885 shares in the last quarter. Hantz Financial Services Inc. raised its stake in shares of Sunrun by 59.1% during the fourth quarter. Hantz Financial Services Inc. now owns 1,519 shares of the energy company's stock valued at $28,000 after purchasing an additional 564 shares in the last quarter. Sycomore Asset Management bought a new stake in shares of Sunrun during the third quarter valued at about $28,000. Salomon & Ludwin LLC raised its stake in shares of Sunrun by 49.2% during the fourth quarter. Salomon & Ludwin LLC now owns 1,693 shares of the energy company's stock valued at $31,000 after purchasing an additional 558 shares in the last quarter. Finally, Optiver Holding B.V. bought a new stake in shares of Sunrun during the third quarter valued at about $31,000. 91.69% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on RUN. Wall Street Zen cut shares of Sunrun from a "hold" rating to a "sell" rating in a research note on Saturday, April 25th. Barclays cut their price objective on shares of Sunrun from $23.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 21st. Susquehanna cut their price objective on shares of Sunrun from $24.00 to $19.00 and set a "positive" rating on the stock in a research note on Thursday, April 9th. Zacks Research upgraded shares of Sunrun from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 4th. Finally, TD Cowen cut their price objective on shares of Sunrun from $23.00 to $21.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.48.

Insider Transactions at Sunrun

In other Sunrun news, CEO Mary Powell sold 193,002 shares of the business's stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $13.25, for a total value of $2,557,276.50. Following the sale, the chief executive officer directly owned 934,282 shares in the company, valued at approximately $12,379,236.50. The trade was a 17.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Maria Barak sold 8,039 shares of the business's stock in a transaction dated Thursday, April 9th. The stock was sold at an average price of $13.67, for a total transaction of $109,893.13. Following the completion of the sale, the chief accounting officer owned 72,963 shares in the company, valued at approximately $997,404.21. This trade represents a 9.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 716,050 shares of company stock valued at $9,463,809 in the last quarter. 3.55% of the stock is owned by company insiders.

Sunrun Price Performance

Shares of Sunrun stock opened at $14.62 on Tuesday. The company has a current ratio of 1.45, a quick ratio of 1.09 and a debt-to-equity ratio of 3.44. The company's 50-day moving average price is $13.17 and its two-hundred day moving average price is $16.43. Sunrun Inc. has a 52 week low of $5.38 and a 52 week high of $22.44. The stock has a market cap of $3.49 billion, a PE ratio of 6.86 and a beta of 2.25.

Sunrun (NASDAQ:RUN - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The energy company reported $0.62 EPS for the quarter, topping the consensus estimate of ($0.05) by $0.67. Sunrun had a net margin of 17.88% and a return on equity of 14.06%. The firm had revenue of $722.23 million for the quarter, compared to analysts' expectations of $688.50 million. During the same period in the previous year, the business earned $0.20 earnings per share. Sunrun's revenue for the quarter was up 43.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Sunrun Inc. will post 1.09 EPS for the current fiscal year.

About Sunrun

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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