Citadel Advisers Buys 6.2% Stake In Trina SolarVW Staff
Citadel Advisers LLC, has acquired a 6.2 percent stake in Chinese semiconductor company, Trina Solar Limited (NYSE:TSL). The Chicago-based investment management company bought 252,438,400 shares of common stock of Trina energy according to a Schedule 13G filed on the first of February.
Trina Solar Limited (NYSE:TSL) recently unveiled dual rated 1000V solar panel for the North America market. The company also recently announced that it had entered into an agreement with Silicon Valley-based QBotix Inc., recognized as the first company to utilize mobile, intelligent and rugged robotics for the operation of solar power plants.
Citadel adds Trina Solar to a portfolio of stocks acquired in 2013, which include additions to existing stakes in Navistar International Corp (NYSE:NAV) to 5.4 percent, and TiVo Inc. (NASDAQ:TIVO) to 5.2 percent, as earlier reported. Kenneth Griffin invested in Trina Solar via three of his investment partnerships including Citadel Advisers, which may be deemed to beneficially own 235,893,850 ordinary shares or 5.8 percent.
Kenneth Griffin may also be deemed to own a 6.0 percent stake, or 244,594,550 shares in Trina Solar via Citadel Advisers Holdings LP. Overall, Citadel Investment Group II, L.L.C. and Kenneth Griffin may be deemed to beneficially own 252,438,400 ordinary shares, or a 6.2 percent stake. Theoretically, neither Griffin nor any of his investment partnerships hold a sole voting or disposition power against their shares. They all have shared power.
Trina Solar has also attracted attention from renown investment firms like BlackRock, Inc. (NYSE:BLK), a private equity firm, which holds a 6.21 percent stake in the Chinese company. Franklin Resources, Inc. (NYSE:BEN) is currently the largest institutional holder with a 7.01 percent. Citadel Advisers now becomes the third largest holder, of its floated shares.
Trina Solar has 70.75 million shares of common stock outstanding, with 66.18 million floated. It has a market cap of $381.35 million and an enterprise value of $994.35 million. The company’s most recent quarter revenues fell by 38.2 percent to $1.43 billion, or $20.23 per share. Total cash stood at $599.89 million, which makes up the difference between enterprise value and market capitalization.
At the time of this writing, Trina Solar Limited (NYSE:TSL) was trading at $5.36 per share, down $0.08, or 1.47 percent decline from Wednesday 6, close.