Fundsmith LLP Makes New Investment in Nextpower Inc. $NXT

Fundsmith LLP acquired a new stake in shares of Nextpower Inc. (NASDAQ:NXT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,856,092 shares of the company’s stock, valued at approximately $340,275,000. Nextpower accounts for about 2.5% of Fundsmith LLP’s investment portfolio, making the stock its 22nd largest position. Fundsmith LLP owned approximately 1.88% of Nextpower as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its stake in Nextpower by 107.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after buying an additional 155 shares during the period. Signature Equity Partners LLC increased its position in shares of Nextpower by 76.4% during the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares during the last quarter. Huntington National Bank increased its position in shares of Nextpower by 480.3% during the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after acquiring an additional 317 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Nextpower by 511.1% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after acquiring an additional 414 shares in the last quarter. Finally, BOKF NA boosted its holdings in Nextpower by 1,135.7% in the third quarter. BOKF NA now owns 519 shares of the company’s stock valued at $38,000 after purchasing an additional 477 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Insider Activity

In related news, Director Julia Blunden sold 3,692 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $84.10, for a total value of $310,497.20. Following the sale, the director directly owned 2,742 shares in the company, valued at $230,602.20. This trade represents a 57.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Howard Wenger sold 11,176 shares of Nextpower stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the sale, the president owned 419,868 shares in the company, valued at approximately $43,993,769.04. This represents a 2.59% 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 have sold a total of 95,931 shares of company stock worth $9,679,838 over the last ninety days. 0.84% of the stock is owned by company insiders.

Nextpower Price Performance

NASDAQ:NXT opened at $85.44 on Monday. Nextpower Inc. has a 12-month low of $64.30 and a 12-month high of $163.13. The firm has a market capitalization of $12.96 billion, a P/E ratio of 22.13, a P/E/G ratio of 1.72 and a beta of 1.95. The business has a 50 day simple moving average of $102.59 and a 200 day simple moving average of $114.44.

Nextpower (NASDAQ:NXT) last issued its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The firm had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. Research analysts anticipate that Nextpower Inc. will post 3.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

NXT has been the topic of several analyst reports. Royal Bank Of Canada dropped their price objective on Nextpower from $149.00 to $147.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. TD Cowen reduced their target price on Nextpower from $135.00 to $118.00 and set a “hold” rating for the company in a research note on Monday, July 20th. Glj Research restated a “buy” rating and issued a $149.00 price target on shares of Nextpower in a research note on Wednesday, August 5th. Susquehanna reduced their price objective on shares of Nextpower from $168.00 to $157.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $168.00 target price on shares of Nextpower in a report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $146.12.

Nextpower Profile

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.