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Activist Elliott Investment Management has amassed more than $1 billion in shares in industrial company Johnson Controls Inc. (NYSE: JCI)
According to a Bloomberg Report tardy Sunday, which cited people familiar with the matter.
The stake in Elliott comes after Johnson Controls’ performance lagged that of competitors Carrier Global (CARR) and Lennox International (LII). Johnson Controls shares are up 9.2% over the past year, Carrier is up 52% and Lennox is up 70%. Johnson Controls manufactures fire detection, refrigeration, security and HVAC equipment.
A representative for Johnson Controls (JCI) did not respond to Bloomberg’s request for comment. A spokesman for Elliott declined to comment on the matter.
The news of Johnson Controls (JCI) shares comes after Japanese brokerage Nomura, a major broker known for investing in activist stocks through swap positions, added 5.6 million shares in the first quarter, according to its latest 13F filing, highlighted by Don Gordon Haskett Bilson in a memo dated Thursday. Goldman Sachs also added ~2 million shares in Q1.
Johnson Controls (JCI) is scheduled to present at the Wolfe Research Global Transportation & Industrials conference on Tuesday.
