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Why Johnson Controls Stock Is Up Monday

Benzinga ·  May 20 23:16

Johnson Controls International (NYSE:JCI) shares are trading higher Monday following reports that Elliott Investment Management acquired a large stake in the company.

The Details: Activist investor Elliott Investment has amassed a position in Johnson Controls valued at over $1 billion, according to Bloomberg.

The report indicates that Elliott Investment is now one of the top 10 investors in the company. The news appears to be sparking a move in Johnson Control's stock Monday morning.

Johnson Controls is a part of the HVAC industry and produces other equipment used in refrigeration, fire detection and security for mostly commercial buildings.

During the past year, Johnson Controls shares have gained just over 9%, while peers in the sector have seen their stocks rise more than 50%. As of Friday's close, Johnson Controls had a market value of approximately $46.5 billion, according to Benzinga Pro.

Johnson Controls on Monday announced cash tender offers to purchase up to $90 million in aggregate principal amounts of senior notes issued by the company. The cash tender offers for the company's debt securities are set to expire on June 18.

Related Link: A Glimpse Into The Expert Outlook On Lennox Intl Through 11 Analysts

JCI Price Action: At the time of writing, Johnson Controls shares were up 2.93% at $71.05, per Benzinga Pro.

Image: 1680905 from Pixabay.

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