Johnson Controls: Activist Investor Elliott Investment Management Becomes a Large Shareholder

According to a report from Bloomberg News, activist investor Elliott Investment Management has built an over $1 billion ownership stake in Johnson Controls. Based on Morningstar data, we estimate Elliott’s investment in Johnson Controls makes it a top 10 shareholder. Shares of the narrow-moat-rated manufacturer of heating, ventilation, air-conditioning, refrigeration, fire, and security products traded roughly 3% higher during intraday trading on May 20. We’re maintaining our $72 per share fair value estimate.