Nelson Peltz, Trian Partners Reveal New Position in Ingersoll-Rand PLC (IR)’s Spin-Off Allegion PLC (ALLE)

Nelson Peltz's hedge fund Trian Partners has revealed initiating a position in a new company Allegion PLC (NYSE:ALLE), a spin-off from Ingersoll-Rand PLC (NYSE:IR). Trian holds over 5.74 million shares, which represent 5.9% of the company's common stock. At the current value of Allegion's stock, the value of the holding amounts to $244.5 million.

TRIAN PARTNERS


Allegion PLC (NYSE:ALLE) was formed as a result of Ingersoll-Rand PLC (NYSE:IR)'s spin-off of its commercial and residental securty businesses. The company went public on December 2 and since then its shared declined by around 1.5%.

Earlier this year, the company announced that Ingersoll's Board approved the spin-off and the transfer of the commercial and residential security businesses. At the same time, shareholders of Ingersoll were entitled to receive one share of Allegion PLC (NYSE:ALLE)'s common stock for three shares of Ingersoll-Rand. Earlier in November, Trian boosted its stake in Ingersoll-Rand PLC (NYSE:IR), revealing ownership of over 18 million shares, from 12.9 million held at the end of September. Currently, Trian owns 6.26% of Ingersoll's common stock.

Some other hedge funds that revealed holding shares of Ingersoll-Rand PLC (NYSE:IR) and therefore may be entitled to receive shares of Allegion PLC (NYSE:ALLE) are Ralph V. Whitworth's Relational Investors, which revealed owning 7.2 million shares in its latest 13F, with a reported value of $467.3 million, and Phill Gross and Robert Atchinson's Adage Capital Management, which holds over 4.0 million shares, worth $262.1 million, among others.

Ingersoll-Rand PLC (NYSE:IR) was the third-largest holding in Trian's equity portfolio in terms of value, according to the fund's latest 13F filing. The first position is held by Mondelez International Inc (NASDAQ:MDLZ), in which the fund reported a $1.3 billion position that amasses over 40.9 million shares. It is followed by PepsiCo, Inc. (NYSE:PEP), Trian owning 12.3 million shares of the company, worth $975.5 million.

Disclosure: none

Recommended Reading:

Mario Gabelli Increases Holding in Layne Christensen Company (LAYN)

Keith Meister, Corvex Capital Are Bullish on Fidelity National Financial Inc (FNF)

5 Warren Buffett Stocks Dumb Money Should Avoid

Sign Up

Get the InvestingChannel
Free e-Letter Today

Learn More

Independent market opinion, analysis and ideas - delivered every business day

Premium market opinions, analysis, and ideas - delivered every business day

Editor's Picks