Public Employees Retirement System of Ohio Makes New Investment in Clarivate Plc (NYSE:CLVT)

Public Employees Retirement System of Ohio purchased a new stake in Clarivate Plc (NYSE:CLVT) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 150,973 shares of the company’s stock, valued at approximately $1,072,000.

A number of other hedge funds have also modified their holdings of the business. Susquehanna Fundamental Investments LLC acquired a new position in Clarivate in the second quarter valued at about $2,251,000. Cerity Partners LLC raised its stake in shares of Clarivate by 82.5% in the 3rd quarter. Cerity Partners LLC now owns 202,204 shares of the company’s stock valued at $1,436,000 after acquiring an additional 91,384 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Clarivate by 112.9% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,040,426 shares of the company’s stock worth $7,387,000 after acquiring an additional 551,838 shares during the last quarter. Baupost Group LLC MA boosted its position in shares of Clarivate by 27.2% during the 2nd quarter. Baupost Group LLC MA now owns 38,929,635 shares of the company’s stock worth $221,510,000 after purchasing an additional 8,331,233 shares during the period. Finally, Brown Brothers Harriman & Co. increased its holdings in Clarivate by 37.5% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 6,249,260 shares of the company’s stock valued at $35,558,000 after purchasing an additional 1,704,761 shares during the last quarter. 85.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on CLVT shares. Royal Bank of Canada lowered their price target on Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a research report on Thursday, November 7th. Barclays lowered their target price on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a report on Thursday, November 7th. Finally, William Blair lowered shares of Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.10.

Clarivate Stock Down 2.0 %

Shares of NYSE CLVT opened at $4.90 on Friday. The stock has a market cap of $3.48 billion, a P/E ratio of -2.46 and a beta of 1.12. The business’s fifty day simple moving average is $5.72 and its 200-day simple moving average is $6.05. Clarivate Plc has a 12-month low of $4.25 and a 12-month high of $9.60. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.84.

Clarivate (NYSE:CLVT) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.19 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.19. Clarivate had a positive return on equity of 9.69% and a negative net margin of 50.00%. The company had revenue of $622.20 million for the quarter, compared to analyst estimates of $640.81 million. During the same quarter last year, the company earned $0.18 EPS. Clarivate’s revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, equities analysts predict that Clarivate Plc will post 0.63 EPS for the current fiscal year.

Clarivate announced that its Board of Directors has authorized a stock repurchase program on Monday, December 16th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 12.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other Clarivate news, insider Bar Veinstein sold 60,000 shares of Clarivate stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $7.00, for a total transaction of $420,000.00. Following the completion of the sale, the insider now directly owns 916,583 shares of the company’s stock, valued at $6,416,081. The trade was a 6.14 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael J. Angelakis acquired 765,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were acquired at an average cost of $5.19 per share, with a total value of $3,970,350.00. Following the completion of the transaction, the director now owns 3,465,000 shares in the company, valued at approximately $17,983,350. This represents a 28.33 % increase in their position. The disclosure for this purchase can be found here. 23.14% of the stock is owned by insiders.

Clarivate Company Profile

Clarivate Plc operates as an information services provider in the Americas, the Middle East, Africa, Europe, and the Asia Pacific. It operates through three segments: Academia & Government, Life Sciences & Healthcare, and Intellectual Property. The company offers Web of Science and InCites, that analyzes and explores the academic research landscape and manages research information; ProQuest One and Ebook Central that provides comprehensive content collections to institutions in a cost-effective manner; and Alma and Polaris, that manages academic resources and services, connect users, and support research publications.