Perpetual Ltd Grows Stock Holdings in Clarivate Plc (NYSE:CLVT)

Perpetual Ltd grew its stake in Clarivate Plc (NYSE:CLVT) by 24.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 9,192,680 shares of the company’s stock after acquiring an additional 1,816,936 shares during the quarter. Perpetual Ltd’s holdings in Clarivate were worth $46,699,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CLVT. GAMMA Investing LLC boosted its stake in Clarivate by 161.4% during the fourth quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock worth $27,000 after buying an additional 3,245 shares during the last quarter. KBC Group NV raised its holdings in shares of Clarivate by 33.2% during the 3rd quarter. KBC Group NV now owns 10,225 shares of the company’s stock worth $73,000 after acquiring an additional 2,549 shares during the period. Truist Financial Corp acquired a new position in shares of Clarivate during the 2nd quarter valued at about $63,000. Kathmere Capital Management LLC purchased a new stake in shares of Clarivate in the fourth quarter valued at about $58,000. Finally, Pitcairn Co. acquired a new stake in Clarivate during the third quarter worth about $100,000. Institutional investors and hedge funds own 85.72% of the company’s stock.

Clarivate Price Performance

Shares of CLVT stock opened at $5.10 on Tuesday. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50 day moving average price is $5.20 and its 200-day moving average price is $5.98. Clarivate Plc has a one year low of $4.25 and a one year high of $9.60.

Clarivate (NYSE:CLVT) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, hitting 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 analysts’ expectations of $640.81 million. During the same period in the prior year, the firm earned $0.18 earnings per share. The firm’s revenue was down 3.9% compared to the same quarter last year. On average, research analysts forecast that Clarivate Plc will post 0.63 earnings per share for the current year.

Clarivate announced that its board has initiated a share buyback program on Monday, December 16th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 12.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Clarivate news, Director Michael J. Angelakis acquired 765,000 shares of the stock in a transaction dated Friday, November 22nd. The stock was acquired at an average price of $5.19 per share, with a total value of $3,970,350.00. Following the completion of the purchase, the director now owns 3,465,000 shares in the company, valued at $17,983,350. This trade represents a 28.33 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 23.14% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CLVT has been the topic of several recent analyst reports. William Blair lowered shares of Clarivate from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 6th. Royal Bank of Canada decreased their price objective on Clarivate from $7.00 to $6.00 and set a “sector perform” rating on the stock in a report on Thursday, November 7th. Finally, Barclays cut their target price on Clarivate from $5.00 to $4.00 and set an “underweight” rating for the company in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $7.10.

Clarivate 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.