Perpetual Ltd Buys 1,816,936 Shares of Clarivate Plc (NYSE:CLVT)

Perpetual Ltd grew its stake in Clarivate Plc (NYSE:CLVT) by 24.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,192,680 shares of the company’s stock after acquiring an additional 1,816,936 shares during the period. Perpetual Ltd owned 1.29% of Clarivate worth $46,699,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in shares of Clarivate by 161.4% in the fourth quarter. GAMMA Investing LLC now owns 5,256 shares of the company’s stock valued at $27,000 after purchasing an additional 3,245 shares during the period. Kathmere Capital Management LLC bought a new stake in Clarivate during the 4th quarter valued at $58,000. Truist Financial Corp purchased a new stake in shares of Clarivate in the 2nd quarter worth $63,000. KBC Group NV grew its position 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 buying an additional 2,549 shares in the last quarter. Finally, Pitcairn Co. purchased a new position in shares of Clarivate during the third quarter valued at $100,000. 85.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CLVT has been the subject of a number of research reports. Royal Bank of Canada lowered their price objective on shares of Clarivate from $7.00 to $6.00 and set a “sector perform” rating for the company in a research note on Thursday, November 7th. William Blair downgraded shares of Clarivate from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 6th. Finally, Barclays reduced their price objective on shares of 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 issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Clarivate currently has a consensus rating of “Hold” and a consensus target price of $7.10.

Clarivate Stock Up 0.1 %

NYSE:CLVT 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 company’s 50-day simple moving average is $5.20 and its 200-day simple moving average is $5.98. Clarivate Plc has a fifty-two week low of $4.25 and a fifty-two week high of $9.60.

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

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

Insider Buying and Selling

In related news, Director Michael J. Angelakis bought 1,500,000 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was bought at an average cost of $5.11 per share, for a total transaction of $7,665,000.00. Following the purchase, the director now directly owns 1,500,000 shares of the company’s stock, valued at approximately $7,665,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 23.14% of the stock is owned by company 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.