Bank of New York Mellon Corp Buys 309,239 Shares of Clarivate Plc (NYSE:CLVT)

Bank of New York Mellon Corp grew its stake in Clarivate Plc (NYSE:CLVT) by 15.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,340,416 shares of the company’s stock after acquiring an additional 309,239 shares during the period. Bank of New York Mellon Corp owned 0.33% of Clarivate worth $11,889,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Perpetual Ltd lifted its stake in Clarivate by 24.6% in the fourth quarter. Perpetual Ltd now owns 9,192,680 shares of the company’s stock worth $46,699,000 after acquiring an additional 1,816,936 shares during the period. Geode Capital Management LLC raised its holdings in shares of Clarivate by 8.6% in the 3rd quarter. Geode Capital Management LLC now owns 7,243,336 shares of the company’s stock valued at $51,443,000 after purchasing an additional 571,289 shares in the last quarter. FMR LLC boosted its stake in shares of Clarivate by 8.6% during the third quarter. FMR LLC now owns 5,088,942 shares of the company’s stock valued at $36,131,000 after purchasing an additional 401,920 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Clarivate by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,604,449 shares of the company’s stock valued at $32,692,000 after buying an additional 38,355 shares during the period. Finally, Clearline Capital LP raised its stake in Clarivate by 7.6% in the third quarter. Clearline Capital LP now owns 2,247,322 shares of the company’s stock worth $15,956,000 after buying an additional 158,900 shares in the last quarter. 85.72% of the stock is owned by hedge funds and other institutional investors.

Clarivate Stock Down 0.9 %

NYSE:CLVT opened at $4.00 on Friday. The company’s 50-day simple moving average is $4.91 and its 200-day simple moving average is $5.63. The company has a debt-to-equity ratio of 0.88, a quick ratio of 0.88 and a current ratio of 0.87. Clarivate Plc has a fifty-two week low of $3.96 and a fifty-two week high of $7.77. The stock has a market capitalization of $2.76 billion, a P/E ratio of -4.16 and a beta of 1.28.

Clarivate announced that its Board of Directors has authorized a stock buyback plan on Monday, December 16th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 12.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada restated a “sector perform” rating and set a $6.00 target price on shares of Clarivate in a report on Thursday, February 20th.

About Clarivate

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.