Lithium Stocks List: 5 Biggest Lithium Stocks

2. Johnson Controls International plc (NYSE:JCI)

Number Of Hedge Fund Holders: 37

Johnson Controls International plc (NYSE:JCI) is an American Irish-domiciled multinational conglomerate that produces fire and HVAC equipment for buildings. On August 5, the company announced that it has been awarded a $299 million grant by the United States Department of Energy under the American Recovery and Reinvestment Act (ARRA) to build domestic manufacturing capacity for advanced Li-ion batteries for hybrid and electric vehicles.

At the beginning of December, Oppenheimer analyst Noah Kaye raised the firm’s price target on Johnson Controls International plc (NYSE:JCI) to $76 from $68 and maintained an Outperform rating on the shares. After meeting with CFO Olivier Leonetti at the company’s headquarters for an investor discussion that highlighted several potentially underappreciated elements of the story, the analyst stated that the company is executing significant organizational changes that could translate to sustainable outperformance on organic growth.

As per Insider Monkey’s Q3 2022 database, 37 hedge funds owned stakes in Johnson Controls International plc (NYSE:JCI), up from 33 in the preceding quarter. These stakes are collectively valued at over $1.3 billion.

Here is what Aristotle Capital Management had to say about Johnson Controls International plc (NYSE:JCI) in its Q1 2022 investor letter:

“As investors since the fourth quarter of 2017, we have enjoyed a front-row view of the large transformation that has taken place at Johnson Controls. Once a multi-industrial corporation, the company successfully turned itself into a pure-play buildings solutions and technology provider. Catalysts we previously identified for Johnson Controls included synergies following its merger with Tyco International, which provides fire safety and building security products, as well as benefits from its separation of non-building-focused businesses, such as automotive seating and batteries. With all catalysts in sight now nearing completion, and Johnson Controls now a better business for it – with higher recurring revenues and lower capital intensity – we decided to exit our investment to help fund the purchases of Xcel Energy and Atmos Energy.”