Nelson Peltz Parts With Allegion (ALLE), Trims Other Holdings

Let’s move on to the aforementioned Ingersoll-Rand. After reducing its stake in the company by 34% in the first quarter, Trian Partners reduced its stake in Ingersoll-Rand PLC (NYSE:IR) by 14% in the second quarter. As of June 30, the fund owned almost 7.29 million shares of the company worth $491.43 million. The fund initiated a stake in the industrial conglomerate in the first half of 2012, with the company announcing in August of that year that Mr. Peltz would join its Board as a Director. However, on March 31, 2014 Mr. Peltz informed the company’s board that he wouldn’t stand for re-election when his tenure was scheduled to end on June 5, 2014, due to other commitments . Shares of Ingersoll-Rand PLC (NYSE:IR) are up by over 50% since Trian Partners revealed initiating a stake in the company. On July 28 Ingersoll-Rand reported its second quarter earnings, which came in below the Street’s estimates. While analysts were expecting Ingersoll-Rand PLC (NYSE:IR) to declare EPS of $1.23 on revenue of $3.69 billion, it reported EPS of $1.20 on revenue of $3.60 billion. Unlike Trian Partners, Billionaire Ken Griffin‘s Citadel Investment Group increased its stake in Ingersoll-Rand PLC (NYSE:IR) during the second quarter, by 35% to over 4.8 million shares. It’s worth noting that during the first quarter, Citadel Investment Group had reduced its stake in the company by 21%.

Trian Partners also reduced its stake in one of its oldest holdings, Legg Mason Inc (NYSE:LM), during the second quarter, by 14% to almost 11.04 million shares. As of June 30, this stake was worth $568.88 million. Mr. Peltz had served on the Board of the asset management company from October 2009 untll December 2014, when he stepped down. Trian Partners pushed for major changes at Legg Mason Inc (NYSE:LM) after it got involved with the company, including pushing for the exit of its former CEO Mark Fetting, who was replaced by Joseph Sullivan in October 2012. On July 29, Legg Mason Inc (NYSE:LM) announced that it had acquired a 75% stake in Sydney-based listed infrastructure investment firm RARE Infrastructure, Ltd. On July 31, Legg Mason Inc (NYSE:LM) reported its fiscal 2016 first quarter results, for the period ending on June 30, 2015. EPS for the quarter came in at $1.14 on revenue of $708.60 million, compared to EPS of $0.83 on revenue of $702.72 million that analysts were expecting. Another large shareholder of Legg Mason Inc (NYSE:LM) is Mario Gabelli‘s GAMCO Investors, which reduced its stake in the company by 3% to 4.54 million shares.

Disclosure: None