Ingersoll-Rand PLC (IR), E. I. du Pont de Nemours and Company (DD): Updates on Trian Partners’ Positions

Trian has a much less contentious position in Ingersoll-Rand PLC (NYSE:IR), which was their fourth largest holding as of September 30; at least today. Trian, a longtime shareholder, did pressure Ingersoll-Rand to spin off its security business back in 2012, which they eventually did (it would become Allegion PLC (NYSE:ALLE), which Trian holds 1.66 million shares in as of the end of 2014). Peltz also won himself a seat on the company’s board, though he eventually gave it up in 2014 due to other commitments. The Allegion PLC (NYSE:ALLE) spin off was completed by November 2013 and the new company has enjoyed strong success, up 30.83% since launch.

Ingersoll-Rand PLC (NYSE:IR) has also enjoyed  strong run since Peltz became a major shareholder in the company in early 2012, rising nearly 75% to peak at $71.42 just before the spin-off of Allegion. After bottoming out at $53.57 in early October, Ingersoll-Rand has rebounded strongly to $67.63, and is up 6.75% year-to-date.

Ingersoll-Rand PLC (NYSE:IR), a $17.70 billion market cap company, operates in a number of sectors, including air purification, refrigeration storage and transportation, utility vehicles, and material handling, announced its fourth quarter results at the end of January. Adjusted earnings per share were $0.82, a hefty 34% increase from the fourth quarter of 2013, while revenue was up 5% year-over-year to $3.2 billion; up 7% if excluding the currency fluctuations resulting from the much stronger U.S dollar. Ingersoll-Rand also announced a 16% increase to their dividend on February 4, to $0.29 per quarter, up from $0.25.

Other current shareholders of Ingersoll-Rand PLC (NYSE:IR) among funds we track are Daniel S. Och’s Oz Management (also one of Allegion’s largest shareholders) with 7.33 million shares, Ken Griffin’s Citadel Investment Group with 4.76 million shares, and Steve Cohen’s Point72 Asset Management with 2.07 million shares.

Disclosure: None