Johnson Controls International ( JCI ) shares are trading higher Monday following reports that Elliott Investment Management acquired a large stake in the company.

The Details: Activist investor Elliott Investment has amassed a position in Johnson Controls ( JCI ) valued at over $1 billion, according to Bloomberg.

The report indicates that Elliott Investment is now one of the top 10 investors in the company. The news appears to be sparking a move in Johnson Control’s stock Monday morning.

Johnson Controls ( JCI ) is a part of the HVAC industry and produces other equipment used in refrigeration, fire detection and security for mostly commercial buildings.

During the past year, Johnson Controls ( JCI ) shares have gained just over 9%, while peers in the sector have seen their stocks rise more than 50%. As of Friday’s close, Johnson Controls ( JCI ) had a market value of approximately $46.5 billion, according to Benzinga Pro.

Johnson Controls ( JCI ) on Monday announced cash tender offers to purchase up to $90 million in aggregate principal amounts of senior notes issued by the company. The cash tender offers for the company’s debt securities are set to expire on June 18.

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JCI Price Action: At the time of writing, Johnson Controls ( JCI ) shares were up 2.93% at $71.05, per Benzinga Pro.

Image: 1680905 from Pixabay.