Cognizant Technology Solutions Corporation (NASDAQ:CTSH) [Trend Analysis] luring active investment momentum, shares a gain 4.95% to $56.45. IT services provider Cognizant Technology Solutions Corp (CTSH) agreed to appoint three new directors and return $3.4 billion to shareholders, bowing to pressure from activist investor Elliott Management.
Elliott disclosed a more than 4 percent stake in Cognizant in November and had urged the company to consider shaking up its board as one of several steps to boost shareholder value. The company said its board has authorized a plan to return $3.4 billion to shareholders over the next two years through share buybacks and dividend. Elliott and Cognizant would nominate one director each before the company’s annual meeting this year, Cognizant said. The total volume of 20.66 Million shares held in the session was surprisingly higher than its average volume of 6357.09 shares. EPS estimates indicating constrictive facts, the current year from sell-side analysts, Price to current year EPS stands at 12.70%, and looking further price to next year’s EPS is 8.65%. While take a short look on price to sales ratio, that was 2.58 and price to earnings ratio of 22.08 attracting passive investors.
Shares of Ingersoll-Rand Plc (NYSE:IR) [Trend Analysis] runs in leading trade, it surging 0.29% to traded at $80.08. The firm has price volatility of 1.38% for a week and 1.43% for a month. Its beta stands at 1.27 times. Ingersoll-Rand plc (IR) reported that its intent to acquire the business of ThermocoldCostruzioni S.r.l, a privately held Italian company that manufactures and distributes heating, ventilating and air-conditioning (HVAC) systems and solutions for residential, commercial and industrial buildings in Europe.
“Trane and Thermocold have been innovating new products and serving consumers together for several years,” said Dave Regnery, president, Commercial HVAC North America, Europe, Middle East and Africa. “This announcement is the next step in strengthening our portfolios to take advantage of the large market opportunity in Europe, and expanding distribution of Thermocold technologies to other parts of the world where demand is growing rapidly.” Narrow down four to firm performance, its weekly performance was 2.67% and monthly performance was 6.92%. The stock price of IR is moving up from its 20 days moving average with 2.02% and isolated positively from 50 days moving average with 3.86%.