AGF Management Ltd. Purchases 270,555 Shares of Johnson Controls International plc (NYSE:JCI)

Key Points

• AGF Management Ltd. has increased its holdings in Johnson Controls International plc by 83.2%, owning 595,686 shares worth nearly $47.72 million after acquiring an additional 270,555 shares in the first quarter.
• Johnson Controls recently announced a $9 billion share buyback plan, allowing it to repurchase up to 13.4% of its stock, indicating confidence in the company's value.
• The company reported quarterly earnings of $1.05 per share, exceeding analyst estimates, and achieved a revenue of $6.05 billion, compared to the consensus estimate of $5.99 billion.

AGF Management Ltd. grew its position in Johnson Controls International plc (NYSE:JCI - Free Report) by 83.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 595,686 shares of the company's stock after purchasing an additional 270,555 shares during the period. AGF Management Ltd. owned about 0.09% of Johnson Controls International worth $47,720,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Public Sector Pension Investment Board raised its holdings in Johnson Controls International by 7.0% during the 1st quarter. Public Sector Pension Investment Board now owns 89,591 shares of the company's stock worth $7,177,000 after purchasing an additional 5,896 shares during the last quarter. Independent Advisor Alliance increased its stake in shares of Johnson Controls International by 22.5% in the 1st quarter. Independent Advisor Alliance now owns 10,357 shares of the company's stock valued at $830,000 after acquiring an additional 1,903 shares during the last quarter. First American Trust FSB increased its stake in Johnson Controls International by 11.9% during the 1st quarter. First American Trust FSB now owns 51,148 shares of the company's stock worth $4,097,000 after purchasing an additional 5,421 shares in the last quarter. SouthState Corp increased its stake in Johnson Controls International by 1,902.9% during the 1st quarter. SouthState Corp now owns 701 shares of the company's stock worth $56,000 after purchasing an additional 666 shares in the last quarter. Finally, CCM Investment Group LLC bought a new stake in Johnson Controls International during the 1st quarter worth approximately $2,508,000. Institutional investors and hedge funds own 90.05% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on JCI shares. Robert W. Baird increased their price objective on Johnson Controls International from $90.00 to $110.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Citigroup raised their price target on Johnson Controls International from $110.00 to $112.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Oppenheimer cut Johnson Controls International from an "outperform" rating to a "market perform" rating in a research report on Friday, June 20th. Deutsche Bank Aktiengesellschaft upgraded Johnson Controls International from a "hold" rating to a "buy" rating and lifted their target price for the company from $101.00 to $112.00 in a research report on Monday, May 12th. Finally, Royal Bank Of Canada lifted their price target on Johnson Controls International from $112.00 to $114.00 and gave the company a "sector perform" rating in a research note on Wednesday, July 30th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Johnson Controls International presently has a consensus rating of "Hold" and a consensus target price of $105.17.

Insider Transactions at Johnson Controls International

In other news, VP Nathan D. Manning sold 1,422 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $103.69, for a total value of $147,447.18. Following the completion of the transaction, the vice president owned 140,881 shares of the company's stock, valued at $14,607,950.89. This represents a 1.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Anuruddha Rathninde sold 15,000 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $103.13, for a total value of $1,546,950.00. Following the completion of the transaction, the vice president directly owned 42,574 shares of the company's stock, valued at approximately $4,390,656.62. This trade represents a 26.05% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,266 shares of company stock valued at $1,986,931. Corporate insiders own 0.54% of the company's stock.

Johnson Controls International Stock Down 0.7%

NYSE:JCI traded down $0.71 during trading hours on Wednesday, reaching $105.93. 7,802,158 shares of the company traded hands, compared to its average volume of 5,339,026. The business's 50-day moving average price is $105.54 and its two-hundred day moving average price is $92.18. The stock has a market capitalization of $69.32 billion, a P/E ratio of 31.43, a P/E/G ratio of 1.90 and a beta of 1.30. Johnson Controls International plc has a 1 year low of $67.68 and a 1 year high of $112.63. The company has a current ratio of 0.96, a quick ratio of 0.81 and a debt-to-equity ratio of 0.50.

Johnson Controls International (NYSE:JCI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.99 by $0.06. The firm had revenue of $6.05 billion for the quarter, compared to the consensus estimate of $5.99 billion. Johnson Controls International had a return on equity of 14.71% and a net margin of 9.53%. Analysts predict that Johnson Controls International plc will post 3.64 earnings per share for the current year.

Johnson Controls International Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Monday, June 23rd were paid a $0.37 dividend. The ex-dividend date of this dividend was Monday, June 23rd. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.4%. Johnson Controls International's dividend payout ratio is 43.92%.

Johnson Controls International declared that its board has approved a stock buyback program on Friday, June 13th that authorizes the company to repurchase $9.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 13.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

About Johnson Controls International

Johnson Controls International plc, together with its subsidiaries, engages in engineering, manufacturing, commissioning, and retrofitting building products and systems in the United States, Europe, the Asia Pacific, and internationally. It operates in four segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products.