DAVENPORT & Co LLC Sells 442,083 Shares of Johnson Controls International plc $JCI

Key Points

• Davenport & Co LLC has reduced its stake in Johnson Controls International by 35.8%, selling 442,083 shares in the second quarter, leaving it with 794,201 shares valued at approximately $83.76 million.
• The company announced a new quarterly dividend of $0.40 per share, representing an increase from its previous dividend of $0.37, and has a current payout ratio of 47.48%.
• Johnson Controls International has authorized a $9 billion share repurchase program, allowing it to buy back up to 13.4% of its stock, signaling leadership's belief that the stock is undervalued.

DAVENPORT & Co LLC trimmed its stake in Johnson Controls International plc (NYSE:JCI - Free Report) by 35.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 794,201 shares of the company's stock after selling 442,083 shares during the period. DAVENPORT & Co LLC owned about 0.12% of Johnson Controls International worth $83,758,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in JCI. Truvestments Capital LLC raised its holdings in Johnson Controls International by 425.0% in the 1st quarter. Truvestments Capital LLC now owns 315 shares of the company's stock valued at $25,000 after acquiring an additional 255 shares in the last quarter. Accent Capital Management LLC bought a new stake in shares of Johnson Controls International during the first quarter valued at approximately $26,000. Hilltop National Bank acquired a new position in shares of Johnson Controls International in the second quarter valued at $35,000. Cornerstone Planning Group LLC lifted its position in Johnson Controls International by 74.5% in the first quarter. Cornerstone Planning Group LLC now owns 363 shares of the company's stock worth $28,000 after purchasing an additional 155 shares during the period. Finally, Activest Wealth Management boosted its stake in Johnson Controls International by 56.4% during the first quarter. Activest Wealth Management now owns 369 shares of the company's stock worth $30,000 after buying an additional 133 shares in the last quarter. Institutional investors and hedge funds own 90.05% of the company's stock.

Johnson Controls International Stock Up 0.0%

NYSE JCI opened at $108.70 on Monday. The stock's 50 day simple moving average is $106.78 and its 200 day simple moving average is $98.52. Johnson Controls International plc has a one year low of $68.03 and a one year high of $112.63. The firm has a market cap of $71.13 billion, a PE ratio of 32.25, a price-to-earnings-growth ratio of 1.63 and a beta of 1.33. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.96 and a quick ratio of 0.81.

Johnson Controls International (NYSE:JCI - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.99 by $0.06. The company had revenue of $6.05 billion for the quarter, compared to analyst estimates of $5.99 billion. Johnson Controls International had a return on equity of 14.71% and a net margin of 9.53%. Johnson Controls International has set its FY 2025 guidance at 3.650-3.680 EPS. Q4 2025 guidance at 1.140-1.170 EPS. As a group, sell-side analysts forecast that Johnson Controls International plc will post 3.64 earnings per share for the current fiscal year.

Johnson Controls International announced that its board has authorized a share repurchase program on Friday, June 13th that permits the company to buyback $9.00 billion in shares. This buyback authorization permits the company to reacquire up to 13.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Johnson Controls International Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Monday, September 22nd will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.5%. The ex-dividend date is Monday, September 22nd. This is a boost from Johnson Controls International's previous quarterly dividend of $0.37. Johnson Controls International's dividend payout ratio is 47.48%.

Insider Transactions at Johnson Controls International

In other news, VP Daniel C. Mcconeghy sold 5,917 shares of the company's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $105.73, for a total transaction of $625,604.41. Following the transaction, the vice president directly owned 25,005 shares in the company, valued at approximately $2,643,778.65. This represents a 19.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Nathan D. Manning sold 1,422 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $105.06, for a total transaction of $149,395.32. Following the sale, the vice president directly owned 139,459 shares in the company, valued at $14,651,562.54. This trade represents a 1.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,761 shares of company stock valued at $922,447. Insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

JCI has been the subject of a number of recent research reports. Zacks Research upgraded shares of Johnson Controls International to a "hold" rating in a research note on Monday, August 11th. Jefferies Financial Group restated a "hold" rating and set a $120.00 price target on shares of Johnson Controls International in a research note on Thursday, July 24th. Barclays lifted their price objective on Johnson Controls International from $100.00 to $101.00 and gave the company an "equal weight" rating in a report on Wednesday, July 30th. Royal Bank Of Canada increased their target price on Johnson Controls International from $112.00 to $114.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Finally, Oppenheimer lowered Johnson Controls International from an "outperform" rating to a "market perform" rating in a research note on Friday, June 20th. Ten research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $109.00.

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.

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