Forsta AP Fonden Trims Position in Johnson Controls International plc (NYSE:JCI)

Key Points

• Forsta AP Fonden has reduced its stake in Johnson Controls International plc by 29%, now holding 136,600 shares worth approximately $10.9 million.
• Johnson Controls reported quarterly earnings of $1.05 per share, exceeding analyst expectations, alongside a revenue of $6.05 billion.
• The company has initiated a $9 billion share buyback plan, indicating management's belief that the stock is currently undervalued.

Forsta AP Fonden reduced its stake in shares of Johnson Controls International plc (NYSE:JCI - Free Report) by 29.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 136,600 shares of the company's stock after selling 55,800 shares during the period. Forsta AP Fonden's holdings in Johnson Controls International were worth $10,943,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Accent Capital Management LLC acquired a new position in Johnson Controls International during the first quarter worth $26,000. Cornerstone Planning Group LLC increased its holdings in Johnson Controls International by 74.5% during the first quarter. Cornerstone Planning Group LLC now owns 363 shares of the company's stock worth $28,000 after buying an additional 155 shares during the last quarter. Community Bank N.A. acquired a new position in Johnson Controls International during the first quarter worth $32,000. Rossby Financial LCC acquired a new position in Johnson Controls International during the first quarter worth $42,000. Finally, Bartlett & CO. Wealth Management LLC acquired a new position in Johnson Controls International during the first quarter worth $43,000. 90.05% of the stock is currently owned by institutional investors and hedge funds.

Johnson Controls International Stock Performance

Shares of Johnson Controls International stock traded down $0.71 during trading hours on Wednesday, hitting $105.93. 7,539,684 shares of the company's stock traded hands, compared to its average volume of 4,751,545. Johnson Controls International plc has a 12-month low of $67.68 and a 12-month high of $112.63. The stock has a market capitalization of $69.32 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 1.89 and a beta of 1.30. The company has a fifty day simple moving average of $105.47 and a 200-day simple moving average of $92.08. 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 announced its earnings results on Tuesday, July 29th. The company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.99 by $0.06. Johnson Controls International had a return on equity of 14.71% and a net margin of 9.53%. The firm had revenue of $6.05 billion during the quarter, compared to analyst estimates of $5.99 billion. Equities research analysts anticipate that Johnson Controls International plc will post 3.64 EPS for the current fiscal year.

Johnson Controls International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Monday, June 23rd were paid a $0.37 dividend. The ex-dividend date was Monday, June 23rd. This represents a $1.48 annualized dividend and a yield of 1.4%. Johnson Controls International's dividend payout ratio (DPR) is currently 43.92%.

Johnson Controls International declared that its Board of Directors has approved a share 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 purchase 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 shares are undervalued.

Analyst Upgrades and Downgrades

JCI has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted their target price on shares of Johnson Controls International from $112.00 to $114.00 and gave the stock a "sector perform" rating in a report on Wednesday, July 30th. Citigroup boosted their target price on shares of Johnson Controls International from $110.00 to $112.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Robert W. Baird lifted their price objective on shares of Johnson Controls International from $90.00 to $110.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. UBS Group reaffirmed a "buy" rating and set a $116.00 price objective (up from $103.00) on shares of Johnson Controls International in a research report on Thursday, May 22nd. Finally, Vertical Research raised shares of Johnson Controls International from a "hold" rating to a "buy" rating and set a $105.00 price objective for the company in a research report on Thursday, May 8th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, Johnson Controls International currently has a consensus rating of "Hold" and an average price target of $105.17.

Insider Activity

In other Johnson Controls International news, VP Anuruddha Rathninde sold 15,000 shares of the firm'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 owned 42,574 shares in the company, valued at $4,390,656.62. This trade represents a 26.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Nathan D. Manning sold 1,422 shares of the firm'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 approximately $14,607,950.89. This represents a 1.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,266 shares of company stock valued at $1,986,931. 0.54% of the stock is owned by corporate insiders.

Johnson Controls International Company Profile

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.