Johnson Controls International plc (NYSE:JCI) Stock Holdings Decreased by Corbyn Investment Management Inc. MD

Key Points

• Corbyn Investment Management Inc. has reduced its stake in Johnson Controls International by 5.7%, holding 97,043 shares, which comprise about 2.9% of its total portfolio.
• Company insiders sold a total of 147,555 shares worth approximately $13.73 million in the last quarter, with a director selling 100,000 shares for $9.17 million.
• Johnson Controls has initiated a $9 billion share buyback program, representing an intention to repurchase about 13.4% of its outstanding shares, signaling confidence in its stock valuation.

Corbyn Investment Management Inc. MD trimmed its position in Johnson Controls International plc (NYSE:JCI - Free Report) by 5.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 97,043 shares of the company's stock after selling 5,913 shares during the quarter. Johnson Controls International comprises 2.9% of Corbyn Investment Management Inc. MD's investment portfolio, making the stock its 10th biggest position. Corbyn Investment Management Inc. MD's holdings in Johnson Controls International were worth $7,774,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Brighton Jones LLC acquired a new position in Johnson Controls International in the fourth quarter valued at about $222,000. Bank Pictet & Cie Europe AG increased its position in shares of Johnson Controls International by 67.4% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 88,569 shares of the company's stock valued at $6,991,000 after acquiring an additional 35,655 shares during the last quarter. ExodusPoint Capital Management LP raised its stake in shares of Johnson Controls International by 63.8% in the 4th quarter. ExodusPoint Capital Management LP now owns 31,032 shares of the company's stock valued at $2,449,000 after acquiring an additional 12,084 shares during the period. Quadrant Capital Group LLC raised its stake in shares of Johnson Controls International by 4.5% in the 4th quarter. Quadrant Capital Group LLC now owns 5,632 shares of the company's stock valued at $445,000 after acquiring an additional 240 shares during the period. Finally, Cerity Partners LLC lifted its holdings in shares of Johnson Controls International by 17.9% in the 4th quarter. Cerity Partners LLC now owns 66,600 shares of the company's stock worth $5,214,000 after acquiring an additional 10,107 shares during the last quarter. Hedge funds and other institutional investors own 90.05% of the company's stock.

Insider Buying and Selling

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

Analyst Upgrades and Downgrades

Several research firms recently weighed in on JCI. Morgan Stanley lifted their target price on shares of Johnson Controls International from $105.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, May 9th. UBS Group restated a "buy" rating and set a $116.00 price target (up from $103.00) on shares of Johnson Controls International in a research report on Thursday, May 22nd. The Goldman Sachs Group increased their target price on Johnson Controls International from $103.00 to $116.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Citigroup raised their target price on Johnson Controls International from $110.00 to $112.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. Finally, Oppenheimer downgraded Johnson Controls International from an "outperform" rating to a "market perform" rating in a research report on Friday, June 20th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $105.17.

Johnson Controls International Stock Up 1.0%

Shares of JCI traded up $1.09 during mid-day trading on Friday, reaching $105.40. The company's stock had a trading volume of 6,227,770 shares, compared to its average volume of 4,666,734. 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 plc has a 12-month low of $66.40 and a 12-month high of $112.63. The stock has a market cap of $68.97 billion, a PE ratio of 31.28, a price-to-earnings-growth ratio of 1.87 and a beta of 1.30. The company's 50 day moving average is $105.26 and its 200 day moving average is $91.68.

Johnson Controls International (NYSE:JCI - Get Free Report) last released its quarterly earnings data 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 net margin of 9.53% and a return on equity of 14.71%. The company had revenue of $6.05 billion during the quarter, compared to the consensus estimate of $5.99 billion. Equities analysts anticipate that Johnson Controls International plc will post 3.64 EPS for the current fiscal year.

Johnson Controls International announced that its Board of Directors has authorized a stock repurchase program on Friday, June 13th that allows the company to buyback $9.00 billion in shares. This buyback authorization allows the company to buy up to 13.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Johnson Controls International Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a yield of 1.4%. Johnson Controls International's payout ratio is currently 43.92%.

Johnson Controls International 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.