State of New Jersey Common Pension Fund D Sells 20,764 Shares of Johnson Controls International plc (NYSE:JCI)

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Johnson Controls International by 8.5%, selling 20,764 shares and bringing its total holdings to 222,119 shares valued at approximately $17.8 million.
• Various institutional investors increased their positions in Johnson Controls International significantly, with Allspring Global Investments boosting their stake by an extraordinary 2,213.5% during the first quarter.
• Analysts are optimistic about the stock, with Goldman Sachs raising its price objective for Johnson Controls International from $103.00 to $116.00, reflecting a consensus average target price of approximately $105.17.

State of New Jersey Common Pension Fund D trimmed its stake in shares of Johnson Controls International plc (NYSE:JCI - Free Report) by 8.5% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 222,119 shares of the company's stock after selling 20,764 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Johnson Controls International were worth $17,794,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Cerity Partners LLC lifted its position in shares of Johnson Controls International by 69.8% during the 1st quarter. Cerity Partners LLC now owns 113,059 shares of the company's stock valued at $9,057,000 after acquiring an additional 46,459 shares during the period. G&S Capital LLC lifted its position in shares of Johnson Controls International by 81.4% during the 1st quarter. G&S Capital LLC now owns 30,342 shares of the company's stock valued at $2,431,000 after acquiring an additional 13,612 shares during the period. GAMMA Investing LLC lifted its position in shares of Johnson Controls International by 27.8% during the 1st quarter. GAMMA Investing LLC now owns 14,720 shares of the company's stock valued at $1,179,000 after acquiring an additional 3,201 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Johnson Controls International by 2,213.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 709,431 shares of the company's stock valued at $57,748,000 after acquiring an additional 678,766 shares during the period. Finally, Dynamic Advisor Solutions LLC lifted its position in shares of Johnson Controls International by 22.4% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 5,987 shares of the company's stock worth $480,000 after buying an additional 1,096 shares during the last quarter. 90.05% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

JCI has been the topic of several research analyst reports. Vertical Research raised Johnson Controls International from a "hold" rating to a "buy" rating and set a $105.00 price objective on the stock in a research note on Thursday, May 8th. The Goldman Sachs Group raised their price objective on Johnson Controls International from $103.00 to $116.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. raised their price objective on Johnson Controls International from $81.00 to $98.00 and gave the company an "overweight" rating in a research note on Friday, May 16th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $120.00 price objective on shares of Johnson Controls International in a research note on Thursday, July 24th. Finally, Royal Bank Of Canada raised their price objective 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 investment 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 an average rating of "Hold" and an average target price of $105.17.

Johnson Controls International Price Performance

Shares of JCI opened at $103.53 on Friday. Johnson Controls International plc has a 1 year low of $67.68 and a 1 year high of $112.63. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.96 and a quick ratio of 0.81. The company has a market capitalization of $67.75 billion, a price-to-earnings ratio of 30.72, a price-to-earnings-growth ratio of 1.87 and a beta of 1.30. The business has a 50-day moving average of $105.59 and a 200-day moving average of $92.56.

Johnson Controls International (NYSE:JCI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $6.05 billion during the quarter, compared to the consensus estimate of $5.99 billion. As a group, equities research analysts anticipate that Johnson Controls International plc will post 3.64 earnings per share for the current year.

Johnson Controls International Dividend Announcement

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

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

Insider Transactions at Johnson Controls International

In other news, 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 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. This trade represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the vice president owned 42,574 shares of the company's stock, valued at $4,390,656.62. This trade represents a 26.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,266 shares of company stock valued at $1,986,931 over the last 90 days. 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.

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