Johnson Controls (NYSE:JCI) International plc (NYSE:JCI) COO of Global Field Operations, Nathan D. Manning, has sold a total of $83,325 worth of company shares, according to a recent filing with the Securities and Exchange Commission. The transactions, which took place on June 3, were executed under a prearranged 10b5-1 trading plan established on January 31, 2024.
The shares were sold in multiple transactions with prices ranging from $70.97 to $71.75. This price range resulted in a weighted average selling price of between $71.26 and $72.20 per share. The SEC filing detailed that Manning sold 1,068 shares at an average price of $71.26 and an additional 100 shares at $72.20. Following these transactions, Manning still owns 105,723.35 shares of Johnson Controls International plc.
The 10b5-1 trading plan, mentioned in a footnote of the SEC filing, allows corporate insiders to set up a predetermined plan to sell company stocks in a way that avoids accusations of insider trading. This plan provides executives with the ability to sell their shares at a time when they are not in possession of material non-public information.
Investors often monitor insider transactions as they can provide insights into an executive's view of the company's future prospects. However, it's also not uncommon for executives to sell shares for reasons unrelated to their outlook on the company, such as personal financial planning or diversification strategies.
Johnson Controls International plc, known for its work in building products and technology solutions, has not made any official statement regarding the transactions carried out by COO Nathan Manning.
InvestingPro Insights
Amid the recent insider selling by COO Nathan D. Manning of Johnson Controls International plc (NYSE:JCI), investors may seek additional context on the company's financial health and market performance. According to InvestingPro data, Johnson Controls boasts a solid market capitalization of $47.88 billion. The company's P/E ratio stands at 28.59, suggesting a premium valuation relative to current earnings, which aligns with one of the InvestingPro Tips indicating that JCI is trading at a high P/E ratio relative to near-term earnings growth.
On the earnings front, Johnson Controls has demonstrated a commitment to shareholder returns, having raised its dividend for 3 consecutive years, and impressively, maintained dividend payments for 54 consecutive years. This consistency in dividend payments, highlighted in the InvestingPro Tips, may appeal to income-focused investors. Additionally, the company has experienced a substantial price uptick over the last six months, with a 33.74% total return, underscoring a strong market performance in the medium term.
However, with 12 analysts having revised their earnings downwards for the upcoming period, investors should be attentive to potential changes in the company's earnings outlook. For those interested in a deeper dive into Johnson Controls' financials and market predictions, InvestingPro offers a suite of additional tips. There are currently 13 more InvestingPro Tips available for JCI, which can provide valuable insights into the company's performance and prospects. To access these tips and more detailed analytics, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/JCI.
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