Johnson Controls (NYSE:JCI) International plc (NYSE:JCI) Executive Vice President and CFO Marc Vandiepenbeeck has sold a total of 186 ordinary shares at a price of $68.96, according to a recent regulatory filing. The transaction, which took place on June 20, 2024, resulted in a total sale value of $12,826.
The sale was conducted under a Rule 10b5-1 trading plan, which was previously adopted on August 8, 2023. Such plans allow company insiders to set up a predetermined schedule for buying or selling shares at a time when they are not in possession of material non-public information, in order to avoid accusations of insider trading.
Following the transaction, Vandiepenbeeck's direct ownership in the company stands at 43,811.25 shares. This move by the executive at Johnson Controls, a leader in the field of air conditioning, heating equipment, and commercial and industrial refrigeration equipment, may interest investors tracking insider trading activities.
The details of the transaction were made public through a Form 4 filing with the Securities and Exchange Commission. Johnson Controls has not made any additional comments regarding the sale. Investors and analysts often monitor insider sales as they may provide insights into executives' perspectives on their company's current valuation and future prospects.
In other recent news, Johnson Controls has been making strategic moves to refine its business operations. The company has entered into an agreement to sell its Air Distribution Technologies segment to Truelink Capital, a move expected to finalize in the latter half of 2024. This transaction is part of Johnson Controls' broader initiative to concentrate on thriving market areas and eliminate complexities within its operations.
Moreover, the company has launched tender offers to repurchase up to $90 million of its outstanding senior notes. This is part of Johnson Controls' ongoing financial management strategy. Additionally, Elliott Investment Management has acquired a stake worth over $1 billion in Johnson Controls.
In terms of analyst notes, both Citi and Barclays (LON:BARC) Capital Inc. maintain a neutral stance on Johnson Controls. Johnson Controls' earnings per share estimates show a positive trajectory, with forecasts for fiscal year one at $3.61 and fiscal year two at $4.03. These recent developments highlight the dynamic nature of Johnson Controls' business operations and financial strategies.
InvestingPro Insights
Johnson Controls International plc (NYSE:JCI) has recently been in the spotlight due to a transaction by a high-level insider, indicating potential investor interest in the company's financial health and future outlook. The InvestingPro platform provides a deeper dive into the company's financial metrics and analyst expectations that could be valuable for those considering Johnson Controls as part of their investment portfolio.
With a market capitalization of $46.03 billion, Johnson Controls is trading at a P/E ratio of 27.47, suggesting a higher valuation relative to near-term earnings growth. However, when looking at the adjusted P/E ratio for the last twelve months as of Q2 2024, this figure stands at a more moderate 21.45. The company's PEG ratio during the same period is 1.15, which may indicate that the stock's price is somewhat aligned with expected earnings growth rates.
Investors might also note that Johnson Controls has raised its dividend for 3 consecutive years and has maintained dividend payments for an impressive 54 consecutive years, emphasizing its commitment to returning value to shareholders. The dividend yield as of the latest available data stands at 2.14%. Moreover, the company has experienced a significant price uptick of 27.03% over the last six months, potentially signaling market confidence in its performance and strategic direction.
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