Johnson Controls (NYSE:JCI) International plc (NYSE:JCI) reported that its COO of Global Field Operations, Nathan D. Manning, sold a total of 3,000 shares of the company's stock on May 6, 2024. The transactions were executed in multiple parts, with shares sold at prices ranging between $62.72 and $63.30, amounting to over $188,000 in total value.
The sales were conducted under a Rule 10b5-1 trading plan, which was adopted on January 31, 2024. 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, providing a defense against claims of insider trading.
According to the filing, the first batch of 2,300 shares was sold at a weighted average price of $62.72, with individual transactions occurring at prices from $62.17 to $63.16. The second batch consisting of 700 shares was sold at a weighted average price of $63.30, with prices ranging from $63.21 to $64.20 for the separate sales.
Following these transactions, Manning still holds a significant number of shares in Johnson Controls, with ownership of 106,891.35 shares after the sale. The company, which specializes in air conditioning and heating equipment, as well as commercial and industrial refrigeration equipment, has not made any additional comments regarding these transactions.
Investors often monitor insider sales as they may provide insights into an executive's confidence in the company's current valuation and future prospects. However, it is important to note that such sales do not necessarily indicate a negative outlook, as executives may sell shares for various personal reasons, including diversification of assets, tax planning, or liquidity needs.
The detailed information about the exact number of shares sold at each price within the reported range can be provided upon request to the issuer, any security holder, or the staff of the Securities and Exchange Commission, as indicated in the footnotes of the filing.
This recent filing provides transparency into the actions of Johnson Controls' executives and allows shareholders to stay informed about significant changes in insider ownership.
InvestingPro Insights
As Johnson Controls International plc (NYSE:JCI) makes the news with insider transactions, current and potential investors may seek additional context to understand the company's financial health. According to InvestingPro, Johnson Controls has demonstrated a strong track record when it comes to dividends, with a notable increase for the past three years and consistent payments over the last 54 years, emphasizing its commitment to shareholder returns. This is an important consideration for income-focused investors who value stability and long-term return potential.
InvestingPro Data sheds light on the company's market performance and valuation. Johnson Controls currently has a market capitalization of $42.7 billion USD, and its price-to-earnings (P/E) ratio stands at 25.92, which adjusts to 20.28 for the last twelve months as of Q2 2024. The company's revenue growth has been modest at 2.83% for the same period, indicating steady business operations. Additionally, the stock has experienced a large price uptick over the last six months, with a total price return of 28.19%, signaling strong market confidence.
InvestingPro Tips also reveal that analysts have revised their earnings expectations downwards for the upcoming period, which could be a point of concern for investors looking at future profitability. Despite this, the company's stock generally trades with low price volatility, which may appeal to those seeking a more stable investment in the Building Products industry.
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