Johnson Controls International (NYSE:JCI) has seen its price target increased to $138.00 by Wolfe Research, up from a previous estimate of $135.00. This revision is part of a broader evaluation of the company’s stock, which currently holds an outperform rating. The announcement was made in a research note distributed to investors on Thursday morning, according to MarketScreener.
Other financial institutions have also weighed in on Johnson Controls International. Deutsche Bank Aktiengesellschaft raised its target price from $124.00 to $125.00, maintaining a “buy” rating on October 2, 2023. On October 6, Argus reaffirmed a “buy” rating while setting a higher target of $145.00. Wells Fargo & Company also increased its target price from $130.00 to $135.00, assigning an “overweight” rating. Robert W. Baird lifted its price target from $110.00 to $115.00 with a “neutral” rating on October 14, 2023, and Citigroup adjusted its price objective from $112.00 to $119.00 on October 9, 2023.
In total, ten analysts have rated Johnson Controls International with a Buy rating, while another ten have assigned a Hold rating. According to MarketBeat, the average rating for the stock is “Moderate Buy” with an average price target of $121.00.
Recent Earnings and Dividend Increase
Johnson Controls International recently reported its earnings for the quarter ending November 5, 2023. The company posted earnings per share of $1.26, exceeding analysts’ expectations of $1.20 by $0.06. The company’s revenue for the quarter was $6.44 billion, surpassing the consensus estimate of $6.31 billion. This performance reflects a net margin of 9.53% and a return on equity of 14.71%. Revenue increased by 3.1% compared to the same quarter last year, when the company reported earnings per share of $1.28.
For the fiscal year 2026, Johnson Controls has set guidance for earnings per share between $4.55 and $4.55, with first-quarter guidance at $0.83. Analysts anticipate that Johnson Controls will report an average of $3.64 earnings per share for the current fiscal year.
In addition to its earnings report, Johnson Controls announced an increase in its quarterly dividend. Shareholders received a dividend of $0.40 per share on October 17, 2023, which marks an increase from the previous dividend of $0.37. This change brings the annualized dividend to $1.60 with a yield of 1.3%. The company’s current dividend payout ratio stands at 31.43%.
Insider Transactions and Institutional Interest
Recently, there have been notable insider transactions at Johnson Controls International. Vice President Lei Zhang Schlitz sold 10,500 shares on November 6, 2023, at an average price of $122.03, totaling approximately $1,281,315.00. Following this transaction, Schlitz holds 115,220 shares valued at $14,060,296.60, representing an 8.35% decrease in ownership. Similarly, VP Nathan D. Manning sold 1,422 shares on September 2, 2023, for a total of $149,395.32, leading to a 1.01% reduction in ownership.
Over the past three months, insider sales have totaled 17,839 shares valued at $2,056,315. Currently, corporate insiders own 0.54% of the company’s stock.
Institutional investors have also been active in their dealings with Johnson Controls. Norges Bank purchased a new stake in the company in the second quarter, valued at approximately $795.3 million. Viking Global Investors LP significantly increased its position by 368.5% during the third quarter, now owning 6,796,942 shares valued at $747.3 million. Other institutional investors, like Nuveen LLC and Ameriprise Financial Inc., have also boosted their holdings, further indicating strong institutional interest in the company, which is owned 90.05% by institutional investors.
Johnson Controls International operates globally, providing engineering, manufacturing, commissioning, and retrofitting building products and systems. With a diverse portfolio across various segments, the company continues to attract attention from investors and analysts alike.
