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MILWAUKEE—Nathan D. Manning, Vice President and President of Building Solutions North America (BSNA) at Johnson Controls International plc (NYSE:JCI), a $51 billion market cap building products leader currently trading near its 52-week high, has sold a portion of his holdings in the company. According to a recent SEC filing, Manning sold 1,421 ordinary shares on February 3 at a price of $76.44 per share, totaling approximately $108,621. The company, which maintains a 1.91% dividend yield and has sustained dividend payments for 54 consecutive years, currently trades at a P/E ratio of 30.5x.
Following this transaction, Manning retains ownership of 148,346 shares. The sale was conducted under a Rule 10b5-1 trading plan, which Manning adopted on September 12, 2024. This plan allows executives to set up a predetermined schedule for selling company stock to avoid potential accusations of insider trading. According to InvestingPro, JCI maintains a FAIR financial health score, with 8 additional key insights available to subscribers through comprehensive Pro Research Reports.
In other recent news, Johnson Controls has been the subject of multiple analyst downgrades. Melius Research analysts recently downgraded Johnson Controls from Buy to Hold, setting a new price target at $95. The downgrade comes amid concerns over the sustainability of the current capital expenditure trend, particularly within the realm of artificial intelligence investments. The firm also downgraded Vertiv Holdings (NYSE:VRT) Co., among others, to Hold, with a price target of $125, reflecting similar concerns.
Johnson Controls has also seen significant changes in its top management. Julie Brandt, previously Vice President and President of Building Solutions North America, has been appointed as Vice President and President of Global Field Operations. Concurrently, Nathan Manning has assumed the role of Vice President and President of Building Solutions North America.
Furthermore, the company announced that board member Simone Menne will not seek re-election and is set to retire following the company’s annual general meeting in March. In addition, Johnson Controls priced an additional $250 million in senior notes due 2032, with the proceeds intended for general corporate purposes. These developments are part of the recent events shaping Johnson Controls’ trajectory.
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