Johnson Controls (JCI) Prices $700M Worth of Notes Offering

17.04.24 14:49 Uhr

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Johnson Controls International plc JCI announced the pricing of senior notes yesterday. Subject to the fulfilment of customary conditions, the public offering of notes is expected to close on Apr 19, 2024.It is worth mentioning here that the company’s shares lost 0.3% yesterday, ending the trading session at $64.23.Inside the HeadlinesAs noted, the offering will comprise $700 million of 5.500% senior notes, due to expire on Apr 19, 2029. Senior notes have been priced at 99.737% of the principal amount, plus accrued interest (if any) from Apr 19, 2024.Interest on senior notes will be paid out semi-annually — on Apr 19 and Oct 19 of each year. The first interest payment will be made on Oct 19, 2024. Notably, the issuer has the option to redeem senior notes before Mar 19, 2029. The offering’s rating is expected to be Baa2 (Stable) by Moody’s and BBB+ (Stable) by S&P.Johnson Controls will use net proceeds from the notes offering for meeting general corporate purposes that include repayment, redemption and refinancing of outstanding commercial paper and other near-term obligations.We believe that the offering of senior notes will increase the company’s debts and, in turn, might inflate its financial obligations and hurt profitability. Exiting first-quarter fiscal 2024 (ended Dec 31, 2023), its long-term debts were $7,959 million, reflecting a 1.8% increase on a year-over-year basis.Zacks Rank, Estimate Trend and Price PerformanceWith a market capitalization of $43.8 billion, Johnson Controls currently carries a Zacks Rank #4 (Sell). The company has been witnessing softness across its Global Products unit due to declining global residential sales. JCI's Install business under the Building Solutions Asia Pacific unit has also been subject to a challenging market condition in China. Escalating operating costs and expenses might dent its bottom line.Image Source: Zacks Investment ResearchIn the past year, the company’s shares have risen 10.4% compared with the industry’s growth of 13.8%.The Zacks Consensus Estimate for earnings is pegged at $3.61 for fiscal 2024 (ending Sep 30, 2024) and at $4.12 for fiscal 2025 (ending Sep 30, 2025), implying a decline of 0.6% and 0.7%, respectively, from that recorded 60 days ago.Key PicksSome better-ranked stocks from the same space have been discussed below.IDEX Corporation IEX carries a Zacks Rank #2 (Buy) at present. IEX delivered a trailing four-quarter average earnings surprise of 5.2%. In the past 60 days, the Zacks Consensus Estimate for its 2024 earnings has increased 1.7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Cadre Holdings, Inc. CDRE presently has a Zacks Rank of 2. CDRE delivered a trailing four-quarter average earnings surprise of 45.6%. In the past 60 days, the Zacks Consensus Estimate for Cadre’s 2024 earnings has increased 7.3%.Powell Industries, Inc. POWL presently carries a Zacks Rank #2. It delivered a trailing four-quarter earnings surprise of 77.6%, on average. The Zacks Consensus Estimate for POWL’s fiscal 2024 (ending September 2024) earnings has remained unchanged in the past 60 days.Free Report – The Bitcoin Profit PhenomenonZacks Investment Research has released a Special Report to help you pursue massive profits from the world’s first and largest decentralized form of money.No guarantees for the future, but in the past three presidential election years, Bitcoin’s returns were as follows: 2012 +272.4%, 2016 +161.1%, and 2020 +302.8%.Zacks predicts another significant surge. Click below for Bitcoin: A Tumultuous Yet Resilient History.Download Now – Today It’s FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Johnson Controls International plc (JCI): Free Stock Analysis Report IDEX Corporation (IEX): Free Stock Analysis Report Powell Industries, Inc. (POWL): Free Stock Analysis Report Cadre Holdings, Inc. (CDRE): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks

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Nachrichten zu Johnson Controls International PLC

Analysen zu Johnson Controls International PLC

DatumRatingAnalyst
12.06.2019Johnson Controls International Equal WeightBarclays Capital
15.02.2018Johnson Controls International Equal WeightBarclays Capital
05.01.2018Johnson Controls International NeutralRobert W. Baird & Co. Incorporated
28.07.2017Johnson Controls International BuyGabelli & Co
09.12.2016Johnson Controls Equal WeightBarclays Capital
DatumRatingAnalyst
28.07.2017Johnson Controls International BuyGabelli & Co
18.10.2016Johnson Controls OutperformRobert W. Baird & Co. Incorporated
16.09.2016Johnson Controls BuyUBS AG
25.01.2016Johnson Controls OverweightBarclays Capital
07.01.2016Johnson Controls OutperformOppenheimer & Co. Inc.
DatumRatingAnalyst
12.06.2019Johnson Controls International Equal WeightBarclays Capital
15.02.2018Johnson Controls International Equal WeightBarclays Capital
05.01.2018Johnson Controls International NeutralRobert W. Baird & Co. Incorporated
09.12.2016Johnson Controls Equal WeightBarclays Capital
06.12.2016Johnson Controls HoldGabelli & Co
DatumRatingAnalyst
20.07.2009Johnson Controls DowngradeGoldman Sachs Group Inc.

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