Stock Update: Johnson Controls Inc (NYSE:JCI) – Adient rated by S&P Global Ratings

[PR Newswire] – MILWAUKEE, June 29, 2016 /PRNewswire/ — Johnson Controls (JCI) today announced that Adient, the automotive seating and interiors business that it plans to spin off in October, has received a BB+ preliminary corporate credit rating and a BBB senior secured credit rating from S&P Global Ratings (S&P). “These ratings are in line with our expectation to have high non-investment-grade debt ratings when we list on the New York Stock Exchange in October,” said incoming Adient Chairman and Chief Executive Officer R. Bruce McDonald. With $20 billion in consolidated annual revenues in fiscal year 2015, Adient will be the global leader in the $60 billion market for automotive seating. Read more on this. Johnson Controls Inc. (JCI) , with a current value of $28.03B, opened at $43.03. During today’s session, JCI traded between $42.59 to $43.24 with a trailing 52-week range being $33.62 to $51.85. Johnson Controls (JCI) shares are currently priced at 10.86x this year’s forecasted earnings, which makes them relatively inexpensive compared to the industry’s 11.96x earnings multiple for the same period. The company pays shareholders $1.16 per share in dividend income per year, for a current yield of 2.71%. According to a consensus of 16 analysts, the earnings estimate of $1.03 per share would be $0.12 better than the year-ago quarter and a $0.05 sequential increase. In looking at the bigger picture, the full-year EPS estimate of $3.91 would be a $0.49 better when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $9.63 Billion. If realized, that would be a 0.21% increase over the year-ago quarter. In terms of ratings, Credit Suisse upgraded JCI from Neutral to Outperform (May 24, 2016). Previously, Oppenheimer Initiated JCI at to Outperform. When considering if perhaps the stock is under or overvalued, the average price target is $48.71, which is 13.20% above where the stock opened this morning. See more in (NYSE:JCI) Similar Articles: Market Update (NYSE:JCI): Adient Files SEC Form 10 for Planned Spin-off from Johnson Controls Stock Update: Johnson Controls Inc (NYSE:JCI) – Johnson Controls reports double digit 2016 first quarter adjusted earnings per share improvement Market Update: Johnson Controls Inc (NYSE:JCI) – Johnson Controls Announces New Automotive Company to be Named Adient