Johnson Controls Boosts Stock Buyback Program By $3 Bln; Hikes Dividend 16%

(RTTNews) - Johnson Controls Inc. (JCI) said Wednesday that its board of directors has approved a $3 billion increase in its share repurchase program, which now totals $3.65 billion.

To date in fiscal 2014, Johnson Controls has spent about $400 million on repurchases. In addition, the company said it is announcing an $800 million accelerated stock repurchase agreement with Goldman, Sachs and Co. (GS) that will be funded in November. The remainder of the repurchase program is expected to be utilized in fiscal 2015 and 2016.

Additionally, the Johnson Controls board of directors increased the regular quarterly dividend 16% to $0.22 per share. The newly increased quarterly dividend will be paid on Jan. 6, 2014 to shareholders of record on December 16, 2013.