State Street Corp cut its position in Jabil Circuit, Inc. (NYSE:JBL) by 4.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,388,180 shares of the technology company’s stock after selling 278,580 shares during the period. State Street Corp owned about 3.50% of Jabil Circuit worth $184,739,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE increased its position in shares of Jabil Circuit by 20.7% in the first quarter. Bank of America Corp DE now owns 1,374,540 shares of the technology company’s stock worth $39,752,000 after buying an additional 235,524 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Jabil Circuit during the first quarter worth about $218,000. Nicholas Investment Partners LP purchased a new position in shares of Jabil Circuit during the first quarter worth about $2,833,000. Amalgamated Bank increased its position in shares of Jabil Circuit by 3.0% in the first quarter. Amalgamated Bank now owns 29,612 shares of the technology company’s stock worth $856,000 after buying an additional 872 shares in the last quarter. Finally, BlackRock Inc. increased its position in shares of Jabil Circuit by 10,288.7% in the first quarter. BlackRock Inc. now owns 15,301,794 shares of the technology company’s stock worth $442,528,000 after buying an additional 15,154,502 shares in the last quarter. Institutional investors own 94.85% of the company’s stock.
Shares of Jabil Circuit, Inc. (NYSE:JBL) traded down 2.02% during trading on Friday, hitting $30.57. 960,137 shares of the stock were exchanged. The company has a market cap of $5.48 billion, a price-to-earnings ratio of 47.03 and a beta of 0.56. The firm has a 50 day moving average of $29.99 and a 200-day moving average of $28.01. Jabil Circuit, Inc. has a 12-month low of $19.94 and a 12-month high of $31.70.
Jabil Circuit (NYSE:JBL) last announced its quarterly earnings data on Wednesday, June 14th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.02. Jabil Circuit had a return on equity of 12.27% and a net margin of 0.66%. The firm had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period last year, the business posted $0.17 earnings per share. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, analysts forecast that Jabil Circuit, Inc. will post $2.10 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.05%. The ex-dividend date is Friday, August 11th. Jabil Circuit’s dividend payout ratio is presently 50.00%.
Jabil Circuit declared that its Board of Directors has approved a share repurchase plan on Thursday, July 20th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 8.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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A number of research firms have weighed in on JBL. Needham & Company LLC reissued a “buy” rating and set a $30.00 price objective on shares of Jabil Circuit in a report on Tuesday, June 13th. ValuEngine raised shares of Jabil Circuit from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Royal Bank Of Canada raised their price objective on shares of Jabil Circuit from $27.00 to $31.00 and gave the stock a “sector perform” rating in a report on Thursday, June 15th. Stifel Nicolaus raised their price objective on shares of Jabil Circuit from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Thursday, June 15th. Finally, BidaskClub raised shares of Jabil Circuit from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Eight analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $27.83.
In other Jabil Circuit news, COO William D. Muir, Jr. sold 2,000 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $29.08, for a total value of $58,160.00. Following the sale, the chief operating officer now directly owns 522,085 shares of the company’s stock, valued at $15,182,231.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael J. Loparco sold 5,000 shares of the stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $29.90, for a total value of $149,500.00. Following the completion of the sale, the chief executive officer now directly owns 244,486 shares in the company, valued at $7,310,131.40. The disclosure for this sale can be found here. Insiders sold 277,495 shares of company stock worth $8,349,302 over the last ninety days. 2.90% of the stock is owned by corporate insiders.
About Jabil Circuit
Jabil Inc, formerly Jabil Circuit, Inc, provides electronic manufacturing services and solutions throughout the world. The Company operates in two segments, which include Electronics Manufacturing Services (EMS) and Diversified Manufacturing Services (DMS). The Company’s EMS segment is focused on leveraging information technology (IT), supply chain design and engineering, technologies centered on core electronics, sharing of its large scale manufacturing infrastructure and the ability to serve a range of markets.
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