BidaskClub Downgrades Jabil Circuit, Inc. (NYSE:JBL) to Hold
Jabil Circuit, Inc. (NYSE:JBL) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report released on Saturday.
JBL has been the topic of several other reports. ValuEngine upgraded shares of Jabil Circuit from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Macquarie initiated coverage on shares of Jabil Circuit in a report on Thursday, June 22nd. They set an “outperform” rating on the stock. Zacks Investment Research upgraded shares of Jabil Circuit from a “hold” rating to a “buy” rating and set a $33.00 price target on the stock in a report on Tuesday, June 20th. Needham & Company LLC restated a “buy” rating and set a $30.00 price target on shares of Jabil Circuit in a report on Tuesday, June 13th. Finally, J P Morgan Chase & Co initiated coverage on shares of Jabil Circuit in a report on Wednesday, August 2nd. They set an “overweight” rating and a $40.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Jabil Circuit currently has an average rating of “Hold” and a consensus price target of $28.77.
Jabil Circuit (JBL) opened at 29.22 on Friday. The company has a 50 day moving average price of $30.19 and a 200 day moving average price of $28.49. Jabil Circuit has a 12 month low of $20.32 and a 12 month high of $31.70. The stock has a market capitalization of $5.24 billion, a price-to-earnings ratio of 44.95 and a beta of 0.56.
Jabil Circuit (NYSE:JBL) last posted its quarterly earnings data on Wednesday, June 14th. The technology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.02. Jabil Circuit had a net margin of 0.66% and a return on equity of 12.27%. The firm had revenue of $4.49 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the previous year, the company posted $0.17 EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. Equities research analysts predict that Jabil Circuit will post $2.09 earnings per share for the current year.
Jabil Circuit announced that its board has initiated a stock repurchase plan on Thursday, July 20th that allows the company to repurchase $450.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.
In related news, Director Frank A. Newman sold 60,000 shares of Jabil Circuit stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $29.52, for a total value of $1,771,200.00. Following the completion of the sale, the director now owns 127,665 shares of the company’s stock, valued at approximately $3,768,670.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Forbes I. J. Alexander sold 4,341 shares of Jabil Circuit stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $30.00, for a total transaction of $130,230.00. Following the completion of the sale, the chief financial officer now directly owns 586,184 shares of the company’s stock, valued at approximately $17,585,520. The disclosure for this sale can be found here. In the last ninety days, insiders sold 305,495 shares of company stock valued at $9,205,242. 2.90% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KBC Group NV raised its position in Jabil Circuit by 63.0% in the first quarter. KBC Group NV now owns 252,871 shares of the technology company’s stock worth $7,313,000 after buying an additional 97,765 shares in the last quarter. Capstone Asset Management Co. raised its position in Jabil Circuit by 3.1% in the first quarter. Capstone Asset Management Co. now owns 26,126 shares of the technology company’s stock worth $756,000 after buying an additional 780 shares in the last quarter. Martingale Asset Management L P purchased a new position in Jabil Circuit during the first quarter worth $4,465,000. PGGM Investments raised its position in Jabil Circuit by 2.7% in the second quarter. PGGM Investments now owns 113,091 shares of the technology company’s stock worth $3,301,000 after buying an additional 3,006 shares in the last quarter. Finally, Creative Planning raised its position in Jabil Circuit by 2.0% in the first quarter. Creative Planning now owns 18,157 shares of the technology company’s stock worth $525,000 after buying an additional 351 shares in the last quarter. 94.83% of the stock is owned by hedge funds and other institutional investors.
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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