Jabil Circuit, Inc. (JBL) Stock Rating Reaffirmed by Needham & Company LLC
Jabil Circuit, Inc. (NYSE:JBL)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report issued on Friday. They currently have a $37.00 target price on the technology company’s stock. Needham & Company LLC’s price target indicates a potential upside of 18.06% from the stock’s previous close.
Several other equities analysts also recently issued reports on the company. BidaskClub downgraded Jabil Circuit from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. J P Morgan Chase & Co began coverage on Jabil Circuit in a research report on Wednesday, August 2nd. They issued an “overweight” rating and a $40.00 price objective for the company. Macquarie began coverage on Jabil Circuit in a research report on Thursday, June 22nd. They issued an “outperform” rating for the company. Zacks Investment Research upgraded Jabil Circuit from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research report on Tuesday, June 20th. Finally, Bank of America Corporation reiterated a “buy” rating and issued a $34.00 price objective (up previously from $33.00) on shares of Jabil Circuit in a research report on Monday, June 19th. Nine equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $29.31.
Shares of Jabil Circuit (NYSE JBL) traded down 0.03% on Friday, reaching $31.34. The company had a trading volume of 1,327,081 shares. The firm has a market capitalization of $5.62 billion, a PE ratio of 48.22 and a beta of 0.55. Jabil Circuit has a 12 month low of $20.32 and a 12 month high of $31.70. The company’s 50-day moving average is $30.45 and its 200 day moving average is $29.13.
Jabil Circuit (NYSE:JBL) last issued its quarterly earnings data on Wednesday, June 14th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter in the previous year, the company posted $0.17 EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. Equities analysts forecast that Jabil Circuit will post $2.09 earnings per share for the current year.
Jabil Circuit announced that its Board of Directors has approved a share repurchase plan on Thursday, July 20th that permits the company to repurchase $450.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
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In related news, CEO Mark T. Mondello sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $30.47, for a total transaction of $914,100.00. Following the sale, the chief executive officer now owns 1,907,619 shares in the company, valued at $58,125,150.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Forbes I. J. Alexander sold 20,000 shares of the company’s stock in a transaction dated Monday, June 5th. The stock was sold at an average price of $31.00, for a total value of $620,000.00. Following the sale, the chief financial officer now owns 550,525 shares in the company, valued at approximately $17,066,275. The disclosure for this sale can be found here. Insiders have sold 185,387 shares of company stock worth $5,572,664 in the last quarter. 2.90% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the company. KBC Group NV raised its stake in Jabil Circuit by 63.0% in the first quarter. KBC Group NV now owns 252,871 shares of the technology company’s stock valued at $7,313,000 after buying an additional 97,765 shares during the last quarter. Teachers Advisors LLC raised its stake in Jabil Circuit by 0.4% in the first quarter. Teachers Advisors LLC now owns 502,040 shares of the technology company’s stock valued at $14,519,000 after buying an additional 2,138 shares during the last quarter. PGGM Investments raised its stake in Jabil Circuit by 2.7% in the second quarter. PGGM Investments now owns 113,091 shares of the technology company’s stock valued at $3,301,000 after buying an additional 3,006 shares during the last quarter. Martingale Asset Management L P bought a new stake in Jabil Circuit during the first quarter valued at about $4,465,000. Finally, Cornerstone Capital Management Holdings LLC. raised its stake in Jabil Circuit by 47.5% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 1,085,785 shares of the technology company’s stock valued at $31,399,000 after buying an additional 349,612 shares during the last quarter. Institutional investors and hedge funds own 92.99% of the company’s stock.
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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