Jabil Circuit, Inc. (JBL) Lifted to “Strong-Buy” at ValuEngine
ValuEngine upgraded shares of Jabil Circuit, Inc. (NYSE:JBL) from a buy rating to a strong-buy rating in a research report report published on Thursday.
Several other equities research analysts have also weighed in on the company. Zacks Investment Research lowered Jabil Circuit from a buy rating to a hold rating in a research note on Tuesday, May 16th. BidaskClub lowered Jabil Circuit from a strong-buy rating to a buy rating in a research note on Saturday, June 17th. Needham & Company LLC reissued a buy rating and set a $30.00 price objective on shares of Jabil Circuit in a research note on Tuesday, June 13th. Macquarie started coverage on Jabil Circuit in a research note on Thursday, June 22nd. They set an outperform rating for the company. Finally, Bank of America Corporation reissued a buy rating and set a $34.00 price objective (up from $33.00) on shares of Jabil Circuit in a research note on Monday, June 19th. Nine investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $29.31.
Jabil Circuit (NYSE JBL) traded up 0.26% during mid-day trading on Thursday, reaching $30.44. The company’s stock had a trading volume of 1,078,486 shares. The firm has a market capitalization of $5.46 billion, a P/E ratio of 46.83 and a beta of 0.55. Jabil Circuit has a 52 week low of $20.32 and a 52 week high of $31.70. The firm’s 50 day moving average price is $30.44 and its 200 day moving average price is $29.26.
Jabil Circuit (NYSE:JBL) last issued its quarterly earnings results on Wednesday, June 14th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. The firm had revenue of $4.49 billion during the quarter, compared to analyst estimates of $4.40 billion. Jabil Circuit had a return on equity of 12.27% and a net margin of 0.66%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period last year, the company posted $0.17 EPS. On average, analysts anticipate that Jabil Circuit will post $2.09 EPS for the current fiscal year.
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Jabil Circuit announced that its Board of Directors has initiated a stock buyback program on Thursday, July 20th that permits the company to buyback $450.00 million in shares. This buyback authorization permits the technology company to purchase up to 8.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were issued a $0.08 dividend. The ex-dividend date was Friday, August 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.05%. Jabil Circuit’s payout ratio is currently 50.00%.
In related news, COO William D. Muir, Jr. sold 19,866 shares of the stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $29.34, for a total transaction of $582,868.44. Following the completion of the sale, the chief operating officer now directly owns 597,085 shares in the company, valued at $17,518,473.90. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Frank A. Newman sold 60,000 shares of the stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $29.52, for a total value of $1,771,200.00. Following the sale, the director now owns 127,665 shares of the company’s stock, valued at $3,768,670.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 170,387 shares of company stock valued at $5,111,014. 2.90% of the stock is owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. KBC Group NV raised its holdings in shares of Jabil Circuit by 63.0% during the first quarter. KBC Group NV now owns 252,871 shares of the technology company’s stock worth $7,313,000 after acquiring an additional 97,765 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Jabil Circuit by 5.0% during the second quarter. Legal & General Group Plc now owns 914,334 shares of the technology company’s stock worth $26,688,000 after acquiring an additional 43,628 shares in the last quarter. Teachers Advisors LLC raised its holdings in shares of Jabil Circuit by 0.4% during the first quarter. Teachers Advisors LLC now owns 502,040 shares of the technology company’s stock worth $14,519,000 after acquiring an additional 2,138 shares in the last quarter. PGGM Investments raised its holdings in shares of Jabil Circuit by 2.7% during the second quarter. PGGM Investments now owns 113,091 shares of the technology company’s stock worth $3,301,000 after acquiring an additional 3,006 shares in the last quarter. Finally, Martingale Asset Management L P purchased a new stake in shares of Jabil Circuit during the first quarter worth $4,465,000. Institutional investors and hedge funds own 93.00% 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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