Jabil Circuit, Inc. (JBL) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS
Jabil Circuit, Inc. (NYSE:JBL) posted its earnings results on Wednesday. The technology company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02, Bloomberg Earnings reports. Jabil Circuit had a return on equity of 12.27% and a net margin of 0.66%. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $4.86 billion. During the same quarter in the prior year, the business earned $0.28 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. Jabil Circuit updated its Q1 guidance to $0.65-0.91 EPS and its FY18 guidance to $2.60 EPS.
Shares of Jabil Circuit (NYSE JBL) opened at 28.81 on Thursday. The firm has a 50 day moving average price of $30.47 and a 200-day moving average price of $29.56. The firm has a market cap of $5.16 billion, a P/E ratio of 44.32 and a beta of 0.55. Jabil Circuit has a one year low of $20.32 and a one year high of $31.70.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.11%. The ex-dividend date of this dividend was Friday, August 11th. Jabil Circuit’s dividend payout ratio is presently 50.00%.
In other Jabil Circuit news, CEO Mark T. Mondello sold 30,000 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $29.57, for a total transaction of $887,100.00. Following the sale, the chief executive officer now owns 1,937,619 shares of the company’s stock, valued at approximately $57,295,393.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 90,521 shares of company stock worth $2,756,946 in the last three months. Insiders own 2.90% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in JBL. IHT Wealth Management LLC grew its position in shares of Jabil Circuit by 142.6% during the 2nd quarter. IHT Wealth Management LLC now owns 359 shares of the technology company’s stock valued at $159,000 after purchasing an additional 211 shares in the last quarter. Advisor Group Inc. grew its position in shares of Jabil Circuit by 68.2% during the 2nd quarter. Advisor Group Inc. now owns 5,765 shares of the technology company’s stock valued at $168,000 after purchasing an additional 2,337 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Jabil Circuit by 9.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,054 shares of the technology company’s stock valued at $177,000 after purchasing an additional 547 shares in the last quarter. Stevens Capital Management LP purchased a new position in shares of Jabil Circuit during the 2nd quarter valued at $206,000. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Jabil Circuit during the 1st quarter valued at $218,000. Hedge funds and other institutional investors own 93.05% of the company’s stock.
Several equities analysts have recently commented on JBL shares. Zacks Investment Research raised Jabil Circuit from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a research report on Tuesday, June 20th. Bank of America Corporation reaffirmed a “buy” rating and issued a $34.00 target price (up previously from $33.00) on shares of Jabil Circuit in a research report on Monday, June 19th. BidaskClub downgraded Jabil Circuit from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. UBS AG reaffirmed a “buy” rating and issued a $35.00 target price (up previously from $30.00) on shares of Jabil Circuit in a research report on Friday, June 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $30.00 target price on shares of Jabil Circuit in a research report on Tuesday, June 13th. Nine investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $30.64.
Jabil Circuit announced that its Board of Directors has authorized a share buyback plan on Thursday, July 20th that allows the company to repurchase $450.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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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