Jabil Circuit, Inc. (JBL) Position Trimmed by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan cut its holdings in shares of Jabil Circuit, Inc. (NYSE:JBL) by 23.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 54,210 shares of the technology company’s stock after selling 16,150 shares during the quarter. Municipal Employees Retirement System of Michigan’s holdings in Jabil Circuit were worth $1,548,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in JBL. IHT Wealth Management LLC raised its holdings in shares of Jabil Circuit by 142.6% in the 2nd quarter. IHT Wealth Management LLC now owns 359 shares of the technology company’s stock worth $159,000 after purchasing an additional 211 shares during the period. Advisor Group Inc. raised its holdings 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 buying an additional 2,337 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings 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 buying an additional 547 shares during the period. Stevens Capital Management LP purchased a new stake in shares of Jabil Circuit during the 2nd quarter valued at about $206,000. Finally, Bridgewater Associates LP acquired a new stake in Jabil Circuit during the 2nd quarter valued at approximately $219,000. Hedge funds and other institutional investors own 93.81% of the company’s stock.
Shares of Jabil Circuit, Inc. (JBL) opened at $29.10 on Friday. Jabil Circuit, Inc. has a 12-month low of $20.32 and a 12-month high of $31.70. The firm has a market capitalization of $5,048.46, a PE ratio of 15.37, a price-to-earnings-growth ratio of 1.07 and a beta of 0.53. The company has a debt-to-equity ratio of 0.69, a current ratio of 0.96 and a quick ratio of 0.54.
Jabil Circuit (NYSE:JBL) last posted its quarterly earnings data on Wednesday, September 27th. The technology company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.03. Jabil Circuit had a return on equity of 14.47% and a net margin of 0.68%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.86 billion. During the same quarter in the previous year, the firm earned $0.28 EPS. The firm’s revenue was up 13.4% compared to the same quarter last year. sell-side analysts expect that Jabil Circuit, Inc. will post 2.22 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Wednesday, November 15th will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, November 14th. This represents a $0.32 annualized dividend and a yield of 1.10%. Jabil Circuit’s dividend payout ratio is 46.38%.
Jabil Circuit declared that its board has authorized a share buyback plan on Thursday, July 20th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In related news, CEO Erich Hoch sold 2,500 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $28.49, for a total transaction of $71,225.00. Following the sale, the chief executive officer now directly owns 206,943 shares in the company, valued at approximately $5,895,806.07. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark T. Mondello sold 30,000 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $31.32, for a total value of $939,600.00. Following the sale, the chief executive officer now owns 1,877,619 shares in the company, valued at $58,807,027.08. The disclosure for this sale can be found here. Insiders have sold 147,680 shares of company stock worth $4,289,446 over the last 90 days. Corporate insiders own 2.90% of the company’s stock.
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JBL has been the subject of a number of recent analyst reports. J P Morgan Chase & Co initiated coverage on Jabil Circuit in a research note on Wednesday, August 2nd. They set an “overweight” rating and a $40.00 price objective for the company. BidaskClub lowered Jabil Circuit from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $37.00 target price on shares of Jabil Circuit in a research report on Friday, September 1st. ValuEngine upgraded Jabil Circuit from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 7th. Finally, Bank of America Corporation downgraded Jabil Circuit from a “buy” rating to a “neutral” rating in a report on Monday, September 25th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $30.50.
Jabil Circuit Company Profile
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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