Jabil Circuit Inc. (JBL) Sees Large Volume Increase on Strong Earnings
Jabil Circuit Inc. (NYSE:JBL) saw strong trading volume on Wednesday following a better than expected earnings announcement. 3,882,101 shares were traded during mid-day trading, an increase of 66% from the previous session’s volume of 2,335,098 shares.The stock last traded at $23.73 and had previously closed at $23.16.
The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.25 by $0.03. The firm earned $4.40 billion during the quarter, compared to analysts’ expectations of $4.26 billion. Jabil Circuit had a return on equity of 14.04% and a net margin of 1.63%. Jabil Circuit’s quarterly revenue was down 6.0% compared to the same quarter last year. During the same period last year, the business earned $0.53 earnings per share.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Monday, August 15th were given a $0.08 dividend. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $0.32 annualized dividend and a yield of 1.35%. Jabil Circuit’s dividend payout ratio (DPR) is currently 20.38%.
Several research analysts recently commented on the company. Raymond James Financial Inc. raised Jabil Circuit from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $21.00 to $26.00 in a research report on Friday, July 15th. Goldman Sachs Group Inc. raised Jabil Circuit from a “sell” rating to a “neutral” rating and raised their target price for the stock from $16.00 to $21.00 in a research report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $23.00 target price on shares of Jabil Circuit in a research report on Tuesday. UBS AG reduced their target price on Jabil Circuit from $22.00 to $20.00 and set a “buy” rating for the company in a research report on Thursday, June 16th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $21.00 price objective on shares of Jabil Circuit in a research note on Friday, June 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $31.42.
In related news, CEO Michael J. Loparco sold 2,000 shares of Jabil Circuit stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $21.90, for a total value of $43,800.00. Following the completion of the sale, the chief executive officer now directly owns 241,092 shares in the company, valued at $5,279,914.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President William E. Peters sold 20,000 shares of Jabil Circuit stock in a transaction dated Tuesday, September 20th. The stock was sold at an average price of $23.25, for a total value of $465,000.00. The disclosure for this sale can be found here. 2.90% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Jabil Circuit during the fourth quarter worth approximately $46,756,000. Alpha Windward LLC boosted its position in shares of Jabil Circuit by 11.0% in the first quarter. Alpha Windward LLC now owns 20,568 shares of the company’s stock worth $396,000 after buying an additional 2,040 shares during the period. PGGM Investments boosted its position in shares of Jabil Circuit by 2.5% in the first quarter. PGGM Investments now owns 117,746 shares of the company’s stock worth $2,269,000 after buying an additional 2,873 shares during the period. Glenmede Trust Co. NA boosted its position in shares of Jabil Circuit by 51.7% in the first quarter. Glenmede Trust Co. NA now owns 1,409,345 shares of the company’s stock worth $27,157,000 after buying an additional 480,424 shares during the period. Finally, Aperio Group LLC boosted its position in shares of Jabil Circuit by 47.1% in the first quarter. Aperio Group LLC now owns 55,686 shares of the company’s stock worth $1,073,000 after buying an additional 17,826 shares during the period. Hedge funds and other institutional investors own 89.92% of the company’s stock.
The company has a market cap of $4.53 billion, a PE ratio of 15.13 and a beta of 0.87. The stock has a 50-day moving average price of $21.27 and a 200 day moving average price of $19.49.
About Jabil Circuit
Jabil Circuit, Inc provides electronic manufacturing services and solutions. The Company provides electronic design, production and product management services to companies in the aerospace, automotive, computing, defense, digital home, energy, healthcare, industrial, instrumentation, lifestyles, mobility, mold, networking, packaging, peripherals, storage, telecommunications and wearable technology industries.
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