Goldman Sachs Group Inc. Upgrades Jabil Circuit Inc. (JBL) to “Neutral”
Jabil Circuit Inc. (NYSE:JBL) was upgraded by stock analysts at Goldman Sachs Group Inc. from a “sell” rating to a “neutral” rating in a research note issued to investors on Tuesday. The brokerage presently has a $21.00 price target on the stock, up from their prior price target of $16.00. Goldman Sachs Group Inc.’s price objective would indicate a potential downside of 11.50% from the company’s previous close.
Other equities analysts have also recently issued reports about the company. B. Riley reissued a “buy” rating and issued a $22.00 target price on shares of Jabil Circuit in a report on Saturday, June 18th. UBS AG dropped their price target on Jabil Circuit from $22.00 to $20.00 and set a “buy” rating for the company in a report on Thursday, June 16th. Needham & Company LLC reaffirmed a “buy” rating on shares of Jabil Circuit in a report on Friday, June 17th. Bank of America Corp. reaffirmed a “buy” rating on shares of Jabil Circuit in a report on Thursday, June 16th. Finally, Raymond James Financial Inc. reaffirmed a “buy” rating on shares of Jabil Circuit in a report on Wednesday, July 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. Jabil Circuit currently has an average rating of “Hold” and an average target price of $31.42.
Shares of Jabil Circuit (NYSE:JBL) opened at 23.73 on Tuesday. The stock’s 50 day moving average price is $21.27 and its 200 day moving average price is $19.49. Jabil Circuit has a one year low of $16.78 and a one year high of $26.00. The stock has a market capitalization of $4.53 billion, a P/E ratio of 15.13 and a beta of 0.87.
Jabil Circuit (NYSE:JBL) last issued its earnings results on Wednesday, September 21st. The company reported $0.28 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.03. Jabil Circuit had a return on equity of 14.04% and a net margin of 1.63%. The business earned $4.40 billion during the quarter, compared to analysts’ expectations of $4.26 billion. During the same period in the prior year, the firm posted $0.53 EPS. Jabil Circuit’s quarterly revenue was down 6.0% compared to the same quarter last year. On average, analysts forecast that Jabil Circuit will post $1.83 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders 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 dividend yield of 1.35%. Jabil Circuit’s dividend payout ratio is currently 20.38%.
In other Jabil Circuit 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 transaction of $43,800.00. Following the transaction, the chief executive officer now directly owns 241,092 shares in the company, valued at $5,279,914.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Investment Management Company LLC raised its position in Jabil Circuit by 0.4% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 33,007 shares of the company’s stock valued at $610,000 after buying an additional 132 shares in the last quarter. Mason Street Advisors LLC acquired a new position in Jabil Circuit during the second quarter valued at $1,610,000. Calvert Investment Management Inc. acquired a new position in Jabil Circuit during the second quarter valued at $201,000. Walthausen & Co. LLC acquired a new position in Jabil Circuit during the second quarter valued at $6,436,000. Finally, Amalgamated Bank raised its position in Jabil Circuit by 8.4% in the second quarter. Amalgamated Bank now owns 25,457 shares of the company’s stock valued at $532,000 after buying an additional 1,971 shares in the last quarter. Hedge funds and other institutional investors own 89.92% of the company’s stock.
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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