Jabil Circuit, Inc. (JBL) Stake Reduced by Spark Investment Management LLC
Spark Investment Management LLC lowered its stake in Jabil Circuit, Inc. (NYSE:JBL) by 83.1% during the second quarter, Holdings Channel reports. The fund owned 20,800 shares of the technology company’s stock after selling 102,000 shares during the period. Spark Investment Management LLC’s holdings in Jabil Circuit were worth $607,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Oppenheimer & Co. Inc. purchased a new stake in shares of Jabil Circuit during the first quarter valued at approximately $218,000. PNC Financial Services Group Inc. boosted its stake in shares of Jabil Circuit by 1.3% in the first quarter. PNC Financial Services Group Inc. now owns 8,194 shares of the technology company’s stock valued at $236,000 after buying an additional 109 shares during the last quarter. Symphony Asset Management LLC purchased a new stake in shares of Jabil Circuit during the first quarter valued at approximately $242,000. First Citizens Bank & Trust Co. boosted its stake in shares of Jabil Circuit by 30.6% in the second quarter. First Citizens Bank & Trust Co. now owns 9,133 shares of the technology company’s stock valued at $267,000 after buying an additional 2,141 shares during the last quarter. Finally, Teza Capital Management LLC purchased a new stake in shares of Jabil Circuit during the first quarter valued at approximately $287,000. 94.83% of the stock is currently owned by hedge funds and other institutional investors.
Jabil Circuit, Inc. (NYSE JBL) opened at 29.22 on Friday. The firm’s 50-day moving average is $30.19 and its 200 day moving average is $28.49. The stock has a market capitalization of $5.24 billion, a PE ratio of 44.95 and a beta of 0.56. Jabil Circuit, Inc. has a 52-week low of $20.32 and a 52-week high of $31.70.
Jabil Circuit (NYSE:JBL) last announced its quarterly earnings data on Wednesday, June 14th. The technology company reported $0.31 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.02. Jabil Circuit had a net margin of 0.66% and a return on equity of 12.27%. The business had revenue of $4.49 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same period in the prior year, the business posted $0.17 earnings per share. Jabil Circuit’s revenue was up 4.1% compared to the same quarter last year. On average, equities analysts forecast that Jabil Circuit, Inc. will post $2.09 earnings per share for the current year.
Jabil Circuit announced that its Board of Directors has approved a stock buyback plan on Thursday, July 20th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 8.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Tuesday, August 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.32 annualized dividend and a yield of 1.10%. Jabil Circuit’s dividend payout ratio is currently 50.00%.
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Several brokerages recently commented on JBL. J P Morgan Chase & Co began coverage on Jabil Circuit in a report on Wednesday, August 2nd. They set an “overweight” rating and a $40.00 target price on the stock. BidaskClub cut Jabil Circuit from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd. Royal Bank Of Canada reissued a “hold” rating and set a $27.00 target price on shares of Jabil Circuit in a report on Tuesday, May 2nd. Needham & Company LLC reissued a “buy” rating and set a $30.00 target price on shares of Jabil Circuit in a report on Tuesday, June 13th. Finally, Stifel Nicolaus boosted their target price on Jabil Circuit from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Thursday, June 15th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.77.
In other Jabil Circuit news, CEO Michael J. Loparco sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $29.90, for a total value of $149,500.00. Following the completion of the sale, the chief executive officer now owns 244,486 shares of the company’s stock, valued at $7,310,131.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark T. Mondello sold 35,767 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $30.31, for a total transaction of $1,084,097.77. Following the completion of the sale, the chief executive officer now directly owns 1,997,619 shares of the company’s stock, valued at approximately $60,547,831.89. The disclosure for this sale can be found here. Insiders sold 305,495 shares of company stock worth $9,205,242 over the last 90 days. 2.90% of the stock is currently owned by company insiders.
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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