World Asset Management Inc Lowers Stake in Jabil Circuit, Inc. (JBL)
World Asset Management Inc decreased its stake in Jabil Circuit, Inc. (NYSE:JBL) by 4.2% during the second quarter, Holdings Channel reports. The fund owned 13,772 shares of the technology company’s stock after selling 603 shares during the period. World Asset Management Inc’s holdings in Jabil Circuit were worth $402,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in JBL. FMR LLC boosted its stake in Jabil Circuit by 14.3% in the first quarter. FMR LLC now owns 27,333,444 shares of the technology company’s stock valued at $790,483,000 after buying an additional 3,409,496 shares during the last quarter. BlackRock Inc. boosted its stake in Jabil Circuit by 10,288.7% in the first quarter. BlackRock Inc. now owns 15,301,794 shares of the technology company’s stock valued at $442,528,000 after buying an additional 15,154,502 shares during the last quarter. Vanguard Group Inc. boosted its stake in Jabil Circuit by 7.0% in the first quarter. Vanguard Group Inc. now owns 13,833,140 shares of the technology company’s stock valued at $400,053,000 after buying an additional 901,400 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Jabil Circuit by 2.0% in the first quarter. Dimensional Fund Advisors LP now owns 5,641,826 shares of the technology company’s stock valued at $163,163,000 after buying an additional 112,486 shares during the last quarter. Finally, LSV Asset Management boosted its stake in Jabil Circuit by 29.8% in the first quarter. LSV Asset Management now owns 2,747,837 shares of the technology company’s stock valued at $79,467,000 after buying an additional 631,653 shares during the last quarter. 94.83% of the stock is owned by institutional investors and hedge funds.
Jabil Circuit, Inc. (JBL) opened at 29.22 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 cap of $5.24 billion, a PE ratio of 44.95 and a beta of 0.56. The stock’s 50 day moving average price is $30.19 and its 200-day moving average price is $28.49.
Jabil Circuit (NYSE:JBL) last issued its quarterly earnings data on Wednesday, June 14th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.02. Jabil Circuit had a return on equity of 12.27% and a net margin of 0.66%. The company had revenue of $4.49 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter last year, the business posted $0.17 earnings per share. The firm’s revenue was up 4.1% compared to the same quarter last year. Equities research analysts anticipate that Jabil Circuit, Inc. will post $2.09 earnings per share for the current fiscal year.
Jabil Circuit announced that its Board of Directors has initiated a share buyback program 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 stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is 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 given a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.10%. Jabil Circuit’s dividend payout ratio (DPR) is presently 50.00%.
JBL has been the subject of several research reports. ValuEngine raised Jabil Circuit from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub cut Jabil Circuit from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 17th. Royal Bank Of Canada lifted their price objective on Jabil Circuit from $27.00 to $31.00 and gave the company a “sector perform” rating in a report on Thursday, June 15th. UBS AG reaffirmed a “buy” rating and issued a $35.00 price objective (up from $30.00) on shares of Jabil Circuit in a report on Friday, June 16th. Finally, Zacks Investment Research cut Jabil Circuit from a “buy” rating to a “hold” rating in a report on Tuesday, May 16th. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $28.77.
In related news, COO William D. Muir, Jr. sold 19,866 shares of the stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $29.34, for a total value of $582,868.44. Following the sale, the chief operating officer now owns 597,085 shares in the company, valued at $17,518,473.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Forbes I. J. Alexander sold 4,341 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $30.00, for a total value of $130,230.00. Following the completion of the sale, the chief financial officer now owns 586,184 shares in the company, valued at approximately $17,585,520. The disclosure for this sale can be found here. Insiders sold 305,495 shares of company stock worth $9,205,242 in the last quarter. 2.90% of the stock is currently owned by company insiders.
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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