Jabil Circuit, Inc. (JBL) Scheduled to Post Quarterly Earnings on Wednesday
Jabil Circuit, Inc. (NYSE:JBL) is scheduled to be issuing its quarterly earnings data after the market closes on Wednesday, September 27th. Analysts expect the company to announce earnings of $0.62 per share for the quarter.
Jabil Circuit announced that its board has authorized a share repurchase plan 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 plans are often an indication that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend was Friday, August 11th. Jabil Circuit’s dividend payout ratio (DPR) is presently 50.00%.
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A number of research firms recently weighed in on JBL. ValuEngine upgraded Jabil Circuit from a “buy” rating to a “strong-buy” rating in a research note on Thursday, September 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Jabil Circuit in a report on Friday, September 1st. BidaskClub lowered Jabil Circuit from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. J P Morgan Chase & Co assumed coverage on Jabil Circuit in a report on Wednesday, August 2nd. They issued an “overweight” rating and a $40.00 price objective on the stock. Finally, Macquarie assumed coverage on Jabil Circuit in a report on Thursday, June 22nd. They issued an “outperform” rating on the stock. Eight analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Jabil Circuit currently has a consensus rating of “Buy” and an average target price of $30.64.
In other news, Director Frank A. Newman sold 60,000 shares of the stock in a transaction on Wednesday, June 28th. The stock was sold at an average price of $29.52, for a total transaction of $1,771,200.00. Following the sale, the director now directly owns 127,665 shares of the company’s stock, valued at approximately $3,768,670.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Mark T. Mondello sold 30,000 shares of the stock in a transaction 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 directly owns 1,877,619 shares in the company, valued at $58,807,027.08. The disclosure for this sale can be found here. Over the last three months, insiders have sold 150,521 shares of company stock worth $4,528,146. 2.90% of the stock is currently owned by 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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