Jabil Circuit, Inc. (JBL) Given “Buy” Rating at Needham & Company LLC
Needham & Company LLC reissued their buy rating on shares of Jabil Circuit, Inc. (NYSE:JBL) in a research note published on Wednesday. They currently have a $37.00 price target on the technology company’s stock.
JBL has been the subject of several other research reports. BidaskClub cut Jabil Circuit from a strong-buy rating to a buy rating in a research note on Thursday, August 3rd. J P Morgan Chase & Co began coverage on Jabil Circuit in a research note on Wednesday, August 2nd. They set an overweight rating and a $40.00 target price for the company. Stifel Nicolaus raised their target price on Jabil Circuit from $29.00 to $30.00 and gave the stock a hold rating in a research note on Thursday, June 15th. Zacks Investment Research raised Jabil Circuit from a hold rating to a buy rating and set a $33.00 target price for the company in a research note on Tuesday, June 20th. Finally, Macquarie began coverage on Jabil Circuit in a research note on Thursday, June 22nd. They set an outperform rating for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $30.42.
Jabil Circuit (JBL) opened at 28.55 on Wednesday. Jabil Circuit has a 12-month low of $20.32 and a 12-month high of $31.70. The stock has a market cap of $5.12 billion, a PE ratio of 43.92 and a beta of 0.55. The company’s 50-day moving average price is $30.47 and its 200-day moving average price is $29.56.
Jabil Circuit (NYSE:JBL) last posted its earnings results on Wednesday, September 27th. The technology company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.03. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $4.86 billion. Jabil Circuit had a return on equity of 14.47% and a net margin of 0.68%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 earnings per share. On average, equities analysts expect that Jabil Circuit will post $2.59 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Tuesday, August 15th were given a dividend of $0.08 per share. The ex-dividend date was Friday, August 11th. This represents a $0.32 annualized dividend and a dividend yield of 1.12%. Jabil Circuit’s dividend payout ratio is currently 46.38%.
Jabil Circuit declared that its board has initiated a share buyback plan on Thursday, July 20th that authorizes the company to repurchase $450.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In related news, CEO Mark T. Mondello sold 30,000 shares of Jabil Circuit 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 completion of the transaction, the chief executive officer now directly owns 1,877,619 shares in the company, valued at $58,807,027.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last quarter, insiders sold 90,521 shares of company stock valued at $2,756,946. 2.90% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC boosted its holdings in Jabil Circuit by 142.6% in the second quarter. IHT Wealth Management LLC now owns 359 shares of the technology company’s stock valued at $159,000 after purchasing an additional 211 shares during the period. Advisor Group Inc. boosted its holdings in Jabil Circuit by 68.2% in the second quarter. Advisor Group Inc. now owns 5,765 shares of the technology company’s stock valued at $168,000 after purchasing an additional 2,337 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Jabil Circuit by 9.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,054 shares of the technology company’s stock valued at $177,000 after purchasing an additional 547 shares during the period. Stevens Capital Management LP purchased a new position in Jabil Circuit in the second quarter valued at $206,000. Finally, Oppenheimer & Co. Inc. purchased a new position in Jabil Circuit in the first quarter valued at $218,000. Hedge funds and other institutional investors own 93.05% of the company’s stock.
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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