Jabil Circuit, Inc. (JBL) Lifted to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Jabil Circuit, Inc. (NYSE:JBL) from a hold rating to a strong-buy rating in a research note issued to investors on Monday morning. Zacks Investment Research currently has $34.00 price target on the technology company’s stock.
According to Zacks, “Jabil reported better-than-expected fiscal fourth-quarter 2017 results wherein both the top and the bottom line surpassed the Zacks Consensus Estimate and recorded year-over-year improvement. The company’s top-line growth is benefiting from contract wins in the healthcare & packaging business. EMS segment is also a key growth driver. Moreover, the company is witnessing robust growth and better product placements, which is further expected to improve owing to strategic acquisitions. The restructuring program is also aiding the company to significantly cut back its expenses while maintaining its production capacities, thereby driving profitability. However, sluggishness in mobility business, customer concentration and intensifying competition remain overhangs.”
Other analysts also recently issued research reports about the company. UBS AG restated a buy rating and issued a $35.00 price target (up previously from $30.00) on shares of Jabil Circuit in a research note on Friday, June 16th. BidaskClub upgraded Jabil Circuit from a buy rating to a strong-buy rating in a research note on Wednesday, July 12th. Stifel Nicolaus upped their price target on Jabil Circuit from $29.00 to $30.00 and gave the stock a hold rating in a research note on Thursday, June 15th. J P Morgan Chase & Co restated a buy rating and issued a $40.00 price target on shares of Jabil Circuit in a research note on Thursday, September 28th. Finally, Bank of America Corporation restated a buy rating and issued a $34.00 price target (up previously from $33.00) on shares of Jabil Circuit in a research note on Monday, June 19th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $30.50.
Jabil Circuit (JBL) opened at 29.77 on Monday. The stock has a 50 day moving average price of $30.13 and a 200-day moving average price of $29.73. The company has a market cap of $5.34 billion, a price-to-earnings ratio of 45.80 and a beta of 0.59. Jabil Circuit has a 12-month low of $20.32 and a 12-month high of $31.70.
Jabil Circuit (NYSE:JBL) last posted its quarterly earnings results on Wednesday, September 27th. The technology company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.03. The company had revenue of $5.02 billion for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $0.28 EPS. On average, analysts predict that Jabil Circuit will post $2.59 EPS for the current fiscal year.
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Jabil Circuit declared that its board has initiated a stock 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 repurchase up to 8.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, CEO Mark T. Mondello sold 30,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,877,619 shares of the company’s stock, valued at approximately $58,807,027.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 90,521 shares of company stock worth $2,740,446 over the last ninety days. 2.90% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC lifted its position in Jabil Circuit by 142.6% in the 2nd quarter. IHT Wealth Management LLC now owns 359 shares of the technology company’s stock valued at $159,000 after acquiring an additional 211 shares in the last quarter. Advisor Group Inc. lifted its holdings in shares of Jabil Circuit by 68.2% during the 2nd quarter. Advisor Group Inc. now owns 5,765 shares of the technology company’s stock valued at $168,000 after buying an additional 2,337 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Jabil Circuit by 9.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,054 shares of the technology company’s stock valued at $177,000 after buying an additional 547 shares during the period. Stevens Capital Management LP bought a new position in shares of Jabil Circuit during the 2nd quarter valued at $206,000. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Jabil Circuit during the 1st quarter valued at $218,000. 93.05% of the stock is currently owned by institutional investors and hedge funds.
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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