Riverhead Capital Management LLC increased its holdings in shares of Jabil Circuit, Inc. (NYSE:JBL) by 23.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 159,618 shares of the technology company’s stock after acquiring an additional 30,138 shares during the period. Riverhead Capital Management LLC owned approximately 0.09% of Jabil Circuit worth $4,659,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in JBL. Acadian Asset Management LLC grew its holdings in Jabil Circuit by 36.1% during the first quarter. Acadian Asset Management LLC now owns 11,379 shares of the technology company’s stock worth $329,000 after acquiring an additional 3,016 shares during the period. Russell Investments Group Ltd. grew its holdings in Jabil Circuit by 5.6% during the first quarter. Russell Investments Group Ltd. now owns 230,603 shares of the technology company’s stock worth $6,671,000 after acquiring an additional 12,235 shares during the period. Bank of New York Mellon Corp grew its holdings in Jabil Circuit by 3.6% during the first quarter. Bank of New York Mellon Corp now owns 2,499,748 shares of the technology company’s stock worth $72,292,000 after acquiring an additional 87,185 shares during the period. Teza Capital Management LLC acquired a new position in Jabil Circuit during the first quarter worth $287,000. Finally, Karp Capital Management Corp acquired a new position in Jabil Circuit during the first quarter worth $2,283,000. 93.00% of the stock is currently owned by hedge funds and other institutional investors.
In related news, COO William D. Muir, Jr. sold 19,866 shares of Jabil Circuit 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 transaction, the chief operating officer now directly owns 597,085 shares in the company, valued at approximately $17,518,473.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark T. Mondello sold 30,000 shares of Jabil Circuit stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $29.57, for a total value of $887,100.00. Following the completion of the transaction, the chief executive officer now owns 1,937,619 shares in the company, valued at $57,295,393.83. The disclosure for this sale can be found here. Insiders sold a total of 170,387 shares of company stock worth $5,111,014 over the last 90 days. Insiders own 2.90% of the company’s stock.
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Jabil Circuit, Inc. (NYSE:JBL) traded up 0.13% during mid-day trading on Tuesday, reaching $31.29. The company’s stock had a trading volume of 112,362 shares. The firm has a 50 day moving average price of $30.43 and a 200-day moving average price of $29.33. The company has a market capitalization of $5.61 billion, a PE ratio of 48.14 and a beta of 0.55. Jabil Circuit, Inc. has a 1-year low of $20.32 and a 1-year high of $31.70.
Jabil Circuit (NYSE:JBL) last issued its quarterly earnings results on Wednesday, June 14th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the 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 analysts’ expectations of $4.40 billion. During the same period last year, the firm earned $0.17 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities analysts predict that Jabil Circuit, Inc. will post $2.09 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Tuesday, August 15th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date was Friday, August 11th. Jabil Circuit’s payout ratio is 50.00%.
Jabil Circuit declared that its Board of Directors has initiated a share buyback program on Thursday, July 20th that authorizes the company to repurchase $450.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 8.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
A number of brokerages recently weighed in on JBL. Needham & Company LLC reaffirmed a “buy” rating and set a $37.00 price objective on shares of Jabil Circuit in a report on Friday, September 1st. BidaskClub lowered Jabil Circuit from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd. ValuEngine raised Jabil Circuit from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Royal Bank Of Canada upped their price objective on Jabil Circuit from $27.00 to $31.00 and gave the stock a “sector perform” rating in a report on Thursday, June 15th. Finally, Stifel Nicolaus upped their price objective on Jabil Circuit from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Thursday, June 15th. Nine equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $29.31.
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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