Bank of Montreal Can increased its position in shares of Jabil Circuit, Inc. (NYSE:JBL) by 24.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 194,001 shares of the technology company’s stock after buying an additional 37,983 shares during the period. Bank of Montreal Can owned approximately 0.11% of Jabil Circuit worth $5,662,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. Oppenheimer & Co. Inc. bought a new stake in shares of Jabil Circuit during the first quarter worth $218,000. PNC Financial Services Group Inc. increased its stake in shares of Jabil Circuit by 1.3% in the first quarter. PNC Financial Services Group Inc. now owns 8,194 shares of the technology company’s stock worth $236,000 after buying an additional 109 shares during the period. Symphony Asset Management LLC bought a new stake in shares of Jabil Circuit during the first quarter worth $242,000. Teza Capital Management LLC bought a new stake in shares of Jabil Circuit during the first quarter worth $287,000. Finally, Fox Run Management L.L.C. bought a new stake in shares of Jabil Circuit during the second quarter worth $298,000. 93.03% of the stock is owned by hedge funds and other institutional investors.
Shares of Jabil Circuit, Inc. (NYSE:JBL) traded up 0.64% during midday trading on Friday, hitting $29.67. 2,924,300 shares of the company were exchanged. The company has a market capitalization of $5.32 billion, a P/E ratio of 45.65 and a beta of 0.56. The company has a 50-day moving average of $30.19 and a 200 day moving average of $28.70. Jabil Circuit, Inc. has a one year low of $20.32 and a one year high of $31.70.
Jabil Circuit (NYSE:JBL) last issued its earnings results on Wednesday, June 14th. The technology company reported $0.31 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.02. The firm had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.40 billion. Jabil Circuit had a return on equity of 12.27% and a net margin of 0.66%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.17 earnings per share. On average, equities research analysts expect that Jabil Circuit, Inc. will post $2.09 earnings per share for the current fiscal year.
Jabil Circuit declared that its board has initiated a stock buyback plan on Thursday, July 20th that permits the company to repurchase $450.00 million in shares. This repurchase authorization permits the technology company to buy up to 8.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend is Friday, August 11th. Jabil Circuit’s payout ratio is 50.00%.
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A number of brokerages have weighed in on JBL. UBS AG reissued a “buy” rating and issued a $35.00 price target (up from $30.00) on shares of Jabil Circuit in a report on Friday, June 16th. BidaskClub downgraded shares of Jabil Circuit from a “buy” rating to a “hold” rating in a report on Saturday, August 12th. J P Morgan Chase & Co initiated coverage on shares of Jabil Circuit in a report on Wednesday, August 2nd. They set an “overweight” rating and a $40.00 price objective for the company. Royal Bank Of Canada raised their price objective on shares of 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 raised their price objective on shares of Jabil Circuit from $29.00 to $30.00 and gave the stock a “hold” rating in a report on Thursday, June 15th. Nine research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Jabil Circuit has a consensus rating of “Hold” and an average price target of $28.77.
In other Jabil Circuit news, COO William D. Muir, Jr. sold 19,866 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $29.34, for a total transaction of $582,868.44. Following the completion of the transaction, the chief operating officer now owns 597,085 shares of the company’s stock, valued at $17,518,473.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Frank A. Newman sold 60,000 shares of the business’s stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $29.52, for a total value of $1,771,200.00. Following the transaction, the director now directly owns 127,665 shares of the company’s stock, valued at approximately $3,768,670.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 280,495 shares of company stock valued at $8,461,492. Insiders own 2.90% 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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