Jabil Circuit (JBL) to Buyback $450.00 million in Outstanding Stock
Jabil Circuit (NYSE:JBL) announced that its board has authorized a stock buyback plan, which authorizes the company to repurchase $450.00 million in shares on Thursday, July 20th, EventVestor reports. This repurchase authorization authorizes the technology company to reacquire up to 8.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
Several equities research analysts recently weighed in on JBL shares. Zacks Investment Research upgraded shares of 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. Bank of America Corporation reiterated a “buy” rating and issued a $34.00 target price (up previously from $33.00) on shares of Jabil Circuit in a research note on Monday, June 19th. BidaskClub cut shares of Jabil Circuit from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. UBS AG reiterated a “buy” rating and issued a $35.00 target price (up previously from $30.00) on shares of Jabil Circuit in a research note on Friday, June 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $30.00 target price on shares of Jabil Circuit in a research note on Tuesday, June 13th. Eight research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $27.83.
Jabil Circuit (NYSE:JBL) traded up 0.91% on Friday, reaching $30.93. 232,997 shares of the company traded hands. The stock has a 50-day moving average price of $30.01 and a 200-day moving average price of $27.73. Jabil Circuit has a 52-week low of $19.95 and a 52-week high of $31.70. The firm has a market cap of $5.54 billion, a P/E ratio of 47.58 and a beta of 0.56.
Jabil Circuit (NYSE:JBL) last posted its quarterly earnings data on Wednesday, June 14th. The technology company reported $0.31 earnings per share (EPS) for the quarter, beating the Zacks’ 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 net margin of 0.66% and a return on equity of 12.27%. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 EPS. Analysts anticipate that Jabil Circuit will post $2.10 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Tuesday, August 15th will be issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.04%. Jabil Circuit’s dividend payout ratio is currently 50.00%.
In other news, CEO Mark T. Mondello sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $29.57, for a total transaction of $887,100.00. Following the completion of the sale, the chief executive officer now owns 1,937,619 shares of the company’s stock, valued at approximately $57,295,393.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Frank A. Newman sold 60,000 shares of the company’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold a total of 290,324 shares of company stock valued at $8,726,958 in the last three months. Insiders own 2.90% of the company’s stock.
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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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