Advisors Asset Management Inc. recently reduced its investment in Jabil Inc. by more than half, cutting its shareholdings by 55.7% in the third quarter. According to a filing with the Securities & Exchange Commission, the firm sold 7,384 shares of the technology company’s stock, leaving it with 5,881 shares valued at $705,000 as the quarter came to a close.
Notably, other institutional investors have also tweaked their stakes in Jabil. Connor Clark & Lunn Investment Management Ltd. significantly boosted its share in the company, increasing its holdings by a whopping 2,750.9%. At the end of the quarter, they held 110,701 shares, up by 106,818 shares, now worth over $13 million. Similarly, PNC Financial Services slightly upped its shares by 2.9%, bringing its total to 35,734 shares, valued at roughly $4.28 million. Meanwhile, B. Metzler seel. Sohn & Co. Holding AG established a new position valued at approximately $365,000. Meeder Asset Management also climbed its stake by 72.5%, owning 8,635 shares by the end of the period. Empirical Finance LLC increased its position by 5.6%, now owning 5,641 shares. Institutional investors and hedge funds together hold a substantial 93.39% of Jabil’s stock.
Turning to Jabil’s recent stock performance, shares began trading at $132.70 this Wednesday. Over the past year, the stock has fluctuated between a low of $95.85 and a high of $156.94, with a market capitalization of $14.97 billion. The financial ratios, including a price-to-earnings ratio of 12.04 and a P/E growth ratio of 1.55, reflect the company’s stable footing in the market. The current and quick ratios stand at 1.09 and 0.72, respectively, while the debt-to-equity ratio is 1.66. Meanwhile, Jabil’s average stock price trends over fifty and two hundred days rest at $124.39 and $115.92.
In recent corporate announcements, Jabil revealed its quarterly earnings, reporting a profit of $2.30 per share, surpassing market expectations of $2.22. However, the quarterly revenue of $6.96 billion fell from $6.59 billion the previous year, marking a 17.7% decline year over year. Analysts project Jabil will achieve earnings of $7.84 per share for the entire fiscal year.
Adding to shareholder interest, Jabil declared plans to issue a quarterly dividend of $0.08 per share, payable on December 3rd to shareholders on record as of November 15th. This represents a modest annualized dividend yield of 0.24%, with a payout ratio at 2.90%.
Furthermore, there have been notable insider transactions within the company. On October 31st, SVP Francis Mckay sold 11,755 shares at an average price of $121.71, thus decreasing his stake by about 22.07%. Similarly, EVP Matthew Crowley carried out a smaller sale of 1,380 shares priced at $125.83, adjusting his ownership by 6.92%. In the past three months, insiders have sold approximately 43,689 shares valued at around $5.38 million, holding 2.62% of the company’s equity.
Analysts on Wall Street remain optimistic about Jabil’s prospects. Barclays raised its target price to $157, tagging the stock with an “overweight” rating. Bank of America and Stifel Nicolaus also expressed confidence, setting price targets at $150 and $140, respectively. On the flip side, JPMorgan Chase modified its outlook slightly lower to $133, still maintaining an “overweight” status. Jabil’s stock receives a “Moderate Buy” consensus rating, with an average target price of $143.50, according to MarketBeat.com.
Jabil Inc. continues to provide comprehensive manufacturing services worldwide, operating through Electronics Manufacturing Services and Diversified Manufacturing Services. Their range of offerings includes design and production services and electronic circuit design, among others, catering to diverse technological needs.
For those interested in tracking hedge fund activities or gaining further insights into Jabil, HoldingsChannel.com provides up-to-date 13F filings and insider trade information. Stay informed on the latest Jabil stock news and analysis through MarketBeat.com’s free daily newsletter.
