State of Michigan Retirement System Reduces Stock Holdings in Jabil Inc. (NYSE:JBL)

State of Michigan Retirement System cut its holdings in shares of Jabil Inc. (NYSE:JBL) by 0.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,000 shares of the technology company’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in Jabil were worth $5,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in JBL. Czech National Bank increased its stake in shares of Jabil by 0.3% in the 1st quarter. Czech National Bank now owns 22,439 shares of the technology company’s stock valued at $3,006,000 after purchasing an additional 73 shares in the last quarter. HB Wealth Management LLC grew its holdings in Jabil by 3.9% in the 4th quarter. HB Wealth Management LLC now owns 2,183 shares of the technology company’s stock valued at $278,000 after buying an additional 82 shares in the last quarter. Beacon Pointe Advisors LLC increased its stake in shares of Jabil by 2.5% in the 4th quarter. Beacon Pointe Advisors LLC now owns 3,377 shares of the technology company’s stock worth $430,000 after acquiring an additional 83 shares during the last quarter. Mackenzie Financial Corp raised its holdings in shares of Jabil by 0.9% during the 4th quarter. Mackenzie Financial Corp now owns 10,258 shares of the technology company’s stock worth $1,307,000 after acquiring an additional 90 shares during the period. Finally, Field & Main Bank grew its holdings in shares of Jabil by 5.6% in the fourth quarter. Field & Main Bank now owns 1,875 shares of the technology company’s stock valued at $239,000 after purchasing an additional 100 shares during the period. 93.39% of the stock is owned by hedge funds and other institutional investors.

Jabil Stock Up 0.0 %

Shares of NYSE JBL opened at $108.53 on Wednesday. The firm has a market cap of $13.09 billion, a P/E ratio of 9.88, a price-to-earnings-growth ratio of 1.94 and a beta of 1.27. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.74 and a current ratio of 1.13. Jabil Inc. has a 1 year low of $100.18 and a 1 year high of $156.94. The firm’s 50 day moving average price is $116.97 and its 200 day moving average price is $127.49.

Jabil (NYSE:JBL) last announced its quarterly earnings results on Thursday, June 20th. The technology company reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. The company had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.53 billion. Jabil had a net margin of 4.63% and a return on equity of 40.30%. Jabil’s revenue for the quarter was down 20.2% on a year-over-year basis. During the same quarter last year, the business earned $1.85 EPS. As a group, sell-side analysts anticipate that Jabil Inc. will post 7.86 earnings per share for the current year.

Jabil Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Wednesday, May 15th were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $0.32 annualized dividend and a dividend yield of 0.29%. Jabil’s payout ratio is 2.91%.

Insider Buying and Selling

In other news, CEO Kenneth S. Wilson sold 15,000 shares of Jabil stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $134.20, for a total transaction of $2,013,000.00. Following the sale, the chief executive officer now owns 339,725 shares in the company, valued at $45,591,095. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Jabil news, CEO Kenneth S. Wilson sold 15,000 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $134.20, for a total transaction of $2,013,000.00. Following the transaction, the chief executive officer now directly owns 339,725 shares in the company, valued at approximately $45,591,095. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP May Yee Yap sold 7,877 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $139.65, for a total value of $1,100,023.05. Following the completion of the sale, the senior vice president now owns 29,006 shares of the company’s stock, valued at $4,050,687.90. The disclosure for this sale can be found here. 2.62% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on JBL shares. StockNews.com upgraded Jabil from a “hold” rating to a “buy” rating in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Jabil from $155.00 to $145.00 and set an “overweight” rating on the stock in a research note on Monday, June 17th. Argus cut Jabil from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Barclays lowered their price target on Jabil from $149.00 to $135.00 and set an “overweight” rating on the stock in a report on Friday, June 21st. Finally, UBS Group dropped their target price on shares of Jabil from $130.00 to $120.00 and set a “neutral” rating for the company in a report on Friday, June 21st. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $142.63.

About Jabil

Jabil Inc provides manufacturing services and solutions worldwide. It operates in two segments, Electronics Manufacturing Services and Diversified Manufacturing Services. The company offers electronics design, production, and product management services; electronic circuit design services, such as application-specific integrated circuit design, firmware development, and rapid prototyping services; and designs plastic and metal enclosures that include the electro-mechanics, such as the printed circuit board assemblies (PCBA).