Pitcairn Co. Cuts Holdings in Jabil Inc. (NYSE:JBL)

Pitcairn Co. decreased its position in shares of Jabil Inc. (NYSE:JBL) by 40.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,344 shares of the technology company’s stock after selling 7,148 shares during the period. Pitcairn Co.’s holdings in Jabil were worth $1,240,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Primecap Management Co. CA grew its position in Jabil by 0.3% in the third quarter. Primecap Management Co. CA now owns 3,692,560 shares of the technology company’s stock worth $442,479,000 after acquiring an additional 9,685 shares in the last quarter. Pacer Advisors Inc. grew its position in Jabil by 12,251.7% in the third quarter. Pacer Advisors Inc. now owns 2,206,384 shares of the technology company’s stock worth $264,391,000 after acquiring an additional 2,188,521 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Jabil by 7.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,636,737 shares of the technology company’s stock worth $178,058,000 after acquiring an additional 106,808 shares in the last quarter. Bank of New York Mellon Corp grew its position in Jabil by 29.0% in the second quarter. Bank of New York Mellon Corp now owns 1,383,062 shares of the technology company’s stock worth $150,463,000 after acquiring an additional 310,590 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in Jabil by 195.8% in the second quarter. AQR Capital Management LLC now owns 1,060,799 shares of the technology company’s stock worth $115,404,000 after acquiring an additional 702,199 shares in the last quarter. Hedge funds and other institutional investors own 93.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on JBL. Barclays lifted their price target on Jabil from $135.00 to $157.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. JPMorgan Chase & Co. decreased their price objective on shares of Jabil from $137.00 to $133.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. Bank of America raised their price objective on shares of Jabil from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Finally, Stifel Nicolaus raised their price objective on shares of Jabil from $130.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, September 27th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $143.50.

Jabil Stock Performance

Jabil stock opened at $131.12 on Monday. The company has a 50 day moving average price of $123.82 and a 200-day moving average price of $115.81. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.72 and a current ratio of 1.09. Jabil Inc. has a fifty-two week low of $95.85 and a fifty-two week high of $156.94. The company has a market capitalization of $14.80 billion, a PE ratio of 11.90, a P/E/G ratio of 1.54 and a beta of 1.24.

Jabil (NYSE:JBL) last issued its quarterly earnings data on Thursday, September 26th. The technology company reported $2.30 EPS for the quarter, topping analysts’ consensus estimates of $2.22 by $0.08. The company had revenue of $6.96 billion during the quarter, compared to the consensus estimate of $6.59 billion. Jabil had a net margin of 4.81% and a return on equity of 42.64%. Jabil’s revenue for the quarter was down 17.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.34 earnings per share. As a group, equities analysts forecast that Jabil Inc. will post 7.84 earnings per share for the current year.

Jabil Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date is Friday, November 15th. Jabil’s dividend payout ratio (DPR) is 2.90%.

Insider Buying and Selling

In other news, EVP Matthew Crowley sold 1,380 shares of the business’s stock in a transaction on Friday, October 18th. The shares were sold at an average price of $125.83, for a total transaction of $173,645.40. Following the sale, the executive vice president now directly owns 18,568 shares of the company’s stock, valued at $2,336,411.44. The trade was a 6.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven A. Raymund sold 20,000 shares of the business’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $124.70, for a total transaction of $2,494,000.00. Following the sale, the director now directly owns 139,108 shares in the company, valued at $17,346,767.60. This trade represents a 12.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,689 shares of company stock valued at $5,377,431 over the last 90 days. Corporate insiders own 2.62% of the company’s stock.

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).