Patriot Investment Management Inc. trimmed its position in Jabil Inc. (NYSE:JBL – Get Rating) by 13.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,276 shares of the technology company’s stock after selling 1,760 shares during the quarter. Patriot Investment Management Inc.’s holdings in Jabil were worth $650,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the company. Ellevest Inc. grew its holdings in shares of Jabil by 94.3% during the 3rd quarter. Ellevest Inc. now owns 4,913 shares of the technology company’s stock worth $284,000 after purchasing an additional 2,385 shares during the period. Hunter Associates Investment Management LLC lifted its position in Jabil by 4.7% in the third quarter. Hunter Associates Investment Management LLC now owns 5,602 shares of the technology company’s stock valued at $319,000 after buying an additional 253 shares during the last quarter. Aptus Capital Advisors LLC purchased a new position in Jabil during the third quarter worth about $817,000. Victory Capital Management Inc. increased its position in shares of Jabil by 1.1% during the third quarter. Victory Capital Management Inc. now owns 553,967 shares of the technology company’s stock valued at $31,970,000 after acquiring an additional 6,007 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its stake in shares of Jabil by 7.8% in the 3rd quarter. Great West Life Assurance Co. Can now owns 99,896 shares of the technology company’s stock valued at $5,762,000 after acquiring an additional 7,211 shares during the period. Hedge funds and other institutional investors own 88.45% of the company’s stock.
Jabil Trading Up 0.1 %
Shares of NYSE:JBL opened at $78.39 on Thursday. Jabil Inc. has a 52 week low of $48.80 and a 52 week high of $79.67. The company’s 50 day moving average is $70.27 and its two-hundred day moving average is $63.12. The company has a market cap of $10.45 billion, a PE ratio of 11.38, a P/E/G ratio of 0.86 and a beta of 1.37. The company has a current ratio of 1.02, a quick ratio of 0.57 and a debt-to-equity ratio of 1.02.
Jabil announced that its board has approved a share buyback program on Tuesday, September 27th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the technology company to reacquire up to 12.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Insider Buying and Selling
In other Jabil news, SVP Francis Mckay sold 7,979 shares of the firm’s stock in a transaction on Tuesday, October 25th. The stock was sold at an average price of $64.11, for a total value of $511,533.69. Following the sale, the senior vice president now directly owns 53,781 shares in the company, valued at $3,447,899.91. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Jabil news, SVP Francis Mckay sold 7,979 shares of the stock in a transaction that occurred on Tuesday, October 25th. The shares were sold at an average price of $64.11, for a total value of $511,533.69. Following the transaction, the senior vice president now directly owns 53,781 shares in the company, valued at $3,447,899.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Frederic E. Mccoy sold 2,009 shares of the firm’s stock in a transaction that occurred on Friday, January 13th. The stock was sold at an average price of $76.93, for a total transaction of $154,552.37. Following the sale, the chief executive officer now directly owns 110,967 shares in the company, valued at approximately $8,536,691.31. The disclosure for this sale can be found here. Over the last quarter, insiders sold 201,897 shares of company stock worth $14,344,492. Corporate insiders own 2.75% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently weighed in on the stock. StockNews.com began coverage on shares of Jabil in a report on Wednesday, October 12th. They issued a “strong-buy” rating for the company. Credit Suisse Group boosted their price objective on Jabil from $81.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday. Citigroup raised their target price on Jabil from $80.00 to $85.00 in a report on Friday, December 16th. Raymond James cut their price target on shares of Jabil from $80.00 to $72.00 in a research note on Wednesday, September 28th. Finally, UBS Group started coverage on shares of Jabil in a research note on Tuesday, December 13th. They issued a “neutral” rating and a $76.00 price objective for the company. One analyst has rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Jabil currently has an average rating of “Buy” and a consensus target price of $78.40.
Jabil Profile
Jabil, Inc engages in the provision of electronic manufacturing services and solutions. It offers electronics design, production, product management, and repair services to companies in the automotive and transportation, capital equipment, consumer lifestyles and wearable technologies, computing and storage, defense and aerospace, digital home, healthcare, industrial and energy, mobility, networking and telecommunications, packaging, point of sale, and printing industries.