PNC Financial Services Group Inc. Raises Holdings in Jabil Inc. (NYSE:JBL)

PNC Financial Services Group Inc. lifted its holdings in shares of Jabil Inc. (NYSE:JBL) by 2.9% during the third quarter, Holdings Channel reports. The fund owned 35,734 shares of the technology company’s stock after purchasing an additional 1,013 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Jabil were worth $4,282,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Primecap Management Co. CA boosted its stake in Jabil by 3.0% in the second quarter. Primecap Management Co. CA now owns 3,682,875 shares of the technology company’s stock valued at $400,660,000 after acquiring an additional 107,800 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Jabil by 7.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,636,737 shares of the technology company’s stock valued at $178,058,000 after buying an additional 106,808 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 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 valued at $150,463,000 after buying an additional 310,590 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Jabil by 195.8% in the second quarter. AQR Capital Management LLC now owns 1,060,799 shares of the technology company’s stock valued at $115,404,000 after buying an additional 702,199 shares in the last quarter. Finally, Point72 Asset Management L.P. bought a new position in shares of Jabil in the second quarter valued at $78,660,000. 93.39% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other news, SVP Francis Mckay sold 11,755 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $121.71, for a total transaction of $1,430,701.05. Following the completion of the transaction, the senior vice president now owns 41,507 shares of the company’s stock, valued at approximately $5,051,816.97. This represents a 22.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matthew Crowley sold 1,380 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $125.83, for a total transaction of $173,645.40. Following the completion of the sale, the executive vice president now directly owns 18,568 shares in the company, valued at approximately $2,336,411.44. The trade was a 6.92 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,689 shares of company stock valued at $5,377,431 in the last quarter. Insiders own 2.62% of the company’s stock.

Jabil Trading Up 0.4 %

Shares of NYSE:JBL opened at $131.12 on Monday. The stock 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 Inc. has a 1 year low of $95.85 and a 1 year high of $156.94. The firm has a fifty day moving average price of $123.82 and a 200 day moving average price of $115.81. The company has a current ratio of 1.09, a quick ratio of 0.72 and a debt-to-equity ratio of 1.66.

Jabil (NYSE:JBL) last issued its quarterly earnings data on Thursday, September 26th. The technology company reported $2.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.22 by $0.08. The firm had revenue of $6.96 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.34 earnings per share. Analysts expect that Jabil Inc. will post 7.84 EPS for the current fiscal year.

Jabil Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.24%. The ex-dividend date of this dividend is Friday, November 15th. Jabil’s dividend payout ratio is 2.90%.

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).