Sumitomo Mitsui Trust Group Inc. Lowers Stock Holdings in Jabil Inc. (NYSE:JBL)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Jabil Inc. (NYSE:JBL) by 2.2% during the third quarter, Holdings Channel reports. The firm owned 264,134 shares of the technology company’s stock after selling 5,931 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Jabil were worth $31,651,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Cetera Investment Advisers increased its stake in Jabil by 141.7% during the 1st quarter. Cetera Investment Advisers now owns 17,350 shares of the technology company’s stock worth $2,324,000 after buying an additional 10,173 shares during the period. CreativeOne Wealth LLC increased its position in shares of Jabil by 239.2% during the first quarter. CreativeOne Wealth LLC now owns 10,116 shares of the technology company’s stock worth $1,355,000 after acquiring an additional 7,134 shares during the period. CCM Investment Advisers LLC raised its stake in shares of Jabil by 6.0% in the second quarter. CCM Investment Advisers LLC now owns 149,208 shares of the technology company’s stock valued at $16,232,000 after acquiring an additional 8,405 shares in the last quarter. Foster & Motley Inc. boosted its holdings in Jabil by 8.7% in the third quarter. Foster & Motley Inc. now owns 52,173 shares of the technology company’s stock valued at $6,252,000 after purchasing an additional 4,181 shares during the period. Finally, Comerica Bank grew its stake in Jabil by 68.5% during the 1st quarter. Comerica Bank now owns 42,709 shares of the technology company’s stock worth $5,721,000 after purchasing an additional 17,355 shares in the last quarter. Institutional investors and hedge funds own 93.39% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Francis Mckay sold 11,755 shares of the 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 sale, the senior vice president now owns 41,507 shares in the company, 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 this link. Also, EVP Frederic E. Mccoy sold 4,283 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $122.28, for a total value of $523,725.24. Following the completion of the transaction, the executive vice president now owns 142,472 shares in the company, valued at $17,421,476.16. This trade represents a 2.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,689 shares of company stock valued at $5,377,431 over the last quarter. Company insiders own 2.62% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Jabil Stock Down 0.5 %

Shares of NYSE:JBL opened at $128.26 on Friday. The firm has a 50 day simple moving average of $121.26 and a 200-day simple moving average of $115.39. Jabil Inc. has a twelve month low of $95.85 and a twelve month high of $156.94. The company has a current ratio of 1.09, a quick ratio of 0.72 and a debt-to-equity ratio of 1.66. The company has a market capitalization of $14.47 billion, a PE ratio of 11.64, a P/E/G ratio of 1.55 and a beta of 1.24.

Jabil (NYSE:JBL) last announced its quarterly earnings results on Thursday, September 26th. The technology company reported $2.30 earnings per share for the quarter, beating 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 quarterly revenue was down 17.7% compared to the same quarter last year. During the same period in the previous year, the company earned $2.34 earnings per share. On average, equities analysts predict that Jabil Inc. will post 7.84 EPS for the current fiscal year.

Jabil Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, November 15th. This represents a $0.32 dividend on an annualized basis and a yield of 0.25%. Jabil’s dividend payout ratio is presently 2.90%.

Jabil Profile

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).