598,063 Shares in Jabil, Inc. (NYSE:JBL) Bought by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC acquired 598,063 shares of Jabil, Inc. for approximately $81.4 million, giving them a 0.56% ownership stake in the company.
• Jabil's recent earnings report showed $2.55 earnings per share, exceeding estimates by 12%, with revenues of $7.83 billion for the quarter.
• The company announced a dividend of $0.08 per share to be paid on September 3rd, representing a yield of 14.0%.

Lord Abbett & CO. LLC bought a new stake in Jabil, Inc. (NYSE:JBL - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 598,063 shares of the technology company's stock, valued at approximately $81,378,000. Lord Abbett & CO. LLC owned 0.56% of Jabil as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Point72 Asset Management L.P. boosted its position in shares of Jabil by 1,007.6% during the fourth quarter. Point72 Asset Management L.P. now owns 965,629 shares of the technology company's stock worth $138,954,000 after buying an additional 878,444 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Jabil by 16,190.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 552,740 shares of the technology company's stock worth $79,539,000 after buying an additional 549,347 shares during the period. GAMMA Investing LLC boosted its position in shares of Jabil by 17,410.3% during the first quarter. GAMMA Investing LLC now owns 524,958 shares of the technology company's stock worth $71,431,000 after buying an additional 521,960 shares during the period. Wedge Capital Management L L P NC acquired a new position in shares of Jabil during the first quarter worth approximately $51,257,000. Finally, Simcoe Capital Management LLC acquired a new position in shares of Jabil during the fourth quarter worth approximately $50,632,000. 93.39% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on JBL shares. Barclays boosted their price objective on Jabil from $206.00 to $223.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 17th. UBS Group boosted their target price on Jabil from $157.00 to $208.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Wall Street Zen cut Jabil from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 12th. Argus raised Jabil from a "hold" rating to a "buy" rating in a report on Wednesday, June 18th. Finally, JPMorgan Chase & Co. boosted their target price on Jabil from $214.00 to $256.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $231.71.

Insider Buying and Selling at Jabil

In other news, EVP Andrew Priestley sold 13,913 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $203.17, for a total transaction of $2,826,704.21. Following the transaction, the executive vice president directly owned 53,528 shares in the company, valued at $10,875,283.76. The trade was a 20.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Michael Dastoor sold 18,234 shares of the business's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $191.66, for a total transaction of $3,494,728.44. Following the transaction, the chief executive officer owned 203,459 shares in the company, valued at approximately $38,994,951.94. This represents a 8.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 332,847 shares of company stock worth $66,534,847 over the last 90 days. 1.73% of the stock is currently owned by insiders.

Jabil Trading Down 1.0%

NYSE JBL traded down $2.09 on Friday, hitting $215.31. 1,272,574 shares of the stock were exchanged, compared to its average volume of 1,272,822. Jabil, Inc. has a 52-week low of $99.67 and a 52-week high of $232.84. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.98 and a quick ratio of 0.64. The company has a market capitalization of $23.11 billion, a price-to-earnings ratio of 41.81, a P/E/G ratio of 1.50 and a beta of 1.20. The company's 50-day moving average price is $214.36 and its two-hundred day moving average price is $172.89.

Jabil (NYSE:JBL - Get Free Report) last posted its quarterly earnings data on Tuesday, June 17th. The technology company reported $2.55 earnings per share for the quarter, topping the consensus estimate of $2.28 by $0.27. Jabil had a net margin of 2.02% and a return on equity of 60.19%. The firm had revenue of $7.83 billion for the quarter, compared to analysts' expectations of $7.03 billion. During the same period in the previous year, the company posted $1.89 EPS. The company's quarterly revenue was up 15.7% compared to the same quarter last year. Research analysts predict that Jabil, Inc. will post 8.05 EPS for the current year.

Jabil Dividend Announcement

The business also recently declared a dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Monday, August 18th will be issued a dividend of $0.08 per share. This represents a dividend yield of 14.0%. The ex-dividend date is Friday, August 15th. Jabil's payout ratio is currently 6.21%.

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).