Patton Fund Management Inc. Sells 12,360 Shares of Jabil, Inc. $JBL

Key Points

• Patton Fund Management Inc. reduced its stake in Jabil, Inc. by 43.7%, selling 12,360 shares to hold 15,896 shares, which now represent approximately 2.4% of its portfolio.
• Jabil announced a quarterly dividend of $0.08 per share, resulting in an annualized dividend of $0.32 and a yield of 0.1%.
• Wall Street analysts hold a consensus rating of "Moderate Buy" for Jabil, with a price target averaging $243.71, reflecting a mix of upgraded and downgraded ratings from various brokerages.

Patton Fund Management Inc. lessened its stake in Jabil, Inc. (NYSE:JBL - Free Report) by 43.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,896 shares of the technology company's stock after selling 12,360 shares during the period. Jabil comprises about 2.4% of Patton Fund Management Inc.'s portfolio, making the stock its 20th biggest position. Patton Fund Management Inc.'s holdings in Jabil were worth $3,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in JBL. Robeco Institutional Asset Management B.V. increased its position in Jabil by 84.8% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 13,568 shares of the technology company's stock valued at $1,846,000 after purchasing an additional 6,225 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Jabil by 8.1% during the first quarter. Envestnet Asset Management Inc. now owns 242,977 shares of the technology company's stock worth $33,062,000 after buying an additional 18,126 shares during the period. Kingswood Wealth Advisors LLC lifted its holdings in Jabil by 7.0% in the first quarter. Kingswood Wealth Advisors LLC now owns 3,326 shares of the technology company's stock valued at $453,000 after buying an additional 217 shares during the period. OneDigital Investment Advisors LLC bought a new stake in Jabil during the first quarter valued at $214,000. Finally, QRG Capital Management Inc. grew its holdings in Jabil by 2.3% during the 1st quarter. QRG Capital Management Inc. now owns 5,978 shares of the technology company's stock worth $813,000 after acquiring an additional 132 shares during the period. 93.39% of the stock is currently owned by institutional investors.

Jabil Stock Performance

Shares of JBL stock opened at $216.19 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.64 and a debt-to-equity ratio of 1.57. The firm has a fifty day simple moving average of $216.57 and a two-hundred day simple moving average of $184.13. Jabil, Inc. has a 12 month low of $108.66 and a 12 month high of $237.14. The firm has a market capitalization of $23.20 billion, a PE ratio of 36.27, a price-to-earnings-growth ratio of 1.24 and a beta of 1.25.

Jabil Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 3rd. Investors of record on Friday, August 15th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.1%. The ex-dividend date was Friday, August 15th. Jabil's dividend payout ratio is currently 6.21%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on JBL. JPMorgan Chase & Co. boosted their price objective on Jabil from $214.00 to $256.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Raymond James Financial set a $260.00 price target on Jabil in a report on Thursday. The Goldman Sachs Group lifted their price objective on shares of Jabil from $188.00 to $215.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Argus upgraded shares of Jabil from a "hold" rating to a "buy" rating in a report on Wednesday, June 18th. Finally, Zacks Research downgraded shares of Jabil from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $243.71.

Insider Buying and Selling at Jabil

In other Jabil news, EVP Andrew Priestley sold 3,782 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $225.00, for a total transaction of $850,950.00. Following the completion of the sale, the executive vice president directly owned 48,535 shares of the company's stock, valued at approximately $10,920,375. The trade was a 7.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Steven A. Raymund sold 13,432 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $223.11, for a total value of $2,996,813.52. Following the completion of the transaction, the director owned 86,396 shares in the company, valued at $19,275,811.56. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 86,416 shares of company stock worth $18,625,639. 1.73% of the stock is currently owned by corporate insiders.

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).

Want to see what other hedge funds are holding JBL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Jabil, Inc. (NYSE:JBL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.