Wedge Capital Management L L P NC Decreases Holdings in Jabil, Inc. $JBL

Key Points

• Wedge Capital Management reduced its stake in Jabil, Inc. by 16.0%, now holding 316,486 shares valued at approximately $69 million, marking it as the firm's 6th largest position.
• Jabil's recent quarterly earnings exceeded expectations, reporting a 15.7% year-over-year revenue increase and a net margin of 2.02% with earnings per share of $2.55.
• A number of institutional investors, including Janus Henderson and MIRAE ASSET GLOBAL, have increased their stakes in Jabil, contributing to a total of 93.39% institutional ownership in the company's stock.

Wedge Capital Management L L P NC reduced its holdings in Jabil, Inc. (NYSE:JBL - Free Report) by 16.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 316,486 shares of the technology company's stock after selling 60,210 shares during the quarter. Jabil comprises 1.2% of Wedge Capital Management L L P NC's holdings, making the stock its 6th largest holding. Wedge Capital Management L L P NC owned 0.29% of Jabil worth $69,026,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in JBL. UMB Bank n.a. grew its position in Jabil by 2.9% in the 2nd quarter. UMB Bank n.a. now owns 2,191 shares of the technology company's stock valued at $478,000 after purchasing an additional 62 shares during the period. Groupe la Francaise raised its holdings in Jabil by 35.2% during the first quarter. Groupe la Francaise now owns 246 shares of the technology company's stock worth $34,000 after buying an additional 64 shares during the last quarter. Keeley Teton Advisors LLC raised its holdings in Jabil by 0.3% during the first quarter. Keeley Teton Advisors LLC now owns 25,398 shares of the technology company's stock worth $3,456,000 after buying an additional 64 shares during the last quarter. Cordatus Wealth Management LLC raised its holdings in Jabil by 2.9% during the first quarter. Cordatus Wealth Management LLC now owns 2,429 shares of the technology company's stock worth $330,000 after buying an additional 68 shares during the last quarter. Finally, AlphaCore Capital LLC raised its holdings in Jabil by 2.4% during the first quarter. AlphaCore Capital LLC now owns 3,206 shares of the technology company's stock worth $436,000 after buying an additional 76 shares during the last quarter. 93.39% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on JBL. Barclays upped their price target on Jabil from $206.00 to $223.00 and gave the stock an "overweight" rating in a report on Tuesday, June 17th. JPMorgan Chase & Co. upped their price target on Jabil from $214.00 to $256.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. UBS Group upped their price target on Jabil from $157.00 to $208.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Argus raised Jabil from a "hold" rating to a "buy" rating in a research report on Wednesday, June 18th. Finally, Zacks Research cut Jabil from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $231.71.

Jabil Price Performance

JBL traded up $0.86 during trading on Tuesday, reaching $234.09. 1,115,042 shares of the company were exchanged, compared to its average volume of 1,420,556. The company's 50-day moving average is $216.51 and its two-hundred day moving average is $182.36. The company has a market cap of $25.12 billion, a price-to-earnings ratio of 45.45, a P/E/G ratio of 1.32 and a beta of 1.25. The company has a quick ratio of 0.64, a current ratio of 0.98 and a debt-to-equity ratio of 1.85. Jabil, Inc. has a 12-month low of $108.66 and a 12-month high of $237.14.

Jabil Dividend Announcement

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

Insider Buying and Selling at Jabil

In other Jabil news, Director Anousheh Ansari sold 1,000 shares of the company's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $222.75, for a total value of $222,750.00. Following the transaction, the director directly owned 36,400 shares in the company, valued at $8,108,100. This represents a 2.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Frederic E. Mccoy sold 4,500 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $223.55, for a total value of $1,005,975.00. Following the completion of the transaction, the executive vice president owned 124,203 shares in the company, valued at $27,765,580.65. This represents a 3.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 102,371 shares of company stock worth $22,085,161 in the last three months. 1.73% of the stock is currently owned by corporate insiders.

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).