Jabil (NYSE:JBL) Sets New 52-Week High - Here's What Happened

Shares of Jabil, Inc. (NYSE:JBL - Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $228.07 and last traded at $227.57, with a volume of 268147 shares. The stock had previously closed at $220.84.

Wall Street Analysts Forecast Growth

JBL has been the topic of a number of recent analyst reports. Bank of America increased their price target on Jabil from $225.00 to $245.00 and gave the stock a "buy" rating in a research report on Friday, June 20th. The Goldman Sachs Group increased their price target on Jabil from $188.00 to $215.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Argus upgraded Jabil from a "hold" rating to a "buy" rating in a research report on Wednesday, June 18th. Wall Street Zen downgraded Jabil from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 12th. Finally, Stifel Nicolaus initiated coverage on Jabil in a research report on Wednesday, July 2nd. They set a "buy" rating and a $245.00 price target on the stock. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $231.71.

Jabil Stock Performance

The stock has a market cap of $23.83 billion, a PE ratio of 43.12, a P/E/G ratio of 1.60 and a beta of 1.20. The company has a quick ratio of 0.64, a current ratio of 0.98 and a debt-to-equity ratio of 1.85. The stock has a 50-day moving average of $197.20 and a 200 day moving average of $166.01.

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

Insider Activity

In other Jabil news, EVP Andrew Priestley sold 13,913 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $203.17, for a total transaction of $2,826,704.21. Following the completion of the sale, the executive vice president owned 53,528 shares of the company's stock, valued at $10,875,283.76. This trade represents a 20.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Mark T. Mondello sold 150,000 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $193.33, for a total value of $28,999,500.00. Following the sale, the chairman directly owned 1,560,192 shares of the company's stock, valued at approximately $301,631,919.36. This trade represents a 8.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 314,645 shares of company stock valued at $62,010,922 in the last 90 days. 1.73% of the stock is owned by insiders.

Institutional Investors Weigh In On Jabil

Several hedge funds and other institutional investors have recently added to or reduced their stakes in JBL. Wellington Management Group LLP increased its stake in Jabil by 70,781.4% during the fourth quarter. Wellington Management Group LLP now owns 5,808,730 shares of the technology company's stock worth $835,876,000 after acquiring an additional 5,800,535 shares during the last quarter. Norges Bank acquired a new stake in shares of Jabil in the fourth quarter valued at $218,430,000. Point72 Asset Management L.P. grew its stake in shares of Jabil by 1,007.6% in the fourth quarter. Point72 Asset Management L.P. now owns 965,629 shares of the technology company's stock valued at $138,954,000 after buying an additional 878,444 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Jabil by 119.9% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,215,678 shares of the technology company's stock valued at $165,417,000 after buying an additional 662,938 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in shares of Jabil by 4,593.2% in the second quarter. Robeco Institutional Asset Management B.V. now owns 636,776 shares of the technology company's stock valued at $138,881,000 after buying an additional 623,208 shares in the last quarter. Institutional investors and hedge funds own 93.39% of the company's stock.

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).