TO ALL:
Been doing a little bit of investigating and found something VERY INTERESTING and VERY BULLISH!
According to Jabil's recent SEC filing (13G) dated February 16th. 1998, The following is a breakdown of the three biggest insiders' ownership:
Mr.William Morean, (Chairman) 13,568,500 shares 36.6% of common shares
Mr. Thomas Sansone (President) 2,404,900 shares 6.5% of common shares
Sub-Total: 15,973,400 shares 43.1% of common shares
The above percentage of 43.1% of insider ownership is greater than IBD's number and it does not include the ownership of other insider holdings.
Now here is the INTERESTING part:
Ms. Audrey Petersen, 8,197,500 shares 22.1% common stock,
When I first read these filings I did not read the fine print and missed something very revealing about Ms. Petersen's holding. The following has been directly copied from her filing:
ITEM 1.
(a) NAME OF ISSUER: Jabil Circuit, Inc.
(b) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
10800 Roosevelt Blvd., St. Petersburg, FL 33716
ITEM 2.
(a) NAME OF PERSON FILING: Petersen, Audrey M. ("Reporting Person")
(b) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
10800 Roosevelt Blvd., St. Petersburg, FL 33716
(c) CITIZENSHIP: United States of America
(d) TITLE OF CLASS OF SECURITIES: Common Stock
(e) CUSIP NUMBER: 466313-10-3
ITEM 3. Not Applicable
ITEM 4.
(a) AMOUNT BENEFICIALLY OWNED: 8,197,500
(b) PERCENT OF CLASS: 22.1%
(c) NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
(i) Sole power to vote or to direct the vote: 0
(ii) Shared power to vote or to direct the vote: 8,197,500
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 8,197,500
CUSIP No. 466313-10-3 Page 4 of 5 Pages
ITEM 5. Not Applicable
ITEM 6.
If any other person is known to have the right to receive or
the power to direct the receipt of dividends from, or the proceeds from the sale
of, such securities, a statement to that effect should be included in response
to this item and, if such interest relates to more than five percent of the
class, such person should be identified. A listing of the shareholders of an
investment company registered under the Investment Company Act of 1940 or the
beneficiaries of employee benefit plan, pension fund or endowment fund is not
required.
The Reporting Person is a co-trustee of the William E. Morean
Residual Trust and has shared voting and dispositive power over the shares owned
by such Trust as a member of the Management Committee created under the Trust.
The Reporting Person is also the President of Morean-Petersen,
Inc., the sole general partner of the Morean Limited Partnership, a North
Carolina limited partnership, and has shared voting and dispositive power over
the shares owned by such Limited Partnership.
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In other words, Ms. Petersen is nothing more than a front for Mr. Morean, who has obviously INCREASED his holding in Jabil Circuits by 22.1%. Notice, that Ms. Petersen personally has NO sole voting powers, but has shared powers.
I then checked Vickers Insider Trading through Schwab. According to their data, which is obviously a bit dated, the following is a breakdown of Mr. Morean's, Mr. Sansone's and Ms. Petersen's holdings:
Mr.William Morean, (Chairman) 7,295,762 shares
Mr. Thomas Sansone (President) 1,124,500 shares
Ms. Audrey Petersen, 341,250 shares
By comparing Vickers data(1-3 months old), with the recent SEC filing, no matter how I slice it, it seems to me, insider's have been increasing, by a HUGE margin, their stake in Jabil Circuits! Now we all know insiders sell for various reasons, but they buy for only one. Obviously, the insiders (Smart Money) are extremely BULLISH about the prospects of Jabil Circuits!
Good Luck!
Karim
Links to Jabil's Edgar filings:
Morean: sec.gov
Sansone: sec.gov
Petersen: sec.gov |
