Jacobs Engineering Group Inc. (JEC) Downgraded by Zacks Investment Research to Sell
According to Zacks, “Dismal pricing conditions prevailing in the global commodity and energy markets have been hurting Jacobs’ three major line-of-business revenues. Also, a stronger U.S. dollar is weighing over the international top- and bottom-line performances of Jacobs. This is because the U.S. currency appreciation is making the services of the company more expensive and less competent in the foreign markets. Moreover, stiff industry rivalry is augmenting the bargaining power of end-users and hence enhancing market share loss risks for the company. Notably, the maintenance and construction sites of the company are subject to certain risks related to safety issues.”
A number of other equities analysts have also recently weighed in on JEC. MKM Partners started coverage on Jacobs Engineering Group in a report on Wednesday, June 29th. They issued a neutral rating and a $49.00 price target for the company. Jefferies Group restated a buy rating and issued a $54.00 price target on shares of Jacobs Engineering Group in a report on Wednesday, August 10th. Citigroup Inc. restated a buy rating on shares of Jacobs Engineering Group in a report on Tuesday, July 26th. FBR & Co upped their price target on Jacobs Engineering Group from $47.00 to $55.00 and gave the stock a mkt perform rating in a report on Friday, August 12th. Finally, DA Davidson upped their price target on Jacobs Engineering Group from $63.00 to $65.00 and gave the stock a buy rating in a report on Wednesday, August 10th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $48.52.
Shares of Jacobs Engineering Group (NYSE:JEC) traded up 0.71% during trading on Tuesday, hitting $50.94. 127,893 shares of the stock were exchanged. Jacobs Engineering Group has a one year low of $34.76 and a one year high of $55.89. The stock’s 50 day moving average price is $51.21 and its 200 day moving average price is $50.12. The stock has a market cap of $6.19 billion, a PE ratio of 29.53 and a beta of 1.68.
Jacobs Engineering Group (NYSE:JEC) last issued its earnings results on Tuesday, August 9th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.03. Jacobs Engineering Group had a return on equity of 8.58% and a net margin of 1.84%. The business earned $2.70 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the previous year, the business earned $0.97 EPS. The company’s revenue for the quarter was down 7.3% on a year-over-year basis. Equities research analysts predict that Jacobs Engineering Group will post $3.08 EPS for the current year.
In other Jacobs Engineering Group news, Director Noel G. Watson sold 66,668 shares of the firm’s stock in a transaction that occurred on Tuesday, October 4th. The stock was sold at an average price of $51.71, for a total value of $3,447,402.28. Following the sale, the director now owns 736,669 shares of the company’s stock, valued at approximately $38,093,153.99. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Terence D. Hagen sold 18,639 shares of the firm’s stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $54.73, for a total value of $1,020,112.47. Following the completion of the sale, the insider now directly owns 27,022 shares in the company, valued at approximately $1,478,914.06. The disclosure for this sale can be found here. Insiders own 3.16% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Jacobs Engineering Group by 2.3% in the second quarter. Vanguard Group Inc. now owns 10,809,242 shares of the company’s stock worth $538,408,000 after buying an additional 246,367 shares during the period. Primecap Management Co. CA raised its stake in Jacobs Engineering Group by 4.3% in the first quarter. Primecap Management Co. CA now owns 8,168,805 shares of the company’s stock worth $355,751,000 after buying an additional 336,775 shares during the period. State Street Corp raised its stake in Jacobs Engineering Group by 0.3% in the second quarter. State Street Corp now owns 4,785,850 shares of the company’s stock worth $238,397,000 after buying an additional 13,927 shares during the period. Boston Partners raised its stake in Jacobs Engineering Group by 5,194.5% in the second quarter. Boston Partners now owns 3,445,961 shares of the company’s stock worth $171,643,000 after buying an additional 3,380,875 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Jacobs Engineering Group by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,361,346 shares of the company’s stock worth $146,387,000 after buying an additional 16,322 shares during the period. 87.71% of the stock is currently owned by hedge funds and other institutional investors.
About Jacobs Engineering Group
Jacobs Engineering Group Inc is a technical professional services company. The Company provides a range of technical, professional and construction services to industrial, commercial and governmental clients. The Company’s services include Project Services; Process, Scientific, and Systems Consulting Services; Construction Services, and Operations and Maintenance Services.
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