Jacobs Engineering Group Inc. (JEC) Downgraded to Sell at Zacks Investment Research
Jacobs Engineering Group Inc. (NYSE:JEC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
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.”
Several other research analysts have also recently weighed in on JEC. MKM Partners initiated coverage on Jacobs Engineering Group in a research report on Wednesday, June 29th. They issued a “neutral” rating and a $49.00 price objective on the stock. Citigroup Inc. reissued a “buy” rating on shares of Jacobs Engineering Group in a research report on Tuesday, July 26th. DA Davidson boosted their price objective on Jacobs Engineering Group from $63.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Deutsche Bank AG boosted their price objective on Jacobs Engineering Group from $53.00 to $54.00 and gave the stock a “hold” rating in a research report on Wednesday, August 10th. Finally, Jefferies Group reissued a “buy” rating and issued a $54.00 price objective on shares of Jacobs Engineering Group in a research report on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. Jacobs Engineering Group presently has an average rating of “Hold” and a consensus target price of $48.52.
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Jacobs Engineering Group (NYSE:JEC) traded up 0.66% during mid-day trading on Tuesday, hitting $50.61. The stock had a trading volume of 175,708 shares. The stock has a market capitalization of $6.15 billion, a P/E ratio of 29.34 and a beta of 1.68. Jacobs Engineering Group has a 52 week low of $34.76 and a 52 week high of $55.89. The company’s 50 day moving average is $51.23 and its 200-day moving average is $50.12.
Jacobs Engineering Group (NYSE:JEC) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.78 earnings per share for the quarter, topping the Thomson Reuters’ 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 had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the previous year, the firm earned $0.97 earnings per share. The business’s revenue was down 7.3% on a year-over-year basis. On average, analysts expect that Jacobs Engineering Group will post $3.08 EPS for the current fiscal year.
In other news, insider Terence D. Hagen sold 18,639 shares of the company’s stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $54.73, for a total value of $1,020,112.47. Following the completion of the transaction, the insider now directly owns 27,022 shares in the company, valued at approximately $1,478,914.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Noel G. Watson sold 66,668 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now owns 736,669 shares of the company’s stock, valued at $38,093,153.99. The disclosure for this sale can be found here. 3.16% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. Riverhead Capital Management LLC boosted its position in Jacobs Engineering Group by 80.4% in the first quarter. Riverhead Capital Management LLC now owns 205,970 shares of the company’s stock worth $8,971,000 after buying an additional 91,789 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in Jacobs Engineering Group by 5.0% in the first quarter. Pictet Asset Management Ltd. now owns 67,333 shares of the company’s stock worth $2,602,000 after buying an additional 3,200 shares during the last quarter. Primecap Management Co. CA boosted its position 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 last quarter. UBS Group AG boosted its position in Jacobs Engineering Group by 1.9% in the first quarter. UBS Group AG now owns 48,616 shares of the company’s stock worth $2,118,000 after buying an additional 928 shares during the last quarter. Finally, Meeder Asset Management Inc. boosted its position in Jacobs Engineering Group by 28.5% in the first quarter. Meeder Asset Management Inc. now owns 18,276 shares of the company’s stock worth $796,000 after buying an additional 4,056 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company’s stock.
Jacobs Engineering Group Company Profile
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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