Jacobs Engineering Group Inc. (JEC) Lowered 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 note issued to investors 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 analysts also recently weighed in on JEC. FBR & Co lifted their target price on Jacobs Engineering Group from $47.00 to $55.00 and gave the stock a “mkt perform” rating in a research report on Friday, August 12th. Deutsche Bank AG lifted their target price 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. Jefferies Group reiterated a “buy” rating and set a $54.00 target price on shares of Jacobs Engineering Group in a research report on Wednesday, August 10th. MKM Partners set a $49.00 target price on Jacobs Engineering Group and gave the stock a “hold” rating in a research report on Thursday, September 15th. Finally, Argus reiterated a “buy” rating and set a $60.00 target price (up from $58.00) on shares of Jacobs Engineering Group in a research report on Friday, August 19th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $48.52.
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Jacobs Engineering Group (NYSE:JEC) traded up 0.60% during midday trading on Tuesday, reaching $50.58. 510,038 shares of the company were exchanged. The firm has a market capitalization of $6.14 billion, a PE ratio of 29.32 and a beta of 1.68. The company has a 50-day moving average of $51.21 and a 200 day moving average of $50.12. Jacobs Engineering Group has a 52 week low of $34.76 and a 52 week high of $55.89.
Jacobs Engineering Group (NYSE:JEC) last released its earnings results on Tuesday, August 9th. The company reported $0.78 earnings per share for the quarter, topping the 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 the consensus estimate of $2.79 billion. During the same period last year, the company earned $0.97 earnings per share. The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. Equities analysts predict that Jacobs Engineering Group will post $3.08 earnings per share for the current year.
In other Jacobs Engineering Group news, insider Terence D. Hagen sold 18,639 shares of Jacobs Engineering Group 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 transaction, the insider now owns 27,022 shares in the company, valued at $1,478,914.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Noel G. Watson sold 66,668 shares of Jacobs Engineering Group stock in a transaction dated Tuesday, October 4th. The shares were 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 in the company, valued at approximately $38,093,153.99. The disclosure for this sale can be found here. 3.16% of the stock is owned by company insiders.
A number of institutional investors have recently bought and sold shares of JEC. Boston Partners raised its position 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 valued at $171,643,000 after buying an additional 3,380,875 shares during the period. Kovitz Investment Group Partners LLC bought a new position in Jacobs Engineering Group during the first quarter valued at about $96,945,000. Bank of Montreal Can bought a new position in Jacobs Engineering Group during the second quarter valued at about $43,824,000. JPMorgan Chase & Co. raised its position in Jacobs Engineering Group by 185.6% in the second quarter. JPMorgan Chase & Co. now owns 798,748 shares of the company’s stock valued at $39,785,000 after buying an additional 519,040 shares during the period. Finally, Victory Capital Management Inc. raised its position in Jacobs Engineering Group by 22.9% in the second quarter. Victory Capital Management Inc. now owns 2,048,316 shares of the company’s stock valued at $102,027,000 after buying an additional 381,071 shares during the period. 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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