Jacobs Engineering Group (NYSE:JEC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $76.00 price objective on the construction company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.24% from the company’s current price.
According to Zacks, “Shares of Jacobs have outperformed the industry over the last three months. The company is poised to grow on the back of robust acquisitions and strategic restructuring moves. For instance, the company has acquired CH2M, in a bid to become a $15-billion global solutions provider, moving ahead. Moreover, we perceive that increased infrastructure spending in the United States and strong demand for major emerging economies like China would likely prove beneficial to the company going forward. The company is also poised to grow on the back of lucrative business contracts and is well focused in maximizing shareholders’ value. Over the last 60 days, Zacks Consensus Estimate for the stock has moved north for both fiscal 2018 and 2019.”
Other analysts have also issued research reports about the company. Barclays assumed coverage on Jacobs Engineering Group in a research note on Tuesday, December 12th. They set an “overweight” rating and a $75.00 price objective for the company. MKM Partners set a $61.00 price objective on Jacobs Engineering Group and gave the company a “neutral” rating in a research note on Tuesday, November 28th. Argus reaffirmed a “buy” rating and issued a $73.00 price target on shares of Jacobs Engineering Group in a research note on Monday, November 27th. They noted that the move was a valuation call. Robert W. Baird reaffirmed a “hold” rating and issued a $69.00 price target on shares of Jacobs Engineering Group in a research note on Friday, November 24th. Finally, KeyCorp raised their price target on Jacobs Engineering Group from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $69.10.
Jacobs Engineering Group (NYSE:JEC) last released its quarterly earnings data on Tuesday, November 21st. The construction company reported $0.98 earnings per share for the quarter, beating analysts’ consensus estimates of $0.82 by $0.16. The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.58 billion. Jacobs Engineering Group had a return on equity of 9.18% and a net margin of 2.93%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.77 earnings per share. equities research analysts forecast that Jacobs Engineering Group will post 3.53 EPS for the current fiscal year.
In related news, Director Joseph R. Bronson sold 6,125 shares of the firm’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $63.01, for a total value of $385,936.25. Following the completion of the sale, the director now owns 30,496 shares of the company’s stock, valued at $1,921,552.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.74% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Jacobs Engineering Group by 1.3% during the second quarter. Vanguard Group Inc. now owns 11,936,467 shares of the construction company’s stock valued at $649,225,000 after buying an additional 150,333 shares during the period. Ruane Cunniff & Goldfarb Inc. lifted its position in Jacobs Engineering Group by 9.4% during the third quarter. Ruane Cunniff & Goldfarb Inc. now owns 5,692,656 shares of the construction company’s stock valued at $331,711,000 after buying an additional 487,089 shares during the period. Wells Fargo & Company MN lifted its position in Jacobs Engineering Group by 68.7% during the third quarter. Wells Fargo & Company MN now owns 4,012,084 shares of the construction company’s stock valued at $233,784,000 after buying an additional 1,634,127 shares during the period. Dimensional Fund Advisors LP lifted its position in Jacobs Engineering Group by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 3,191,405 shares of the construction company’s stock valued at $185,962,000 after buying an additional 19,954 shares during the period. Finally, FIL Ltd lifted its position in Jacobs Engineering Group by 7.8% during the second quarter. FIL Ltd now owns 2,239,124 shares of the construction company’s stock valued at $121,786,000 after buying an additional 162,167 shares during the period. 84.57% of the stock is owned by institutional investors and hedge funds.
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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