Parsec Financial Management Inc. Decreases Position in Jacobs Engineering Group Inc (NYSE:JEC)

Parsec Financial Management Inc. cut its stake in shares of Jacobs Engineering Group Inc (NYSE:JEC) by 4.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,876 shares of the construction company’s stock after selling 4,602 shares during the period. Parsec Financial Management Inc. owned 0.07% of Jacobs Engineering Group worth $8,681,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently modified their holdings of the company. Monarch Capital Management Inc. raised its holdings in shares of Jacobs Engineering Group by 0.5% in the second quarter. Monarch Capital Management Inc. now owns 28,527 shares of the construction company’s stock worth $2,407,000 after buying an additional 130 shares during the period. LS Investment Advisors LLC raised its holdings in shares of Jacobs Engineering Group by 1.8% in the second quarter. LS Investment Advisors LLC now owns 8,939 shares of the construction company’s stock worth $754,000 after buying an additional 160 shares during the period. Smith Salley & Associates raised its holdings in shares of Jacobs Engineering Group by 4.1% in the second quarter. Smith Salley & Associates now owns 4,042 shares of the construction company’s stock worth $341,000 after buying an additional 161 shares during the period. Signaturefd LLC raised its holdings in shares of Jacobs Engineering Group by 68.2% in the third quarter. Signaturefd LLC now owns 439 shares of the construction company’s stock worth $40,000 after buying an additional 178 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Jacobs Engineering Group by 3.8% in the second quarter. Tower Research Capital LLC TRC now owns 5,033 shares of the construction company’s stock worth $424,000 after buying an additional 186 shares during the period. Institutional investors and hedge funds own 90.66% of the company’s stock.

Several brokerages have recently weighed in on JEC. Bank of America reiterated a “buy” rating and issued a $98.00 price target on shares of Jacobs Engineering Group in a report on Thursday, August 22nd. KeyCorp increased their price target on Jacobs Engineering Group from $90.00 to $103.00 and gave the stock an “overweight” rating in a report on Wednesday. DA Davidson increased their price target on Jacobs Engineering Group to $95.00 and gave the stock a “buy” rating in a report on Tuesday, August 6th. Cowen reiterated a “buy” rating and issued a $92.00 price target on shares of Jacobs Engineering Group in a report on Tuesday, August 20th. Finally, Credit Suisse Group increased their price target on Jacobs Engineering Group from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Tuesday, August 6th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $88.89.

NYSE:JEC traded up $0.61 during midday trading on Thursday, hitting $93.51. The stock had a trading volume of 15,304 shares, compared to its average volume of 692,983. Jacobs Engineering Group Inc has a one year low of $55.17 and a one year high of $94.44. The company has a market capitalization of $12.67 billion, a price-to-earnings ratio of 20.92, a PEG ratio of 1.53 and a beta of 1.34. The stock has a 50-day moving average of $91.30 and a 200 day moving average of $83.49. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.17.

Jacobs Engineering Group (NYSE:JEC) last announced its quarterly earnings data on Monday, August 5th. The construction company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.15. Jacobs Engineering Group had a return on equity of 11.11% and a net margin of 5.06%. The company had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $3.10 billion. During the same quarter in the prior year, the firm earned $1.35 earnings per share. Jacobs Engineering Group’s revenue was up 8.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Jacobs Engineering Group Inc will post 4.89 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 4th will be paid a $0.17 dividend. The ex-dividend date is Thursday, October 3rd. This represents a $0.68 annualized dividend and a yield of 0.73%. Jacobs Engineering Group’s dividend payout ratio (DPR) is currently 15.21%.

Jacobs Engineering Group Company Profile

Jacobs Engineering Group Inc provides technical, professional, and construction services. The company's Aerospace, Technology, Environmental and Nuclear segment offers scientific, engineering, construction, nuclear, environmental, and technical support services to the aerospace, defense, technical, and automotive industries.

Read More: Intrinsic Value and Stock Selection

Institutional Ownership by Quarter for Jacobs Engineering Group (NYSE:JEC)

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