Jacobs Solutions Inc. $J Position Reduced by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Jacobs Solutions stake by 7.6% in the third quarter, selling 125,070 shares. It retained 1,521,603 shares, valued at about $212.7 million.
• Institutional investors own 85.65% of Jacobs. Other large investors reported new or increased positions, including BlackRock and Primecap Management.
• Analyst sentiment is mixed: five analysts rate the stock a Buy and six a Hold, giving it an average rating of Hold and an average price target of $156.78.

Allspring Global Investments Holdings LLC lessened its holdings in Jacobs Solutions Inc. (NYSE:J - Free Report) by 7.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,521,603 shares of the company's stock after selling 125,070 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.29% of Jacobs Solutions worth $212,705,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in J. BlackRock Inc. purchased a new stake in Jacobs Solutions during the 2nd quarter valued at about $1,372,610,000. Primecap Management Co. CA purchased a new position in Jacobs Solutions in the 2nd quarter worth approximately $575,291,000. Pictet Asset Management Holding SA increased its stake in Jacobs Solutions by 3.7% in the 3rd quarter. Pictet Asset Management Holding SA now owns 1,632,104 shares of the company's stock worth $220,782,000 after purchasing an additional 58,623 shares during the period. Bank of America Corp DE bought a new stake in Jacobs Solutions in the second quarter valued at approximately $208,318,000. Finally, Caisse de depot et placement du Quebec bought a new stake in Jacobs Solutions in the second quarter valued at approximately $118,783,000. 85.65% of the stock is owned by institutional investors.

Jacobs Solutions Price Performance

Shares of J stock opened at $148.80 on Monday. The firm has a market cap of $17.57 billion, a P/E ratio of 52.77, a P/E/G ratio of 1.87 and a beta of 0.68. Jacobs Solutions Inc. has a fifty-two week low of $105.68 and a fifty-two week high of $162.00. The business's 50 day moving average price is $144.10 and its 200-day moving average price is $134.30. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.29 and a current ratio of 1.29.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on J. UBS Group increased their price objective on Jacobs Solutions from $156.00 to $167.00 and gave the company a "buy" rating in a research note on Monday, August 10th. KeyCorp decreased their target price on shares of Jacobs Solutions from $168.00 to $166.00 and set an "overweight" rating on the stock in a research note on Thursday, October 15th. Royal Bank Of Canada lifted their target price on shares of Jacobs Solutions from $171.00 to $174.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Citigroup upped their price target on shares of Jacobs Solutions from $181.00 to $188.00 and gave the company a "buy" rating in a report on Friday, October 23rd. Finally, Truist Financial dropped their price target on shares of Jacobs Solutions from $161.00 to $160.00 and set a "hold" rating for the company in a research report on Monday, October 5th. Five research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $156.78.

Jacobs Solutions Company Profile

Jacobs Solutions Inc is a global professional services company that provides consulting, advisory, engineering, design and project and program management services. Its work spans infrastructure, water, environmental services, transportation, energy and advanced facilities, including projects for life sciences and advanced manufacturing clients.

The company serves public- and private-sector clients in markets around the world. Founded in 1947 by Joseph J. Jacobs, the business grew from an engineering firm into a multinational services provider.

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