LONDON, UK / ACCESSWIRE / June 15, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Jacobs Engineering Group Inc. (NYSE: JEC). The Company announced on June 13, 2017, that the Pennsylvania Department of Transportation (PennDOT) had awarded a ten-year contract for Active Traffic Management. The multi-million-dollar contract covered the designing of a long-range, comprehensive, multi-modal transportation management solution which would improve travel along the Interstate 76 (Schuylkill Expressway) Corridor in the Philadelphia metropolitan area. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Expressing his views on the contract, Bob Pragada, Buildings & Infrastructure President of Jacobs said:
"The proposed upgrades to the Schuylkill Expressway represent the convergence of innovative technology and infrastructure that will directly improve the quality of life for the commuting public in the Philadelphia metropolitan region. PennDOT has entrusted Jacobs to help create forward-focused, flexible yet practical travel solutions for this region, drawing on our broad transportation capabilities and experience from across the world."
Leslie S. Richards, Secretary of Transportation, PennDOT added:
"The importance of this corridor to the Philadelphia region cannot be overstated. It's imperative that we take advantage of new technologies and partner with Southeastern Pennsylvania Transportation Authority and other key stakeholders and partners like Jacobs to offer citizens better options for travel between Philadelphia and the northwest suburbs."
PennDOT's Active Traffic Management Project
The contract is aimed at improving the travel and enable active traffic management along Interstate 76 (Schuylkill Expressway) and supporting arterials between the Pennsylvania Turnpike (I-276) and US Route1 interchanges. To achieve this goal, Jacob's will provide systems engineering and alternatives analysis, preliminary engineering, final design, right-of-way acquisition services and construction consultation. The improvement plan could cover a wide range of sub-projects like junction control, dynamic lane assignments, part-time shoulder use, ramp metering, multi-modal enhancements, connected vehicle applications, variable speed limit signs, and queue detection/warning components.
About PennDOT
PennDOT was created in 1970, when former Department of Highways was merged with the transportation related functions from the Department of Revenue, Commerce, Community Affairs, and Military Affairs. PennDOT oversees programs and policies affecting highways, urban and rural public transportation, airports, railroads, ports, and waterways. More than three-quarters of PennDOT's annual budget is invested in Pennsylvania's approximately 120,000 miles of state and local highways and 32,000 state and local bridges. PennDOT is directly responsible for nearly 40,000 miles of highway and roughly 25,400 bridges. It also handles the state's 11 million vehicle registrations and 8.8 million driver's licenses as well as oversees safety and emission inspection programs.
It has an annual budget of over $8 billion in state and federal funds. Out of the nearly 12,000 PennDOT employees, over 10,000 employees are engaged in the maintenance, restoration, and expansion of the state highway system.
About Jacobs
Jacobs was founded in 1947 by Joseph J. Jacobs and is headquartered in Dallas, Texas. It is one of the world's largest and most diverse providers of full-spectrum technical, professional, and construction services for industrial, commercial, and government organizations globally. The Company has operations in more than 230 locations worldwide and is supported by a global team of 54,000 employees. The Company recorded revenue of $10.9 billion in FY16.
Last Close Stock Review
On Wednesday, June 14, 2017, the stock closed the trading session at $54.59, slightly down 0.75% from its previous closing price of $55.00. A total volume of 568.83 thousand shares have exchanged hands. Jacobs Engineering's stock has advanced 3.35% and 7.00% in the last one month and past twelve months, respectively. The stock is trading at a PE ratio of 31.72 and has a dividend yield of 1.10%. The stock currently has a market cap of $6.52 billion.
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