DOT Cash Will Fund More Projects for Contracting Companies

Nearly $1.6 billion in funding will be made available to states to help pay for repairs to roads and bridges damaged by various natural disasters, announced U.S. Transportation Secretary Ray LaHood. The Consolidated and Further Continuing Appropriations Act, 2012 provided money for the Federal Highway Administration’s Emergency Relief Program. The funds will compensate states for repairing or rebuilding highways, bridges and other roadway structures.

LaHood stated the move is “to restore what natural disasters have damaged and strengthen our roadways so they will hold up if severe conditions strike again. Emergency Relief funds help fix what is broken and help those reeling from crisis take steps toward transportation repairs and economic recovery.”

This is another huge chunk of cash up for grabs. Top construction contractors such as Caterpillar (NYSE:CAT), Honeywell (NYSE:HON), General Electric (NYSE:GE), and Jacobs Engineering Group Inc (NYSE:JEC).

Here’s how these stocks are reacting to the news:

Caterpillar Inc. (NYSE:CAT): CAT shares recently traded at $97.12, up $1.36, or 1.42%. They have traded in a 52-week range of $67.54 to $116.55. Volume today was 3,481,566 shares versus a 3-month average volume of 8,634,090 shares. The company’s trailing P/E is 14.84, while trailing earnings are $6.54 per share.

Honeywell International Inc. (NYSE:HON): HON shares recently traded at $55.43, up $0.25, or 0.45%. They have traded in a 52-week range of $41.22 to $62.28. Volume today was 1,056,782 shares versus a 3-month average volume of 4,478,230 shares. The company’s trailing P/E is 16.02, while trailing earnings are $3.46 per share.

General Electric Co. (NYSE:GE): GE shares recently traded at $18.76, up $0.11, or 0.59%. They have traded in a 52-week range of $14.02 to $21.65. Volume today was 22,249,997 shares versus a 3-month average volume of 64,279,000 shares. The company’s trailing P/E is 14.36, while trailing earnings are $1.31 per share.

Jacobs Engineering Group Inc. (NYSE:JEC): JEC shares recently traded at $40.76, down $0.41, or 1%. They have traded in a 52-week range of $30.74 to $55.73. Volume today was 492,909 shares versus a 3-month average volume of 1,428,180 shares. The company’s trailing P/E is 15.68, while trailing earnings are $2.60 per share.

To contact the reporter on this story: Gina Smith at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com