Tetra Tech (NASDAQ:TTEK) Lifted to Buy at StockNews.com

StockNews.com upgraded shares of Tetra Tech (NASDAQ:TTEK) from a hold rating to a buy rating in a research report report published on Saturday.

A number of other equities research analysts have also recently weighed in on TTEK. KeyCorp lifted their price target on Tetra Tech from $46.80 to $49.40 and gave the company an overweight rating in a report on Friday, August 2nd. Robert W. Baird lifted their price target on Tetra Tech from $44.60 to $46.00 and gave the company a neutral rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada lifted their price target on Tetra Tech from $46.60 to $51.80 and gave the company an outperform rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $49.16.

Tetra Tech Stock Performance

Shares of NASDAQ TTEK opened at $46.60 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.52. The firm’s 50-day moving average price is $44.47 and its two-hundred day moving average price is $41.32. Tetra Tech has a 52-week low of $28.67 and a 52-week high of $48.26. The stock has a market capitalization of $2.49 billion, a P/E ratio of 9.43 and a beta of 0.95.

Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Tetra Tech had a return on equity of 21.50% and a net margin of 5.72%. The business’s revenue for the quarter was up 10.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 earnings per share. As a group, sell-side analysts forecast that Tetra Tech will post 1.25 earnings per share for the current year.

Tetra Tech Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were issued a dividend of $0.058 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.23 annualized dividend and a yield of 0.50%. Tetra Tech’s payout ratio is 4.66%.

Insider Buying and Selling

In other Tetra Tech news, CEO Dan L. Batrack sold 89,620 shares of Tetra Tech stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $45.54, for a total value of $4,081,653.28. Following the transaction, the chief executive officer now owns 124,385 shares in the company, valued at $5,664,990.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Tetra Tech news, CEO Dan L. Batrack sold 89,620 shares of Tetra Tech stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $45.54, for a total transaction of $4,081,653.28. Following the transaction, the chief executive officer now directly owns 124,385 shares in the company, valued at approximately $5,664,990.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Leslie L. Shoemaker sold 78,420 shares of Tetra Tech stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $46.11, for a total transaction of $3,615,946.20. Following the transaction, the executive vice president now owns 296,015 shares in the company, valued at $13,649,251.65. The disclosure for this sale can be found here. Insiders have sold a total of 236,370 shares of company stock valued at $10,880,243 over the last quarter. Corporate insiders own 0.61% of the company’s stock.

Hedge Funds Weigh In On Tetra Tech

A number of hedge funds have recently modified their holdings of TTEK. Ninety One UK Ltd acquired a new position in shares of Tetra Tech in the second quarter worth $135,897,000. Norges Bank bought a new stake in shares of Tetra Tech in the fourth quarter valued at about $96,655,000. LGT Group Foundation lifted its stake in shares of Tetra Tech by 7,481.7% in the second quarter. LGT Group Foundation now owns 491,444 shares of the industrial products company’s stock valued at $100,490,000 after buying an additional 484,962 shares during the period. Lazard Freres Gestion S.A.S. bought a new stake in shares of Tetra Tech in the second quarter valued at about $37,829,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of Tetra Tech by 27.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 677,130 shares of the industrial products company’s stock valued at $138,459,000 after buying an additional 144,706 shares during the period. 93.89% of the stock is owned by institutional investors and hedge funds.

Tetra Tech Company Profile

Tetra Tech, Inc provides consulting and engineering services in the United States and internationally. The company operates through two segments, Government Services Group (GSG) and Commercial/International Services Group (CIG). The GSG segment offers early data collection and monitoring, data analysis and information management, science and engineering applied research, engineering design, project management, and operations and maintenance services; and climate change and energy management consulting, as well as greenhouse gas inventory assessment, certification, reduction, and management services.