Tetra Tech (NASDAQ:TTEK) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Tetra Tech (NASDAQ:TTEK) in a research report released on Friday,Benzinga reports. Royal Bank of Canada currently has a $52.00 price target on the industrial products company’s stock.

A number of other analysts have also recently issued reports on TTEK. KeyCorp reduced their price objective on Tetra Tech from $56.00 to $49.00 and set an “overweight” rating for the company in a research report on Friday. Robert W. Baird increased their target price on Tetra Tech from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, StockNews.com upgraded Tetra Tech from a “hold” rating to a “buy” rating in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.32.

Tetra Tech Trading Up 0.8 %

TTEK traded up $0.31 on Friday, reaching $41.27. 4,176,228 shares of the company’s stock were exchanged, compared to its average volume of 2,323,584. Tetra Tech has a twelve month low of $30.92 and a twelve month high of $51.20. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.21 and a current ratio of 1.25. The company has a market cap of $11.05 billion, a price-to-earnings ratio of 33.50 and a beta of 0.94. The company’s 50 day moving average is $47.60 and its 200-day moving average is $44.58.

Tetra Tech Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Wednesday, November 27th will be given a $0.058 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.23 annualized dividend and a dividend yield of 0.56%. Tetra Tech’s payout ratio is presently 18.67%.

Insiders Place Their Bets

In related news, CFO Steven M. Burdick sold 36,830 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $46.57, for a total transaction of $1,715,173.10. Following the transaction, the chief financial officer now owns 112,620 shares of the company’s stock, valued at $5,244,713.40. This represents a 24.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kimberly E. Ritrievi sold 6,500 shares of the business’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $46.48, for a total transaction of $302,120.00. Following the completion of the transaction, the director now directly owns 143,200 shares of the company’s stock, valued at $6,655,936. The trade was a 4.34 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 121,750 shares of company stock valued at $5,633,239. 0.61% of the stock is owned by insiders.

Institutional Trading of Tetra Tech

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Tetra Tech by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 5,168,554 shares of the industrial products company’s stock worth $954,684,000 after acquiring an additional 14,701 shares during the period. Sarasin & Partners LLP increased its stake in shares of Tetra Tech by 330.9% during the 3rd quarter. Sarasin & Partners LLP now owns 4,950,383 shares of the industrial products company’s stock worth $233,460,000 after purchasing an additional 3,801,435 shares during the last quarter. Geode Capital Management LLC boosted its position in Tetra Tech by 406.6% during the third quarter. Geode Capital Management LLC now owns 4,716,080 shares of the industrial products company’s stock worth $222,466,000 after purchasing an additional 3,785,189 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Tetra Tech by 387.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,299,418 shares of the industrial products company’s stock worth $155,601,000 after purchasing an additional 2,622,288 shares during the last quarter. Finally, abrdn plc raised its stake in Tetra Tech by 353.0% during the 3rd quarter. abrdn plc now owns 2,110,076 shares of the industrial products company’s stock valued at $98,477,000 after purchasing an additional 1,644,267 shares during the last quarter. 93.89% of the stock is owned by institutional investors.

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.