Tetra Tech (NASDAQ:TTEK) Sets New 12-Month High on Analyst Upgrade

Tetra Tech, Inc. (NASDAQ:TTEK) shares reached a new 52-week high on Wednesday after KeyCorp raised their price target on the stock from $49.00 to $56.00. KeyCorp currently has an overweight rating on the stock. Tetra Tech traded as high as $49.82 and last traded at $49.78, with a volume of 41420 shares changing hands. The stock had previously closed at $49.68.

A number of other equities research analysts have also recently commented on the company. StockNews.com raised Tetra Tech from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. 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 research note on Thursday, August 1st. Finally, Royal Bank of Canada upped their target price on shares of Tetra Tech from $46.60 to $51.80 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $50.48.

Insider Buying and Selling at Tetra Tech

In related news, SVP Preston Hopson III sold 25,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $46.61, for a total value of $1,165,350.00. Following the sale, the senior vice president now directly owns 43,710 shares in the company, valued at approximately $2,037,497.94. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, SVP Preston Hopson III sold 25,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $46.61, for a total transaction of $1,165,350.00. Following the sale, the senior vice president now directly owns 43,710 shares in the company, valued at approximately $2,037,497.94. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Leslie L. Shoemaker sold 78,420 shares of the stock in a transaction dated 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 completion of the sale, the executive vice president now directly owns 296,015 shares in the company, valued at approximately $13,649,251.65. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 236,370 shares of company stock worth $10,880,243 over the last three months. 0.61% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tetra Tech

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Sarasin & Partners LLP grew its position in Tetra Tech by 330.9% during the third quarter. Sarasin & Partners LLP now owns 4,950,383 shares of the industrial products company’s stock worth $233,460,000 after buying an additional 3,801,435 shares in the last quarter. Ninety One UK Ltd bought a new stake in Tetra Tech during the second quarter worth about $135,897,000. LGT Group Foundation boosted its holdings in shares of Tetra Tech by 7,481.7% in the 2nd quarter. LGT Group Foundation now owns 491,444 shares of the industrial products company’s stock worth $100,490,000 after purchasing an additional 484,962 shares in the last quarter. Renaissance Investment Group LLC increased its position in shares of Tetra Tech by 395.3% during the 3rd quarter. Renaissance Investment Group LLC now owns 333,328 shares of the industrial products company’s stock valued at $15,720,000 after purchasing an additional 266,034 shares during the last quarter. Finally, Lazard Freres Gestion S.A.S. purchased a new position in shares of Tetra Tech during the 2nd quarter valued at about $37,829,000. Hedge funds and other institutional investors own 93.89% of the company’s stock.

Tetra Tech Stock Down 1.5 %

The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.21 and a current ratio of 1.21. The stock has a 50-day moving average of $46.70 and a two-hundred day moving average of $42.72. The company has a market cap of $2.61 billion, a P/E ratio of 9.87 and a beta of 0.94.

Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.01. Tetra Tech had a net margin of 5.72% and a return on equity of 21.50%. The company had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the company earned $0.26 EPS. The firm’s revenue was up 10.7% on a year-over-year basis. On average, research analysts anticipate that Tetra Tech, Inc. will post 1.25 EPS for the current fiscal year.

Tetra Tech Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.058 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 0.48%. Tetra Tech’s dividend payout ratio (DPR) is currently 4.66%.

About Tetra Tech

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.