Norges Bank Invests $121.39 Million in Tetra Tech, Inc. (NASDAQ:TTEK)

Norges Bank bought a new position in Tetra Tech, Inc. (NASDAQ:TTEK) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,046,939 shares of the industrial products company’s stock, valued at approximately $121,390,000. Norges Bank owned 1.14% of Tetra Tech at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund grew its holdings in shares of Tetra Tech by 0.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 54,525 shares of the industrial products company’s stock worth $2,172,000 after acquiring an additional 400 shares during the period. Nordea Investment Management AB boosted its position in Tetra Tech by 0.9% in the fourth quarter. Nordea Investment Management AB now owns 45,422 shares of the industrial products company’s stock worth $1,809,000 after purchasing an additional 411 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Tetra Tech by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 8,318 shares of the industrial products company’s stock valued at $331,000 after purchasing an additional 438 shares during the period. Farther Finance Advisors LLC increased its position in shares of Tetra Tech by 13.0% during the 4th quarter. Farther Finance Advisors LLC now owns 4,009 shares of the industrial products company’s stock valued at $160,000 after purchasing an additional 461 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its stake in shares of Tetra Tech by 98.0% in the 4th quarter. Jones Financial Companies Lllp now owns 1,000 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 495 shares during the period. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Kirsten M. Volpi sold 10,116 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $34.33, for a total transaction of $347,282.28. Following the completion of the transaction, the director now directly owns 60,196 shares of the company’s stock, valued at approximately $2,066,528.68. This trade represents a 14.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

TTEK has been the subject of several recent research reports. Royal Bank of Canada set a $49.00 target price on shares of Tetra Tech in a research report on Friday, January 31st. KeyCorp cut their price objective on shares of Tetra Tech from $49.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Finally, Maxim Group downgraded Tetra Tech from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $47.92.

Tetra Tech Stock Up 0.3 %

Shares of TTEK stock opened at $29.25 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.29 and a quick ratio of 1.29. Tetra Tech, Inc. has a one year low of $28.17 and a one year high of $51.20. The company’s fifty day moving average price is $31.87 and its 200-day moving average price is $40.00. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 30.72 and a beta of 0.93.

Tetra Tech (NASDAQ:TTEK) last posted its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Tetra Tech had a return on equity of 22.58% and a net margin of 4.81%. Sell-side analysts expect that Tetra Tech, Inc. will post 1.37 EPS for the current fiscal year.

Tetra Tech Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th were issued a dividend of $0.058 per share. This represents a $0.23 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Wednesday, February 12th. Tetra Tech’s dividend payout ratio (DPR) is currently 24.21%.

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.