Tetra Tech (NASDAQ:TTEK) Downgraded to Hold at StockNews.com

StockNews.com downgraded shares of Tetra Tech (NASDAQ:TTEK) from a buy rating to a hold rating in a research note released on Thursday morning.

A number of other brokerages have also recently issued reports on TTEK. Royal Bank of Canada boosted their price objective on Tetra Tech from $233.00 to $259.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Robert W. Baird upped their price objective on Tetra Tech from $223.00 to $230.00 and gave the stock a neutral rating in a report on Thursday, August 1st. Northcoast Research upgraded Tetra Tech from a neutral rating to a buy rating and set a $225.00 price target on the stock in a research report on Thursday, May 2nd. KeyCorp raised their target price on Tetra Tech from $234.00 to $247.00 and gave the stock an overweight rating in a research note on Friday, August 2nd. Finally, Maxim Group lifted their price target on shares of Tetra Tech from $234.00 to $268.00 and gave the company a buy rating in a report on Thursday, May 16th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Tetra Tech currently has an average rating of Moderate Buy and an average price target of $245.80.

Tetra Tech Price Performance

Shares of TTEK opened at $237.74 on Thursday. The company has a market cap of $12.73 billion, a price-to-earnings ratio of 48.13 and a beta of 0.93. Tetra Tech has a 1-year low of $143.35 and a 1-year high of $241.31. The company’s fifty day simple moving average is $217.21 and its 200 day simple moving average is $203.17. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.52.

Shares of Tetra Tech are scheduled to split on the morning of Monday, September 9th. The 5-1 split was announced on Wednesday, July 31st. The newly issued shares will be distributed to shareholders after the closing bell on Friday, September 6th.

Tetra Tech (NASDAQ:TTEK) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $1.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.05. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.08 billion. Tetra Tech had a net margin of 5.72% and a return on equity of 21.50%. The firm’s quarterly revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $1.29 EPS. On average, research analysts forecast that Tetra Tech will post 6.24 earnings per share for the current fiscal year.

Tetra Tech Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Investors of record on Thursday, August 15th were paid a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 0.49%. The ex-dividend date of this dividend was Thursday, August 15th. Tetra Tech’s dividend payout ratio (DPR) is 23.48%.

Insider Activity

In other news, SVP Preston Hopson III sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $233.07, for a total transaction of $1,165,350.00. Following the sale, the senior vice president now owns 8,742 shares of the company’s stock, valued at approximately $2,037,497.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Dan L. Batrack sold 17,924 shares of Tetra Tech stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $227.72, for a total transaction of $4,081,653.28. Following the transaction, the chief executive officer now owns 24,877 shares in the company, valued at $5,664,990.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Preston Hopson III sold 5,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $233.07, for a total value of $1,165,350.00. Following the completion of the sale, the senior vice president now owns 8,742 shares of the company’s stock, valued at $2,037,497.94. The disclosure for this sale can be found here. Insiders have sold a total of 34,085 shares of company stock worth $7,611,238 over the last 90 days. 0.61% of the stock is currently owned by corporate insiders.

Institutional Trading of Tetra Tech

Hedge funds have recently made changes to their positions in the company. Retirement Systems of Alabama raised its holdings in Tetra Tech by 0.3% during the fourth quarter. Retirement Systems of Alabama now owns 77,406 shares of the industrial products company’s stock worth $12,921,000 after purchasing an additional 205 shares in the last quarter. Jump Financial LLC grew its position in Tetra Tech by 743.1% during the fourth quarter. Jump Financial LLC now owns 22,232 shares of the industrial products company’s stock valued at $3,711,000 after acquiring an additional 19,595 shares during the period. Spire Wealth Management grew its stake in Tetra Tech by 1,054.4% during the fourth quarter. Spire Wealth Management now owns 22,650 shares of the industrial products company’s stock worth $3,706,000 after buying an additional 20,688 shares during the period. Natixis Advisors L.P. purchased a new position in shares of Tetra Tech in the 4th quarter valued at $1,821,000. Finally, Nwam LLC purchased a new position in Tetra Tech in the 1st quarter worth approximately $1,123,000. Hedge funds and other institutional investors own 93.89% of the company’s stock.

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.