Tetra Tech (NASDAQ:TTEK) Price Target Raised to $56.00

Tetra Tech (NASDAQ:TTEK) had its price target lifted by KeyCorp from $49.00 to $56.00 in a report released on Tuesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock.

Other equities analysts also recently issued reports about the stock. Royal Bank of Canada upped their price objective on shares of Tetra Tech from $46.60 to $51.80 and gave the company an outperform rating in a report on Friday, August 2nd. Robert W. Baird lifted their target price on shares of Tetra Tech from $44.60 to $46.00 and gave the stock a neutral rating in a report on Thursday, August 1st. Finally, StockNews.com raised shares of Tetra Tech from a hold rating to a buy rating in a report on Friday, October 4th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, Tetra Tech has an average rating of Moderate Buy and a consensus target price of $50.48.

Tetra Tech Trading Up 1.1 %

Shares of NASDAQ:TTEK opened at $49.30 on Tuesday. Tetra Tech has a 52-week low of $28.67 and a 52-week high of $50.03. 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 company has a market capitalization of $13.20 billion, a P/E ratio of 45.56 and a beta of 0.94. The company has a 50-day simple moving average of $46.76 and a 200 day simple moving average of $42.81.

Tetra Tech (NASDAQ:TTEK) last released 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. The company had revenue of $1.34 billion during 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 was up 10.7% on a year-over-year basis. During the same period last year, the firm posted $0.26 earnings per share. Sell-side analysts forecast that Tetra Tech will post 1.25 earnings per share for the current year.

Tetra Tech Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were paid a $0.058 dividend. This represents a $0.23 annualized dividend and a yield of 0.47%. The ex-dividend date of this dividend was Thursday, August 15th. Tetra Tech’s dividend payout ratio (DPR) is 21.26%.

Insiders Place Their Bets

In other Tetra Tech news, CEO Dan L. Batrack sold 89,620 shares of Tetra Tech stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $45.54, for a total value of $4,081,653.28. Following the completion of the transaction, the chief executive officer now directly owns 124,380 shares of the company’s stock, valued at $5,664,762.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Steven M. Burdick sold 36,830 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $46.57, for a total transaction of $1,715,173.10. Following the sale, the chief financial officer now owns 112,620 shares in the company, valued at approximately $5,244,713.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Dan L. Batrack sold 89,620 shares of the business’s 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 owns 124,380 shares of the company’s stock, valued at approximately $5,664,762.72. This represents 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 in the last quarter. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Tetra Tech

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

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.