Zacks Investment Research downgraded shares of Tetra Tech, Inc. (NASDAQ:TTEK) from a hold rating to a sell rating in a research note released on Friday morning.
According to Zacks, “Tetra Tech’s fourth-quarter fiscal 2017 earnings beat the Zacks Consensus Estimate by 3.3%, driven by strong top-line growth on the back of solid demand for its high-end water, environment and infrastructure services. However, sluggish oil and gas markets and a highly competitive bidding environment (particularly in Canada) restricted top-line growth. Softness in the domestic oil & gas segment will likely continue to weigh on the company’s financials, going forward. This apart, the cyclical nature of the key markets and decreased consumer confidence served by the company poses a threat to the company’s growth. In light of these headwinds, Tetra Tech’s shares have underperformed the industry’s average return over the past six months. However, Tetra Tech is enjoying growing momentum in water and environmental projects and boasts a record high backlog, going into fiscal 2018.”
Other research analysts also recently issued reports about the company. Roth Capital set a $52.00 price target on Tetra Tech and gave the company a buy rating in a research note on Wednesday, August 2nd. Canaccord Genuity restated a buy rating and issued a $52.00 price target on shares of Tetra Tech in a research note on Friday, August 4th. Boenning Scattergood restated a buy rating and issued a $54.00 price target on shares of Tetra Tech in a research note on Thursday, November 9th. Stifel Nicolaus restated a hold rating and issued a $47.00 price target on shares of Tetra Tech in a research note on Thursday, September 7th. Finally, Robert W. Baird restated a hold rating and issued a $47.00 price target on shares of Tetra Tech in a research note on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $52.29.
Tetra Tech (NASDAQ TTEK) opened at $49.20 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.94 and a quick ratio of 1.97. The firm has a market capitalization of $2,709.84, a P/E ratio of 22.77, a price-to-earnings-growth ratio of 1.56 and a beta of 1.08. Tetra Tech has a one year low of $38.85 and a one year high of $50.15.
Tetra Tech (NASDAQ:TTEK) last posted its quarterly earnings results on Wednesday, November 8th. The industrial products company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.02. The firm had revenue of $533.00 million during the quarter, compared to the consensus estimate of $517.90 million. Tetra Tech had a return on equity of 13.60% and a net margin of 4.28%. The business’s revenue was up .4% compared to the same quarter last year. During the same period last year, the company earned $0.59 earnings per share. equities research analysts predict that Tetra Tech will post 2.31 EPS for the current year.
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The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $0.40 annualized dividend and a dividend yield of 0.81%. Tetra Tech’s dividend payout ratio is currently 19.61%.
In other news, insider Ronald J. Chu sold 14,112 shares of Tetra Tech stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $50.00, for a total transaction of $705,600.00. Following the completion of the transaction, the insider now directly owns 51,216 shares in the company, valued at approximately $2,560,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ronald J. Chu sold 696 shares of Tetra Tech stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $50.00, for a total value of $34,800.00. Following the transaction, the insider now owns 37,800 shares of the company’s stock, valued at $1,890,000. The disclosure for this sale can be found here. Insiders have sold a total of 57,203 shares of company stock valued at $2,860,150 over the last quarter. 4.00% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in TTEK. Advisor Group Inc. boosted its stake in Tetra Tech by 194.9% in the 2nd quarter. Advisor Group Inc. now owns 3,279 shares of the industrial products company’s stock valued at $150,000 after purchasing an additional 2,167 shares during the period. Strs Ohio boosted its stake in Tetra Tech by 45.2% in the 2nd quarter. Strs Ohio now owns 4,500 shares of the industrial products company’s stock valued at $205,000 after purchasing an additional 1,400 shares during the period. Tocqueville Asset Management L.P. bought a new stake in Tetra Tech in the 2nd quarter valued at $206,000. Teacher Retirement System of Texas bought a new stake in Tetra Tech in the 2nd quarter valued at $210,000. Finally, Everence Capital Management Inc. bought a new stake in Tetra Tech in the 2nd quarter valued at $217,000. Institutional investors and hedge funds own 84.32% of the company’s stock.
About Tetra Tech
Tetra Tech, Inc is a provider of consulting, engineering, program management, construction management, and technical services. The Company’s segments include Water, Environment and Infrastructure (WEI), Resource Management and Energy (RME), and Remediation and Construction Management (RCM). The WEI segment provides consulting and engineering services.
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