Tetra Tech (NASDAQ:TTEK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, November 10th.
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.”
A number of other equities analysts have also weighed in on TTEK. Canaccord Genuity reiterated a “buy” rating and issued a $52.00 price target on shares of Tetra Tech in a research report on Friday, August 4th. Roth Capital set a $52.00 price target on shares of Tetra Tech and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. BidaskClub downgraded shares of Tetra Tech from a “buy” rating to a “hold” rating in a report on Saturday, August 5th. Robert W. Baird boosted their target price on shares of Tetra Tech from $47.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 10th. Finally, Boenning Scattergood reissued a “buy” rating and issued a $54.00 target price on shares of Tetra Tech in a report on Thursday, November 9th. One equities research 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. The company has a consensus rating of “Hold” and a consensus target price of $52.29.
Tetra Tech (NASDAQ:TTEK) last announced its earnings results on Wednesday, November 8th. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. The company had revenue of $533.00 million during the quarter, compared to analyst estimates of $517.90 million. Tetra Tech had a net margin of 4.28% and a return on equity of 13.60%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.59 earnings per share. research analysts forecast that Tetra Tech will post 2.32 earnings per share for the current fiscal year.
In other news, SVP Brian N. Carter sold 12,694 shares of the stock in a transaction on Monday, November 27th. The shares were sold at an average price of $49.94, for a total value of $633,938.36. Following the sale, the senior vice president now owns 23,737 shares of the company’s stock, valued at $1,185,425.78. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ronald J. Chu sold 696 shares of the stock in a transaction on Friday, October 27th. The shares were sold at an average price of $50.00, for a total transaction of $34,800.00. Following the completion of the sale, the insider now directly owns 37,800 shares in the company, valued at approximately $1,890,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,425 shares of company stock worth $3,569,931. 4.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Advisor Group Inc. grew its holdings in shares of Tetra Tech by 194.9% in the second quarter. Advisor Group Inc. now owns 3,279 shares of the industrial products company’s stock worth $150,000 after purchasing an additional 2,167 shares during the last quarter. Strs Ohio grew its holdings in shares of Tetra Tech by 45.2% in the second quarter. Strs Ohio now owns 4,500 shares of the industrial products company’s stock worth $205,000 after purchasing an additional 1,400 shares during the last quarter. Tocqueville Asset Management L.P. bought a new position in shares of Tetra Tech in the second quarter worth about $206,000. Teacher Retirement System of Texas bought a new position in shares of Tetra Tech in the second quarter worth about $210,000. Finally, Everence Capital Management Inc. bought a new position in shares of Tetra Tech in the second quarter worth about $217,000. Hedge funds and other institutional investors own 84.53% of the company’s stock.
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Tetra Tech Company Profile
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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