Zacks Investment Research upgraded shares of Tetra Tech, Inc. (NASDAQ:TTEK) from a sell rating to a hold rating in a report published on Friday, October 6th.
According to Zacks, “Over the past six months, Tetra Tech’s shares have charted a strong upward trajectory, outperforming the industry’s average return. Tetra Tech’s robust financial health, strong backlog levels and diligent capital deployment strategies signal brighter days ahead. Tetra Tech is enjoying steady top-line growth and improved operating efficiency resulting from cost-management initiatives. The company remains bullish about its growth across all four client sectors and expects U.S. state and local clients to be its strongest growth drivers. However, softness in the domestic oil and gas segment and general economic conditions may weigh down on the company’s financials, going forward. This apart, the cyclical nature of the key markets served by the company poses a sustained threat to stable growth of the company. Decreased consumer confidence and stringent competition may also add to the company’s woes.”
Several other equities research analysts have also commented on the stock. Stifel Nicolaus reaffirmed a hold rating and set a $47.00 price target on shares of Tetra Tech in a research report on Thursday, September 7th. Robert W. Baird reaffirmed a hold rating and set a $47.00 price target on shares of Tetra Tech in a research report on Tuesday, September 5th. Boenning Scattergood reaffirmed an outperform rating on shares of Tetra Tech in a research report on Tuesday, September 5th. Canaccord Genuity reissued a buy rating and issued a $52.00 target price on shares of Tetra Tech in a report on Friday, August 4th. Finally, BidaskClub lowered shares of Tetra Tech from a buy rating to a hold rating in a report on Saturday, August 5th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $48.86.
Tetra Tech (NASDAQ:TTEK) opened at 47.75 on Friday. The stock’s 50 day moving average is $44.81 and its 200-day moving average is $44.45. The company has a market capitalization of $2.70 billion, a PE ratio of 24.20 and a beta of 1.07. Tetra Tech has a 12 month low of $36.45 and a 12 month high of $48.80.
Tetra Tech (NASDAQ:TTEK) last issued its earnings results on Wednesday, August 2nd. The industrial products company reported $0.53 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.01). Tetra Tech had a return on equity of 13.65% and a net margin of 4.17%. The business had revenue of $498.47 million during the quarter, compared to analysts’ expectations of $535.18 million. During the same period last year, the firm posted $0.50 EPS. Tetra Tech’s quarterly revenue was up .0% compared to the same quarter last year. On average, analysts expect that Tetra Tech will post $2.11 EPS for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of the company. Manchester Capital Management LLC boosted its position in shares of Tetra Tech by 0.3% during the 2nd quarter. Manchester Capital Management LLC now owns 17,906 shares of the industrial products company’s stock valued at $819,000 after acquiring an additional 55 shares during the last quarter. Amalgamated Bank boosted its position in shares of Tetra Tech by 2.6% during the 2nd quarter. Amalgamated Bank now owns 7,989 shares of the industrial products company’s stock valued at $365,000 after acquiring an additional 202 shares during the last quarter. First National Bank of Omaha boosted its position in shares of Tetra Tech by 0.7% during the 2nd quarter. First National Bank of Omaha now owns 28,991 shares of the industrial products company’s stock valued at $1,326,000 after acquiring an additional 215 shares during the last quarter. Texas Permanent School Fund boosted its position in shares of Tetra Tech by 0.6% during the 2nd quarter. Texas Permanent School Fund now owns 41,731 shares of the industrial products company’s stock valued at $1,909,000 after acquiring an additional 233 shares during the last quarter. Finally, Rathbone Brothers plc boosted its position in shares of Tetra Tech by 0.9% during the 2nd quarter. Rathbone Brothers plc now owns 32,345 shares of the industrial products company’s stock valued at $1,480,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 84.77% of the company’s stock.
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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