Tetra Tech (NASDAQ:TTEK) Downgraded by StockNews.com to “Hold”

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

A number of other equities analysts also recently commented on the company. Robert W. Baird raised their price objective on Tetra Tech from $44.60 to $46.00 and gave the stock a neutral rating in a report on Thursday, August 1st. KeyCorp lifted their price target on shares of Tetra Tech from $46.80 to $49.40 and gave the company an overweight rating in a research report on Friday, August 2nd. Finally, Royal Bank of Canada increased their price objective on shares of Tetra Tech from $46.60 to $51.80 and gave the stock an outperform rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Tetra Tech presently has an average rating of Moderate Buy and an average target price of $49.16.

Tetra Tech Stock Down 1.1 %

Shares of NASDAQ:TTEK opened at $46.65 on Monday. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.52. The firm has a market cap of $2.50 billion, a price-to-earnings ratio of 9.44 and a beta of 0.95. The stock’s 50-day moving average price is $45.44 and its two-hundred day moving average price is $41.90. Tetra Tech has a 12-month low of $28.67 and a 12-month high of $48.26.

Tetra Tech (NASDAQ:TTEK) last released its earnings results 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 firm had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.08 billion. Tetra Tech had a net margin of 5.72% and a return on equity of 21.50%. Tetra Tech’s revenue was up 10.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.26 earnings per share. On average, research analysts forecast that Tetra Tech will post 1.25 EPS for the current year.

Tetra Tech Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were given a $0.058 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $0.23 dividend on an annualized basis and a yield of 0.50%. Tetra Tech’s payout ratio is currently 4.66%.

Insider Activity

In related news, CEO Dan L. Batrack sold 89,620 shares of the stock in a transaction dated 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 owns 124,385 shares of the company’s stock, valued at $5,664,990.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Tetra Tech news, CEO Dan L. Batrack sold 89,620 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 124,385 shares of the company’s stock, valued at approximately $5,664,990.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kimberly E. Ritrievi sold 6,500 shares of the business’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $46.48, for a total transaction of $302,120.00. Following the completion of the sale, the director now directly owns 143,200 shares of the company’s stock, valued at approximately $6,655,936. The disclosure for this sale can be found here. Insiders sold 236,370 shares of company stock worth $10,880,243 over the last ninety days. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Tetra Tech

Several institutional investors and hedge funds have recently made changes to their positions in TTEK. Ninety One UK Ltd acquired a new stake in shares of Tetra Tech during the second quarter worth $135,897,000. LGT Group Foundation boosted its stake in Tetra Tech by 7,481.7% in the second quarter. LGT Group Foundation now owns 491,444 shares of the industrial products company’s stock valued at $100,490,000 after acquiring an additional 484,962 shares during the period. Lazard Freres Gestion S.A.S. bought a new position in shares of Tetra Tech during the second quarter valued at approximately $37,829,000. Allspring Global Investments Holdings LLC raised its position in shares of Tetra Tech by 27.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 677,130 shares of the industrial products company’s stock worth $138,459,000 after purchasing an additional 144,706 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in shares of Tetra Tech by 320.6% in the 4th quarter. Schroder Investment Management Group now owns 164,503 shares of the industrial products company’s stock worth $27,460,000 after purchasing an additional 125,390 shares during the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.

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.