Zacks Investment Research upgraded shares of Tetra Tech (NASDAQ:TTEK) from a hold rating to a buy rating in a research note released on Friday. Zacks Investment Research currently has $61.00 price objective on the industrial products company’s stock.
According to Zacks, “In first-quarter fiscal 2019, Tetra Tech's earnings surpassed the Zacks Consensus Estimate by 12.9% and increased 7.7% year over year. In the past year, the company’s shares have outperformed the industry. Tetra Tech has had a solid run in recent times, owing to its impressive top-line growth and restructuring efforts. The company remains bullish about its growth across all four client sectors, namely, U.S. federal, U.S. state and local, the U.S. commercial work and international. Excellent visibility with backlog and a robust pipeline of infrastructure projects in all the markets should lead to solid growth for the company. Moreover, its robust financial health and diligent capital deployment strategies signal brighter days ahead.”
A number of other equities analysts have also weighed in on TTEK. Maxim Group initiated coverage on Tetra Tech in a research report on Tuesday, October 23rd. They issued a buy rating and a $87.00 price target for the company. Robert W. Baird increased their price target on Tetra Tech from $63.00 to $70.00 and gave the company a hold rating in a research report on Thursday, November 8th. BidaskClub upgraded Tetra Tech from a hold rating to a buy rating in a research report on Thursday, November 8th. Finally, Boenning Scattergood reiterated a buy rating and issued a $80.00 price target on shares of Tetra Tech in a research report on Thursday, December 6th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $70.00.
NASDAQ:TTEK opened at $56.85 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.79 and a quick ratio of 1.79. Tetra Tech has a 1-year low of $44.95 and a 1-year high of $72.56. The firm has a market capitalization of $3.08 billion, a P/E ratio of 21.53, a P/E/G ratio of 1.35 and a beta of 1.10.
Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results on Wednesday, January 30th. The industrial products company reported $0.70 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.08. Tetra Tech had a return on equity of 16.02% and a net margin of 4.55%. The business had revenue of $553.36 million during the quarter, compared to analyst estimates of $558.46 million. During the same quarter last year, the company posted $0.65 EPS. Tetra Tech’s revenue for the quarter was up 1.6% on a year-over-year basis. Research analysts expect that Tetra Tech will post 2.96 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 28th. Shareholders of record on Wednesday, February 13th will be given a dividend of $0.12 per share. The ex-dividend date is Tuesday, February 12th. This represents a $0.48 dividend on an annualized basis and a yield of 0.84%. Tetra Tech’s payout ratio is presently 18.18%.
In other Tetra Tech news, Director Kirsten M. Volpi sold 1,200 shares of the firm’s stock in a transaction dated Wednesday, November 14th. The stock was sold at an average price of $66.94, for a total transaction of $80,328.00. Following the completion of the sale, the director now directly owns 8,801 shares in the company, valued at approximately $589,138.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Craig L. Christensen sold 6,750 shares of the firm’s stock in a transaction dated Wednesday, November 14th. The stock was sold at an average price of $65.98, for a total value of $445,365.00. Following the sale, the senior vice president now owns 34,400 shares of the company’s stock, valued at $2,269,712. The disclosure for this sale can be found here. Insiders have sold a total of 92,568 shares of company stock valued at $5,669,665 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in TTEK. Raymond James & Associates boosted its position in Tetra Tech by 18.3% during the 2nd quarter. Raymond James & Associates now owns 11,651 shares of the industrial products company’s stock worth $682,000 after acquiring an additional 1,802 shares during the period. We Are One Seven LLC purchased a new stake in shares of Tetra Tech during the 3rd quarter worth about $243,000. Cookson Peirce & Co. Inc. raised its stake in shares of Tetra Tech by 21.3% during the 3rd quarter. Cookson Peirce & Co. Inc. now owns 31,990 shares of the industrial products company’s stock worth $2,185,000 after purchasing an additional 5,610 shares in the last quarter. GHP Investment Advisors Inc. raised its stake in shares of Tetra Tech by 3.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 95,298 shares of the industrial products company’s stock worth $6,509,000 after purchasing an additional 2,981 shares in the last quarter. Finally, Aperio Group LLC raised its stake in shares of Tetra Tech by 5.7% during the 3rd quarter. Aperio Group LLC now owns 36,544 shares of the industrial products company’s stock worth $2,496,000 after purchasing an additional 1,981 shares in the last quarter. Hedge funds and other institutional investors own 85.70% of the company’s stock.
Tetra Tech Company Profile
Tetra Tech, Inc provides consulting and engineering services worldwide. It operates through Government Services Group (GSG) and Commercial/International Services Group (CIG) segments. The GSG segment offers early data collection and monitoring, data analysis and information technology, science and engineering applied research, engineering design, construction 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.
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