Tetra Tech, Inc. (NASDAQ:TTEK) Short Interest Down 9.7% in September

Tetra Tech, Inc. (NASDAQ:TTEK) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totalling 1,120,000 shares, a drop of 9.7% from the August 30th total of 1,240,000 shares. Based on an average daily volume of 558,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 2.1% of the shares of the company are sold short.

In related news, EVP Leslie L. Shoemaker sold 16,750 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $77.43, for a total value of $1,296,952.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Richard A. Lemmon sold 3,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $83.00, for a total value of $249,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 128,009 shares of company stock worth $10,375,455. 3.00% of the stock is owned by insiders.

Several institutional investors have recently modified their holdings of TTEK. Nuveen Asset Management LLC grew its position in shares of Tetra Tech by 3,925.4% during the second quarter. Nuveen Asset Management LLC now owns 673,534 shares of the industrial products company’s stock valued at $52,906,000 after purchasing an additional 656,802 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Tetra Tech by 161.5% during the second quarter. Wells Fargo & Company MN now owns 518,983 shares of the industrial products company’s stock valued at $40,767,000 after purchasing an additional 320,512 shares in the last quarter. Allianz Asset Management GmbH grew its position in shares of Tetra Tech by 28.8% during the second quarter. Allianz Asset Management GmbH now owns 816,078 shares of the industrial products company’s stock valued at $64,103,000 after purchasing an additional 182,242 shares in the last quarter. Sandler Capital Management purchased a new position in shares of Tetra Tech during the second quarter valued at about $13,233,000. Finally, Columbus Circle Investors grew its position in shares of Tetra Tech by 478.2% during the second quarter. Columbus Circle Investors now owns 184,299 shares of the industrial products company’s stock valued at $14,477,000 after purchasing an additional 152,423 shares in the last quarter. Hedge funds and other institutional investors own 86.35% of the company’s stock.

NASDAQ:TTEK traded down $0.52 on Wednesday, reaching $85.01. 168,900 shares of the company’s stock traded hands, compared to its average volume of 395,570. The company has a quick ratio of 1.73, a current ratio of 1.73 and a debt-to-equity ratio of 0.32. The stock has a 50-day simple moving average of $83.22 and a 200-day simple moving average of $75.04. The firm has a market cap of $4.68 billion, a PE ratio of 32.20, a P/E/G ratio of 1.59 and a beta of 1.10. Tetra Tech has a 12 month low of $48.52 and a 12 month high of $87.62.

Tetra Tech (NASDAQ:TTEK) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.09. The firm had revenue of $623.20 million during the quarter, compared to analyst estimates of $605.42 million. Tetra Tech had a return on equity of 17.36% and a net margin of 5.85%. The business’s quarterly revenue was up 9.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.71 earnings per share. On average, equities analysts anticipate that Tetra Tech will post 3.13 earnings per share for the current year.

A number of equities research analysts have commented on TTEK shares. BidaskClub raised Tetra Tech from a “buy” rating to a “strong-buy” rating in a report on Friday, August 9th. Roth Capital raised their price target on Tetra Tech from $75.00 to $84.00 and gave the company a “buy” rating in a report on Tuesday, August 6th. ValuEngine cut Tetra Tech from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Maxim Group set a $92.00 price target on Tetra Tech and gave the company a “buy” rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Tetra Tech has a consensus rating of “Buy” and a consensus target price of $80.40.

About Tetra Tech

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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