Tetra Tech, Inc. (NASDAQ:TTEK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Over the past six months, Tetra Tech’s shares have charted a strong upward trajectory, outperforming the Zacks categorized Pollution Control Equipment and Services industry’s average return. Tetra Tech’s robust financial health, strong backlog levels and diligent capital deployment strategies signal brighter days ahead. The company is enjoying steady top-line growth and improved operating efficiency resulting from cost-management initiatives. Going forward, Tetra Tech remains bullish about its growth across all client sectors. 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.”
A number of other equities research analysts have also weighed in on the company. BidaskClub lowered Tetra Tech from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 21st. Canaccord Genuity reaffirmed a “buy” rating and set a $52.00 target price on shares of Tetra Tech in a research report on Wednesday, June 7th. Sidoti reaffirmed a “buy” rating and set a $58.00 target price (up from $55.00) on shares of Tetra Tech in a research report on Sunday, May 14th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $50.00 target price on shares of Tetra Tech in a research report on Friday. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $47.89.
Shares of Tetra Tech (NASDAQ:TTEK) traded up 0.22% during trading on Monday, hitting $45.80. The company had a trading volume of 70,268 shares. Tetra Tech has a 52 week low of $30.59 and a 52 week high of $47.75. The stock’s 50-day moving average price is $45.75 and its 200 day moving average price is $43.01. The company has a market capitalization of $2.62 billion, a P/E ratio of 24.17 and a beta of 1.02.
Tetra Tech (NASDAQ:TTEK) last issued its earnings results on Wednesday, May 3rd. The industrial products company reported $0.48 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.46 by $0.02. The business had revenue of $511.95 million during the quarter, compared to analyst estimates of $491.60 million. Tetra Tech had a return on equity of 13.70% and a net margin of 4.04%. Tetra Tech’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.37 EPS. On average, equities research analysts forecast that Tetra Tech will post $2.22 earnings per share for the current year.
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In related news, Chairman Dan L. Batrack sold 100,000 shares of the business’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $45.01, for a total transaction of $4,501,000.00. Following the transaction, the chairman now directly owns 214,128 shares in the company, valued at approximately $9,637,901.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Steven M. Burdick sold 16,750 shares of the business’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $44.87, for a total value of $751,572.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 354,464 shares of company stock valued at $16,197,699. Corporate insiders own 3.80% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. acquired a new position in shares of Tetra Tech during the first quarter valued at $185,000. LS Investment Advisors LLC increased its position in shares of Tetra Tech by 117.6% in the first quarter. LS Investment Advisors LLC now owns 4,872 shares of the industrial products company’s stock valued at $199,000 after buying an additional 2,633 shares during the period. US Bancorp DE increased its position in shares of Tetra Tech by 69.9% in the first quarter. US Bancorp DE now owns 5,416 shares of the industrial products company’s stock valued at $221,000 after buying an additional 2,228 shares during the period. Cim Investment Mangement Inc. acquired a new position in shares of Tetra Tech during the first quarter valued at $249,000. Finally, State of Alaska Department of Revenue increased its position in shares of Tetra Tech by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 6,330 shares of the industrial products company’s stock valued at $258,000 after buying an additional 110 shares during the period. Hedge funds and other institutional investors own 84.75% 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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