Tetra Tech (NASDAQ:TTEK) Hits New 1-Year High Following Analyst Upgrade

Tetra Tech, Inc. (NASDAQ:TTEK)’s stock price hit a new 52-week high on Monday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $211.51 and last traded at $211.09, with a volume of 14185 shares traded. The stock had previously closed at $207.75.

Several other equities research analysts also recently weighed in on TTEK. KeyCorp increased their target price on shares of Tetra Tech from $209.00 to $219.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Northcoast Research raised Tetra Tech from a “neutral” rating to a “buy” rating and set a $225.00 price objective for the company in a research report on Thursday, May 2nd. Maxim Group lifted their target price on Tetra Tech from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, April 30th. Robert W. Baird boosted their price target on shares of Tetra Tech from $180.00 to $200.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Finally, Royal Bank of Canada lifted their price objective on Tetra Tech from $203.00 to $233.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Tetra Tech currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.40.

Insider Activity

In other Tetra Tech news, SVP Brian N. Carter sold 5,580 shares of the company’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $176.52, for a total transaction of $984,981.60. Following the transaction, the senior vice president now directly owns 8,360 shares in the company, valued at $1,475,707.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Steven M. Burdick sold 7,515 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $175.67, for a total value of $1,320,160.05. Following the completion of the transaction, the chief financial officer now owns 29,890 shares in the company, valued at $5,250,776.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Brian N. Carter sold 5,580 shares of the business’s stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $176.52, for a total transaction of $984,981.60. Following the completion of the sale, the senior vice president now owns 8,360 shares in the company, valued at $1,475,707.20. The disclosure for this sale can be found here. Insiders sold 16,595 shares of company stock worth $2,925,482 in the last 90 days. 0.61% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tetra Tech

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Tetra Tech in the fourth quarter valued at approximately $96,655,000. AEGON ASSET MANAGEMENT UK Plc purchased a new position in Tetra Tech during the fourth quarter worth $82,209,000. International Assets Investment Management LLC raised its holdings in shares of Tetra Tech by 16,621.9% in the fourth quarter. International Assets Investment Management LLC now owns 221,064 shares of the industrial products company’s stock worth $36,902,000 after acquiring an additional 219,742 shares during the last quarter. Sarasin & Partners LLP lifted its position in shares of Tetra Tech by 18.3% in the fourth quarter. Sarasin & Partners LLP now owns 1,221,928 shares of the industrial products company’s stock valued at $203,976,000 after acquiring an additional 189,049 shares in the last quarter. Finally, Bank of Nova Scotia purchased a new stake in shares of Tetra Tech in the third quarter valued at $23,934,000. Institutional investors and hedge funds own 93.89% of the company’s stock.

Tetra Tech Trading Up 0.4 %

The firm has a market cap of $11.39 billion, a price-to-earnings ratio of 43.09 and a beta of 0.93. The business has a 50 day moving average of $188.08 and a 200 day moving average of $172.51. The company has a quick ratio of 1.25, a current ratio of 1.24 and a debt-to-equity ratio of 0.60.

Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.13. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Tetra Tech had a net margin of 5.36% and a return on equity of 21.16%. The firm’s revenue for the quarter was down 9.5% compared to the same quarter last year. During the same period last year, the company earned $1.17 EPS. On average, research analysts forecast that Tetra Tech, Inc. will post 6.2 earnings per share for the current fiscal year.

Tetra Tech Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, May 20th will be issued a $0.29 dividend. The ex-dividend date is Friday, May 17th. This is an increase from Tetra Tech’s previous quarterly dividend of $0.26. This represents a $1.16 annualized dividend and a yield of 0.54%. Tetra Tech’s payout ratio is 21.05%.

About Tetra Tech

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.