Tetra Tech (NASDAQ:TTEK) Upgraded by StockNews.com to “Buy”

StockNews.com upgraded shares of Tetra Tech (NASDAQ:TTEK) from a hold rating to a buy rating in a research report sent to investors on Friday.

TTEK has been the subject of several other research reports. Robert W. Baird increased their price objective on Tetra Tech from $180.00 to $200.00 and gave the stock a neutral rating in a report on Thursday, May 2nd. Maxim Group raised their price target on Tetra Tech from $220.00 to $230.00 and gave the stock a buy rating in a research note on Tuesday, April 30th. KeyCorp boosted their price objective on shares of Tetra Tech from $209.00 to $219.00 and gave the company an overweight rating in a research report on Friday. Royal Bank of Canada raised their target price on shares of Tetra Tech from $203.00 to $233.00 and gave the stock an outperform rating in a research report on Friday. Finally, Northcoast Research upgraded shares of Tetra Tech from a neutral rating to a buy rating and set a $225.00 price target on the stock in a research report on Thursday, May 2nd. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $221.40.

Tetra Tech Price Performance

TTEK opened at $212.12 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.24 and a quick ratio of 1.25. Tetra Tech has a 1 year low of $132.29 and a 1 year high of $215.44. The stock’s 50 day simple moving average is $187.34 and its 200 day simple moving average is $172.11. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 42.94 and a beta of 0.93.

Tetra Tech (NASDAQ:TTEK) last posted its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.13. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates 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 was down 9.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.17 EPS. As a group, analysts predict that Tetra Tech will post 6.2 earnings per share for the current year.

Tetra Tech Increases Dividend

The firm also recently disclosed 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. This represents a $1.16 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Friday, May 17th. This is a boost from Tetra Tech’s previous quarterly dividend of $0.26. Tetra Tech’s dividend payout ratio is 21.05%.

Insider Activity

In related news, Director J Kenneth Thompson sold 3,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $177.24, for a total value of $620,340.00. Following the sale, the director now owns 10,985 shares in the company, valued at approximately $1,946,981.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Brian N. Carter sold 5,580 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were 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 of the company’s stock, valued at $1,475,707.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director J Kenneth Thompson sold 3,500 shares of the stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $177.24, for a total value of $620,340.00. Following the sale, the director now owns 10,985 shares in the company, valued at $1,946,981.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,595 shares of company stock worth $2,925,482. Insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TTEK. Norges Bank purchased a new position in Tetra Tech in the 4th quarter worth about $96,655,000. AEGON ASSET MANAGEMENT UK Plc bought a new position in Tetra Tech during the fourth quarter valued at approximately $82,209,000. International Assets Investment Management LLC boosted its holdings in 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 purchasing an additional 219,742 shares during the last quarter. Sarasin & Partners LLP lifted its holdings in shares of Tetra Tech by 18.3% during the 4th quarter. Sarasin & Partners LLP now owns 1,221,928 shares of the industrial products company’s stock valued at $203,976,000 after buying an additional 189,049 shares during the period. Finally, Bank of Nova Scotia purchased a new position in shares of Tetra Tech in the 3rd quarter worth $23,934,000. 93.89% of the stock is owned by institutional investors.

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.