Merit Financial Group LLC Sells 1,067 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Merit Financial Group LLC lessened its position in Tetra Tech, Inc. (NASDAQ:TTEK) by 11.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,996 shares of the industrial products company’s stock after selling 1,067 shares during the period. Merit Financial Group LLC’s holdings in Tetra Tech were worth $234,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TTEK. Sarasin & Partners LLP bought a new stake in Tetra Tech in the 1st quarter worth $144,799,000. Norges Bank bought a new stake in shares of Tetra Tech during the 4th quarter valued at about $121,390,000. Jacobs Levy Equity Management Inc. boosted its stake in shares of Tetra Tech by 814.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 2,267,296 shares of the industrial products company’s stock valued at $90,329,000 after purchasing an additional 2,019,295 shares in the last quarter. Bain Capital Public Equity Management II LLC boosted its stake in shares of Tetra Tech by 149.5% during the 4th quarter. Bain Capital Public Equity Management II LLC now owns 2,409,928 shares of the industrial products company’s stock valued at $96,012,000 after purchasing an additional 1,443,939 shares in the last quarter. Finally, Capital International Investors bought a new stake in shares of Tetra Tech during the 4th quarter valued at about $43,895,000. Institutional investors own 93.89% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. KeyCorp lifted their target price on shares of Tetra Tech from $34.00 to $41.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Maxim Group lowered shares of Tetra Tech from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Finally, Robert W. Baird lifted their target price on shares of Tetra Tech from $31.00 to $33.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $41.00.

Tetra Tech Trading Up 1.7%

Shares of NASDAQ TTEK opened at $36.25 on Friday. Tetra Tech, Inc. has a 1 year low of $27.27 and a 1 year high of $51.20. The stock has a market cap of $9.55 billion, a P/E ratio of 38.08 and a beta of 0.95. The firm has a 50-day moving average of $32.93 and a 200 day moving average of $34.71. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.29 and a quick ratio of 1.29.

Tetra Tech (NASDAQ:TTEK) last issued its earnings results on Wednesday, May 7th. The industrial products company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.02. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Tetra Tech had a net margin of 4.81% and a return on equity of 22.58%. The business’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.28 earnings per share. As a group, sell-side analysts expect that Tetra Tech, Inc. will post 1.37 EPS for the current fiscal year.

Tetra Tech Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.065 per share. This represents a $0.26 annualized dividend and a dividend yield of 0.72%. This is a boost from Tetra Tech’s previous quarterly dividend of $0.06. The ex-dividend date was Friday, May 23rd. Tetra Tech’s payout ratio is presently 37.68%.

Tetra Tech Company Profile

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.