PNC Financial Services Group Inc. Trims Holdings in Tetra Tech, Inc. (NASDAQ:TTEK)

PNC Financial Services Group Inc. cut its stake in Tetra Tech, Inc. (NASDAQ:TTEK) by 18.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,549 shares of the industrial products company’s stock after selling 828 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tetra Tech were worth $593,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Contravisory Investment Management Inc. purchased a new position in shares of Tetra Tech in the fourth quarter valued at $26,000. Jones Financial Companies Lllp bought a new stake in Tetra Tech during the fourth quarter valued at $33,000. Principal Securities Inc. bought a new stake in Tetra Tech during the fourth quarter valued at $36,000. Creekmur Asset Management LLC bought a new stake in Tetra Tech during the fourth quarter valued at $38,000. Finally, SRS Capital Advisors Inc. boosted its stake in Tetra Tech by 305.2% during the fourth quarter. SRS Capital Advisors Inc. now owns 235 shares of the industrial products company’s stock valued at $39,000 after buying an additional 177 shares during the period. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TTEK. StockNews.com lowered Tetra Tech from a “buy” rating to a “hold” rating in a research note on Wednesday, June 19th. KeyCorp lifted their price objective on Tetra Tech from $231.00 to $234.00 and gave the company an “overweight” rating in a research note on Thursday, May 23rd. Maxim Group lifted their price target on Tetra Tech from $234.00 to $268.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. Northcoast Research raised Tetra Tech from a “neutral” rating to a “buy” rating and set a $225.00 price target for the company in a research note on Thursday, May 2nd. Finally, Robert W. Baird lifted their price target on Tetra Tech from $200.00 to $223.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $236.60.

Tetra Tech Stock Down 0.1 %

TTEK opened at $212.64 on Thursday. The company has a market cap of $11.38 billion, a P/E ratio of 43.04 and a beta of 0.98. The business’s 50-day moving average price is $207.22 and its 200-day moving average price is $186.05. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60. Tetra Tech, Inc. has a 12 month low of $143.35 and a 12 month high of $221.40.

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

Tetra Tech Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 31st. Stockholders of record on Monday, May 20th were issued a $0.29 dividend. The ex-dividend date of this dividend was Friday, May 17th. This represents a $1.16 annualized dividend and a dividend yield of 0.55%. This is an increase from Tetra Tech’s previous quarterly dividend of $0.26. Tetra Tech’s payout ratio is currently 23.48%.

Insider Transactions at Tetra Tech

In other Tetra Tech news, EVP Leslie L. Shoemaker sold 11,161 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $211.83, for a total transaction of $2,364,234.63. Following the completion of the transaction, the executive vice president now owns 74,887 shares of the company’s stock, valued at approximately $15,863,313.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.61% of the company’s stock.

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.