Tetra Tech (NASDAQ:TTEK) Hits New 52-Week High on Analyst Upgrade

Tetra Tech, Inc. (NASDAQ:TTEK)’s stock price reached a new 52-week high on Wednesday after KeyCorp raised their price target on the stock from $49.00 to $56.00. KeyCorp currently has an overweight rating on the stock. Tetra Tech traded as high as $49.82 and last traded at $49.78, with a volume of 41420 shares changing hands. The stock had previously closed at $49.68.

A number of other research firms also recently commented on TTEK. Robert W. Baird boosted their price target on Tetra Tech from $44.60 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Royal Bank of Canada boosted their price target on Tetra Tech from $46.60 to $51.80 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, StockNews.com upgraded Tetra Tech from a “hold” rating to a “buy” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.48.

Insider Buying and Selling at Tetra Tech

In other news, CEO Dan L. Batrack sold 89,620 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $45.54, for a total transaction of $4,081,653.28. Following the completion of the transaction, the chief executive officer now owns 124,380 shares in the company, valued at approximately $5,664,762.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tetra Tech news, CEO Dan L. Batrack sold 89,620 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $45.54, for a total value of $4,081,653.28. Following the completion of the transaction, the chief executive officer now owns 124,380 shares in the company, valued at $5,664,762.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Steven M. Burdick sold 36,830 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $46.57, for a total value of $1,715,173.10. Following the completion of the sale, the chief financial officer now directly owns 112,620 shares in the company, valued at approximately $5,244,713.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 236,370 shares of company stock worth $10,880,243 in the last quarter. 0.61% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tetra Tech

Large investors have recently modified their holdings of the company. Banque Cantonale Vaudoise purchased a new position in Tetra Tech in the 2nd quarter worth approximately $28,000. Rise Advisors LLC purchased a new position in Tetra Tech in the 1st quarter worth approximately $27,000. EverSource Wealth Advisors LLC increased its stake in Tetra Tech by 561.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 205 shares of the industrial products company’s stock worth $44,000 after purchasing an additional 174 shares during the period. Creekmur Asset Management LLC purchased a new position in Tetra Tech in the 4th quarter worth approximately $38,000. Finally, Family Firm Inc. purchased a new position in Tetra Tech in the 2nd quarter worth approximately $51,000. 93.89% of the stock is owned by hedge funds and other institutional investors.

Tetra Tech Stock Up 0.2 %

The firm has a market capitalization of $2.66 billion, a PE ratio of 10.06 and a beta of 0.94. The stock has a 50 day simple moving average of $46.44 and a 200 day simple moving average of $42.54. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.52.

Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.31 by $0.01. Tetra Tech had a return on equity of 21.50% and a net margin of 5.72%. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the company posted $0.26 earnings per share. The firm’s revenue was up 10.7% on a year-over-year basis. As a group, sell-side analysts forecast that Tetra Tech, Inc. will post 1.25 earnings per share for the current year.

Tetra Tech Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Thursday, August 15th were paid a dividend of $0.058 per share. This represents a $0.23 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend was Thursday, August 15th. Tetra Tech’s payout ratio is 4.66%.

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.