BidaskClub Downgrades Tetra Tech (NASDAQ:TTEK) to Buy

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BidaskClub cut shares of Tetra Tech (NASDAQ:TTEK) from a strong-buy rating to a buy rating in a report released on Tuesday, July 30th, BidAskClub reports.

Other equities research analysts have also issued reports about the stock. Roth Capital increased their target price on shares of Tetra Tech from $66.00 to $75.00 and gave the stock a buy rating in a report on Monday, May 6th. ValuEngine raised shares of Tetra Tech from a hold rating to a buy rating in a report on Thursday, June 6th. Zacks Investment Research raised shares of Tetra Tech from a hold rating to a buy rating and set a $76.00 price objective for the company in a report on Friday, May 3rd. Maxim Group reaffirmed a buy rating and set a $87.00 price objective on shares of Tetra Tech in a report on Wednesday, April 24th. Finally, Sidoti initiated coverage on Tetra Tech in a research report on Tuesday, April 9th. They set a buy rating for the company. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $79.40.

Shares of TTEK stock opened at $78.16 on Tuesday. The company has a current ratio of 1.73, a quick ratio of 1.73 and a debt-to-equity ratio of 0.32. The stock has a market cap of $4.24 billion, a PE ratio of 29.61, a price-to-earnings-growth ratio of 1.62 and a beta of 1.11. The company’s fifty day moving average price is $81.04 and its 200-day moving average price is $67.85. Tetra Tech has a 12 month low of $48.52 and a 12 month high of $86.56.

Tetra Tech (NASDAQ:TTEK) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.80 by $0.09. The business had revenue of $623.20 million for the quarter, compared to analysts’ expectations of $605.42 million. Tetra Tech had a net margin of 5.85% and a return on equity of 17.36%. The business’s revenue for the quarter was up 9.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 EPS. On average, sell-side analysts forecast that Tetra Tech will post 3.14 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 30th. Shareholders of record on Wednesday, August 14th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, August 13th. This represents a $0.60 dividend on an annualized basis and a yield of 0.77%. Tetra Tech’s payout ratio is 22.73%.

In other news, CEO Dan L. Batrack sold 95,109 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $72.49, for a total transaction of $6,894,451.41. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Mark A. Rynning sold 1,395 shares of Tetra Tech stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $72.31, for a total value of $100,872.45. Following the completion of the transaction, the senior vice president now owns 3,599 shares in the company, valued at approximately $260,243.69. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Meeder Asset Management Inc. boosted its holdings in Tetra Tech by 82.7% in the second quarter. Meeder Asset Management Inc. now owns 625 shares of the industrial products company’s stock worth $49,000 after acquiring an additional 283 shares in the last quarter. Huntington National Bank boosted its holdings in Tetra Tech by 57.7% in the second quarter. Huntington National Bank now owns 749 shares of the industrial products company’s stock worth $59,000 after acquiring an additional 274 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in Tetra Tech in the second quarter worth about $83,000. Advisory Services Network LLC boosted its holdings in Tetra Tech by 2,177.1% in the second quarter. Advisory Services Network LLC now owns 1,093 shares of the industrial products company’s stock worth $86,000 after acquiring an additional 1,045 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in shares of Tetra Tech during the second quarter worth about $94,000. Institutional investors own 86.21% of the company’s stock.

About Tetra Tech

Tetra Tech, Inc provides consulting and engineering services worldwide. It operates through Government Services Group (GSG) and Commercial/International Services Group (CIG) segments. The GSG segment offers early data collection and monitoring, data analysis and information technology, science and engineering applied research, engineering design, construction 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.

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Analyst Recommendations for Tetra Tech (NASDAQ:TTEK)

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