Zacks Investment Research upgraded shares of Tetra Tech Inc. (NASDAQ:TTEK) from a hold rating to a buy rating in a research report released on Tuesday. The firm currently has $39.00 price objective on the stock.
According to Zacks, “In the four trailing quarters, Tetra Tech has beat earnings only once, while meeting estimates in the remaining three quarters. The company’s profitability in recent times has benefited from efficient cost restructuring activities and impressive top line growth. Additionally, robust backlog levels and strong performance of the company’s waste management and municipal business add to its strength. Tetra Tech’s acquisitions have also been supplementing its overall growth, and it plans to invest in other strategic acquisitions to expand its consulting and engineering capabilities across its target end markets.We believe Tetra Tech has a solid base for future growth and a robust pipeline with major government organizations awarding it billion-dollar deals. However, softness in the domestic oil and gas segment and volatility in oil prices continue to bother Tetra Tech’s financials.”
TTEK has been the topic of a number of other reports. Canaccord Genuity reiterated a buy rating and set a $37.00 price target on shares of Tetra Tech in a report on Friday, July 29th. FBR & Co boosted their target price on Tetra Tech from $32.00 to $36.00 and gave the company a market perform rating in a research note on Friday, July 29th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $34.40.
Shares of Tetra Tech (NASDAQ:TTEK) opened at 36.27 on Tuesday. The company has a market capitalization of $2.08 billion, a P/E ratio of 101.88 and a beta of 1.21. The company’s 50 day moving average price is $35.39 and its 200 day moving average price is $31.89. Tetra Tech has a 12 month low of $22.85 and a 12 month high of $36.51.
Tetra Tech (NASDAQ:TTEK) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.50 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.50. The business had revenue of $667 million for the quarter, compared to analyst estimates of $498.79 million. Tetra Tech had a return on equity of 12.31% and a net margin of 0.86%. Tetra Tech’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the company posted $0.43 earnings per share. Analysts expect that Tetra Tech will post $1.88 EPS for the current fiscal year.
In other news, SVP Janis B. Salin sold 16,750 shares of Tetra Tech stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $32.00, for a total value of $536,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Kenneth Thompson sold 8,000 shares of Tetra Tech stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $32.75, for a total value of $262,000.00. Following the completion of the transaction, the director now owns 20,930 shares of the company’s stock, valued at $685,457.50. The disclosure for this sale can be found here. 4.00% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the stock. LSV Asset Management boosted its position in shares of Tetra Tech by 270.4% in the second quarter. LSV Asset Management now owns 1,749,850 shares of the company’s stock valued at $53,799,000 after buying an additional 1,277,487 shares during the period. Kleinwort Benson Investors Dublin Ltd bought a new position in shares of Tetra Tech during the second quarter valued at $19,690,000. Bowen Hanes & Co. Inc. bought a new position in shares of Tetra Tech during the second quarter valued at $18,894,000. RidgeWorth Capital Management LLC boosted its position in shares of Tetra Tech by 43.0% in the second quarter. RidgeWorth Capital Management LLC now owns 1,093,564 shares of the company’s stock valued at $33,529,000 after buying an additional 328,985 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Tetra Tech by 4.6% in the second quarter. Vanguard Group Inc. now owns 4,628,608 shares of the company’s stock valued at $142,306,000 after buying an additional 204,488 shares during the period. Institutional investors own 89.12% of the company’s stock.
About Tetra Tech
Tetra Tech, Inc is a provider of consulting, engineering, program management, construction management, and technical services. The Company’s segments include Water, Environment and Infrastructure (WEI), Resource Management and Energy (RME), and Remediation and Construction Management (RCM). The WEI segment provides consulting and engineering services.
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