Tetra Tech, Inc. (TTEK) Rating Reiterated by Canaccord Genuity
Tetra Tech, Inc. (NASDAQ:TTEK)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity in a research note issued to investors on Friday. They currently have a $52.00 target price on the industrial products company’s stock. Canaccord Genuity’s price objective points to a potential upside of 23.66% from the stock’s current price.
The analysts wrote, “Date and time of first dissemination: August 09, 2017, 16:57 ET Date and time of production: August 09, 2017, 16:57 ET Target Price / Valuation Methodology: Tetra Tech – TTEK Our $52 price target is based on an EV/EBITDA multiple of 12x our 2018 estimate. Risks to achieving Target Price / Valuation: Tetra Tech – TTEK Risks to our TTEK thesis include: potential adverse regulatory changes, foreign currency translation challenges, slower than expected conversion of backlog opportunities, and the failure to successfully integrate acquired businesses. Distribution of Ratings: Global Stock Ratings (as of 08/09/17) Rating Coverage Universe IB Clients # % % Buy 593 60.76% 40.30% Hold 280 28.69% 22.86% Sell 25 2.56% 12.00% Speculative Buy 78 7.99% 73.08% 976* 100.0% *Total includes stocks that are Under Review Canaccord Genuity Ratings System BUY: The stock is expected to generate risk-adjusted returns of over 10% during the next 12 months. HOLD: The stock is expected to generate risk-adjusted returns of 0-10% during the next 12 months. SELL: The stock is expected to generate negative risk-adjusted returns during the next 12 months. NOT RATED: Canaccord Genuity does not provide research coverage of the relevant issuer.””
Several other research analysts have also recently weighed in on TTEK. Zacks Investment Research cut shares of Tetra Tech from a “hold” rating to a “sell” rating in a report on Wednesday, April 12th. Sidoti reiterated a “buy” rating and issued a $58.00 price target (up previously from $55.00) on shares of Tetra Tech in a report on Sunday, May 14th. BidaskClub cut shares of Tetra Tech from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 21st. Stifel Nicolaus reiterated a “hold” rating and issued a $50.00 price target on shares of Tetra Tech in a report on Friday, July 7th. Finally, Roth Capital set a $52.00 price target on shares of Tetra Tech and gave the company a “buy” rating in a report on Wednesday, August 2nd. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Tetra Tech presently has an average rating of “Hold” and an average target price of $49.75.
Tetra Tech (TTEK) traded down 2.10% during midday trading on Friday, reaching $42.05. 320,833 shares of the company’s stock were exchanged. Tetra Tech has a 1-year low of $33.34 and a 1-year high of $48.35. The firm’s 50-day moving average is $46.02 and its 200 day moving average is $43.57. The stock has a market cap of $2.40 billion, a P/E ratio of 22.19 and a beta of 1.03.
Tetra Tech (NASDAQ:TTEK) last issued its quarterly earnings data on Wednesday, August 2nd. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.54 by $0.01. The firm had revenue of $498.47 million for the quarter, compared to analyst estimates of $535.18 million. Tetra Tech had a net margin of 4.17% and a return on equity of 13.65%. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. Equities analysts anticipate that Tetra Tech will post $2.17 earnings per share for the current fiscal year.
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In other Tetra Tech news, CFO Steven M. Burdick sold 16,750 shares of the company’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $44.87, for a total transaction of $751,572.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 4.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in TTEK. State of Alaska Department of Revenue increased its position in Tetra Tech by 1.8% in the first quarter. State of Alaska Department of Revenue now owns 6,330 shares of the industrial products company’s stock valued at $258,000 after buying an additional 110 shares in the last quarter. Capital One National Association increased its position in Tetra Tech by 1.0% in the first quarter. Capital One National Association now owns 16,518 shares of the industrial products company’s stock valued at $675,000 after buying an additional 160 shares in the last quarter. First National Bank of Omaha increased its position in Tetra Tech by 0.7% in the second quarter. First National Bank of Omaha now owns 28,991 shares of the industrial products company’s stock valued at $1,326,000 after buying an additional 215 shares in the last quarter. Texas Permanent School Fund increased its position in Tetra Tech by 0.6% in the second quarter. Texas Permanent School Fund now owns 41,731 shares of the industrial products company’s stock valued at $1,909,000 after buying an additional 233 shares in the last quarter. Finally, Suffolk Capital Management LLC increased its position in Tetra Tech by 0.7% in the first quarter. Suffolk Capital Management LLC now owns 37,027 shares of the industrial products company’s stock valued at $1,513,000 after buying an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 84.96% of the company’s stock.
Tetra Tech Company Profile
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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