Tetra Tech (TTEK) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of Tetra Tech (NASDAQ:TTEK) from a hold rating to a buy rating in a report issued on Friday. They currently have $59.00 price target on the industrial products company’s stock.
According to Zacks, “Tetra Tech’s first-quarter fiscal 2018 earnings beat the Zacks Consensus Estimate by an impressive 25%, driven by robust top-line growth on the back of strong demand across its end markets, as well as increased work for its U.S. state and local clients. The company is enjoying steady top-line momentum and improved operating efficiency resulting from cost-management initiatives. Further, the company’s robust financial health and diligent capital deployment strategies signal brighter days ahead. Its shares have significantly outperformed the industry average over the past six months. However, softness in the domestic oil and gas segment along with general economic conditions may weigh down on financials, going forward. This apart, the cyclical nature of the key markets served by the company poses a sustained threat to stable growth.”
TTEK has been the subject of several other research reports. ValuEngine lowered shares of Tetra Tech from a buy rating to a hold rating in a report on Wednesday, December 20th. BidaskClub lowered shares of Tetra Tech from a strong-buy rating to a buy rating in a research note on Saturday, December 9th. Robert W. Baird upped their target price on shares of Tetra Tech from $47.00 to $52.00 and gave the stock a neutral rating in a research note on Friday, November 10th. Boenning Scattergood reaffirmed a buy rating and issued a $54.00 target price on shares of Tetra Tech in a research note on Thursday, November 9th. Finally, Canaccord Genuity reaffirmed a buy rating and issued a $60.00 target price on shares of Tetra Tech in a research note on Thursday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $54.57.
Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings results on Wednesday, January 31st. The industrial products company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.12. Tetra Tech had a net margin of 4.83% and a return on equity of 14.26%. The company had revenue of $544.85 million during the quarter, compared to analyst estimates of $510.22 million. During the same quarter in the previous year, the business earned $0.49 EPS. The firm’s revenue was up 11.3% on a year-over-year basis. sell-side analysts expect that Tetra Tech will post 2.52 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, March 2nd. Investors of record on Wednesday, February 14th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date is Tuesday, February 13th. Tetra Tech’s payout ratio is presently 16.74%.
In other Tetra Tech news, SVP Roger R. Argus sold 1,138 shares of the business’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $49.63, for a total transaction of $56,478.94. Following the sale, the senior vice president now directly owns 6,948 shares of the company’s stock, valued at approximately $344,829.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Dan L. Batrack sold 10,874 shares of the business’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $48.34, for a total transaction of $525,649.16. Following the sale, the chief executive officer now directly owns 286,551 shares in the company, valued at $13,851,875.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 217,211 shares of company stock valued at $10,645,510. Company insiders own 3.40% of the company’s stock.
A number of large investors have recently modified their holdings of TTEK. Koch Industries Inc. bought a new stake in Tetra Tech during the 2nd quarter worth about $506,000. Assenagon Asset Management S.A. bought a new stake in Tetra Tech during the 4th quarter worth about $8,213,000. Allianz Asset Management GmbH lifted its position in Tetra Tech by 35.5% during the 3rd quarter. Allianz Asset Management GmbH now owns 582,449 shares of the industrial products company’s stock worth $27,113,000 after buying an additional 152,695 shares in the last quarter. Janus Henderson Group PLC lifted its position in Tetra Tech by 270.8% during the 2nd quarter. Janus Henderson Group PLC now owns 193,166 shares of the industrial products company’s stock worth $8,833,000 after buying an additional 141,066 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in Tetra Tech by 76.4% during the 3rd quarter. Wells Fargo & Company MN now owns 318,483 shares of the industrial products company’s stock worth $14,825,000 after buying an additional 137,887 shares in the last quarter. 85.03% of the stock is currently owned by hedge funds and other institutional investors.
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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