Tetra Tech (TTEK) Given a $87.00 Price Target by Maxim Group Analysts
“We maintain our Buy rating and $87 price target ahead of our December 5th marketing trip, and after reviewing TTEK’s 10-K filing (released Friday, after the Market close), including disclosures about international exposure and previously announced developments regarding old Hunters Point soil testing.”,” the firm’s analyst wrote.
TTEK has been the subject of several other reports. Robert W. Baird boosted their price objective on Tetra Tech from $63.00 to $70.00 and gave the stock a hold rating in a research report on Thursday, November 8th. BidaskClub downgraded Tetra Tech from a buy rating to a hold rating in a research report on Saturday. Zacks Investment Research upgraded Tetra Tech from a sell rating to a buy rating and set a $74.00 price objective for the company in a research report on Monday, August 6th. Roth Capital boosted their price objective on Tetra Tech from $59.00 to $73.00 and gave the stock a buy rating in a research report on Monday, August 6th. Finally, Canaccord Genuity reiterated a buy rating and set a $73.00 price objective (up from $60.00) on shares of Tetra Tech in a research report on Thursday, August 2nd. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $70.71.
Tetra Tech (NASDAQ:TTEK) last issued its quarterly earnings data on Wednesday, November 7th. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.01. The business had revenue of $563.67 million during the quarter, compared to the consensus estimate of $571.33 million. Tetra Tech had a return on equity of 15.80% and a net margin of 4.62%. The business’s revenue was up 5.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 earnings per share. On average, analysts predict that Tetra Tech will post 2.88 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, November 29th. This represents a $0.48 annualized dividend and a yield of 0.73%. Tetra Tech’s payout ratio is 18.18%.
In related news, SVP Craig L. Christensen sold 6,750 shares of the business’s stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $65.98, for a total transaction of $445,365.00. Following the sale, the senior vice president now owns 34,400 shares of the company’s stock, valued at $2,269,712. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Dan L. Batrack sold 44,869 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $65.11, for a total value of $2,921,420.59. Following the sale, the chief executive officer now directly owns 305,800 shares in the company, valued at approximately $19,910,638. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,819 shares of company stock worth $3,447,114. 3.40% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in TTEK. Amalgamated Bank raised its holdings in Tetra Tech by 11.8% during the second quarter. Amalgamated Bank now owns 8,992 shares of the industrial products company’s stock worth $526,000 after purchasing an additional 951 shares in the last quarter. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Tetra Tech by 80.0% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 4,500 shares of the industrial products company’s stock valued at $124,000 after buying an additional 2,000 shares in the last quarter. CAPROCK Group Inc. bought a new position in shares of Tetra Tech in the second quarter valued at $237,000. Acadian Asset Management LLC bought a new position in shares of Tetra Tech in the second quarter valued at $509,000. Finally, Columbus Circle Investors bought a new position in shares of Tetra Tech in the second quarter valued at $2,925,000. 83.89% of the stock is currently owned by hedge funds and other institutional investors.
About Tetra Tech
Tetra Tech, Inc provides consulting and engineering services worldwide. It operates through two segments, Water, Environment and Infrastructure (WEI); and Resource Management and Energy (RME). The WEI 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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