Tetra Tech Stock Price Down 10.2% After Earnings Miss (TTEK)
Tetra Tech (NASDAQ:TTEK) traded down 10.2% during trading on Thursday following a dissappointing earnings announcement, AR Network reports. The stock traded as low as $22.96 and last traded at $24.05, with a volume of 1,900,551 shares trading hands. The stock had previously closed at $26.78.
The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by $0.01. The company had revenue of $458.80 million for the quarter, compared to the consensus estimate of $494.62 million. During the same quarter in the previous year, the company posted ($1.21) earnings per share. The company’s revenue for the quarter was down 3.4% on a year-over-year basis.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 5th. Shareholders of record on Friday, August 15th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a yield of 1.15%. The ex-dividend date of this dividend is Wednesday, August 13th.
Several analysts have recently commented on the stock. Analysts at Robert W. Baird downgraded shares of Tetra Tech from an “outperform” rating to a “neutral” rating in a research note on Thursday. They now have a $23.00 price target on the stock, down previously from $31.00. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Tetra Tech in a research note on Wednesday, July 2nd. They now have a $29.00 price target on the stock. Finally, analysts at FBR Capital Markets reiterated an “outperform” rating on shares of Tetra Tech in a research note on Tuesday, May 6th. They now have a $32.00 price target on the stock, down previously from $33.00. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Tetra Tech currently has a consensus rating of “Buy” and a consensus target price of $28.50.
The stock has a 50-day moving average of $27.22 and a 200-day moving average of $28.09. The company has a market cap of $1.577 billion and a price-to-earnings ratio of 297.56.
Tetra Tech, Inc is a provider of consulting, engineering, program management, construction management and technical services focusing on natural resource management, infrastructure, energy and the environment.
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