Zacks Investment Research Lowers Tetra Tech, Inc. (NASDAQ:TTEK) to Hold
Tetra Tech, Inc. (NASDAQ:TTEK) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “Over the past six months, Tetra Tech’s shares have charted a strong upward trajectory, outperforming the Zacks categorized Pollution Control Equipment and Services industry’s average return. Tetra Tech’s robust financial health, strong backlog levels and diligent capital deployment strategies signal brighter days ahead. The company is enjoying steady top-line growth and improved operating efficiency resulting from cost-management initiatives. Going forward, Tetra Tech remains bullish about its growth across all client sectors. However, softness in the domestic oil and gas segment and general economic conditions may weigh down on the company’s financials, going forward. This apart, the cyclical nature of the key markets served by the company poses a sustained threat to stable growth of the company. Decreased consumer confidence and stringent competition may also add to the company’s woes.”
Other analysts have also recently issued research reports about the company. Canaccord Genuity reiterated a “buy” rating and set a $50.00 target price on shares of Tetra Tech in a research report on Thursday, March 23rd. Stifel Nicolaus reissued a “hold” rating and set a $50.00 price target on shares of Tetra Tech in a research note on Friday. BidaskClub lowered Tetra Tech from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. Finally, Sidoti reaffirmed a “buy” rating and issued a $58.00 price objective (up from $55.00) on shares of Tetra Tech in a research note on Sunday, May 14th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $47.89.
Tetra Tech (TTEK) remained flat at $45.70 during midday trading on Monday. 72,948 shares of the company’s stock were exchanged. The company has a market cap of $2.61 billion, a PE ratio of 24.12 and a beta of 1.02. The firm’s 50-day moving average price is $45.75 and its 200-day moving average price is $43.01. Tetra Tech has a 1-year low of $30.59 and a 1-year high of $47.75.
Tetra Tech (NASDAQ:TTEK) last issued its quarterly earnings results on Wednesday, May 3rd. The industrial products company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.46 by $0.02. Tetra Tech had a return on equity of 13.70% and a net margin of 4.04%. The business had revenue of $511.95 million during the quarter, compared to analysts’ expectations of $491.60 million. During the same quarter in the prior year, the business posted $0.37 earnings per share. The business’s quarterly revenue was up 6.9% on a year-over-year basis. On average, analysts predict that Tetra Tech will post $2.22 EPS for the current fiscal year.
In other news, insider William R. Brownlie sold 16,750 shares of Tetra Tech stock in a transaction on Monday, May 8th. The stock was sold at an average price of $46.30, for a total value of $775,525.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Dan L. Batrack sold 1,117 shares of Tetra Tech stock in a transaction on Monday, May 1st. The shares were sold at an average price of $45.00, for a total value of $50,265.00. Following the completion of the transaction, the chief executive officer now owns 214,128 shares in the company, valued at $9,635,760. The disclosure for this sale can be found here. Insiders sold a total of 354,464 shares of company stock worth $16,197,699 over the last quarter. Company insiders own 3.80% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. acquired a new stake in Tetra Tech during the first quarter worth $185,000. LS Investment Advisors LLC boosted its stake in Tetra Tech by 117.6% in the first quarter. LS Investment Advisors LLC now owns 4,872 shares of the industrial products company’s stock worth $199,000 after buying an additional 2,633 shares during the last quarter. US Bancorp DE boosted its stake in Tetra Tech by 69.9% in the first quarter. US Bancorp DE now owns 5,416 shares of the industrial products company’s stock worth $221,000 after buying an additional 2,228 shares during the last quarter. Cim Investment Mangement Inc. acquired a new stake in Tetra Tech during the first quarter worth $249,000. Finally, State of Alaska Department of Revenue boosted its stake 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 worth $258,000 after buying an additional 110 shares during the last quarter. 84.75% of the stock is 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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