Brokers Offer Predictions for Tetra Tech, Inc.’s FY2017 Earnings (NASDAQ:TTEK)
Tetra Tech, Inc. (NASDAQ:TTEK) – Research analysts at Oppenheimer Holdings lowered their FY2017 EPS estimates for shares of Tetra Tech in a report released on Thursday. Oppenheimer Holdings analyst J. Giannakouros now forecasts that the industrial products company will post earnings per share of $2.10 for the year, down from their previous estimate of $2.20. Oppenheimer Holdings also issued estimates for Tetra Tech’s Q4 2017 earnings at $0.60 EPS, FY2018 earnings at $2.30 EPS and FY2019 earnings at $2.55 EPS.
Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results 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. Tetra Tech had a net margin of 4.17% and a return on equity of 13.65%. The firm had revenue of $498.47 million for the quarter, compared to analyst estimates of $535.18 million. During the same quarter in the prior year, the firm earned $0.50 EPS. The firm’s revenue was up .0% compared to the same quarter last year. ILLEGAL ACTIVITY NOTICE: This news story was posted by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be read at https://www.americanbankingnews.com/2017/08/07/brokers-offer-predictions-for-tetra-tech-inc-s-fy2017-earnings-nasdaqttek.html.
A number of other analysts also recently weighed in on TTEK. Canaccord Genuity reaffirmed a “buy” rating on shares of Tetra Tech in a research note on Friday. BidaskClub cut Tetra Tech from a “buy” rating to a “hold” rating in a research note on Saturday. Roth Capital set a $52.00 price target on Tetra Tech and gave the stock a “buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research cut Tetra Tech from a “hold” rating to a “sell” rating in a research note on Wednesday, April 12th. Finally, Sidoti reaffirmed a “buy” rating and issued a $58.00 price target (up from $55.00) on shares of Tetra Tech in a research note on Sunday, May 14th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $49.75.
Tetra Tech (NASDAQ:TTEK) opened at 41.40 on Monday. Tetra Tech has a 52 week low of $32.63 and a 52 week high of $48.35. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 21.85 and a beta of 1.03. The stock’s 50 day moving average is $46.27 and its 200 day moving average is $43.57.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Thursday, August 17th will be paid a $0.10 dividend. The ex-dividend date is Tuesday, August 15th. This represents a $0.40 annualized dividend and a yield of 0.97%. Tetra Tech’s payout ratio is 20.30%.
In other news, CFO Steven M. Burdick sold 16,750 shares of the company’s stock in a transaction on Tuesday, May 23rd. The stock was sold at an average price of $44.87, for a total transaction of $751,572.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Brian N. Carter sold 3,396 shares of the company’s stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $46.20, for a total value of $156,895.20. Following the transaction, the senior vice president now directly owns 7,243 shares in the company, valued at $334,626.60. The disclosure for this sale can be found here. Insiders sold 53,646 shares of company stock worth $2,455,163 over the last three months. Corporate insiders own 3.80% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. increased its position in Tetra Tech by 12,066.6% in the first quarter. BlackRock Inc. now owns 8,135,829 shares of the industrial products company’s stock worth $332,349,000 after buying an additional 8,068,959 shares in the last quarter. Vanguard Group Inc. increased its position in Tetra Tech by 6.2% in the first quarter. Vanguard Group Inc. now owns 5,212,870 shares of the industrial products company’s stock worth $212,946,000 after buying an additional 302,821 shares in the last quarter. State Street Corp increased its position in Tetra Tech by 6.8% in the first quarter. State Street Corp now owns 1,428,061 shares of the industrial products company’s stock worth $58,339,000 after buying an additional 90,381 shares in the last quarter. RidgeWorth Capital Management LLC increased its position in Tetra Tech by 32.5% in the first quarter. RidgeWorth Capital Management LLC now owns 1,398,176 shares of the industrial products company’s stock worth $57,115,000 after buying an additional 343,222 shares in the last quarter. Finally, Rice Hall James & Associates LLC increased its position in Tetra Tech by 12.0% in the second quarter. Rice Hall James & Associates LLC now owns 1,256,181 shares of the industrial products company’s stock worth $57,470,000 after buying an additional 134,770 shares in the last quarter. 85.17% of the stock is currently owned by hedge funds and other institutional investors.
About Tetra Tech
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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