Tetra Tech, Inc. (TTEK) Upgraded to “Hold” at Zacks Investment Research
Tetra Tech, Inc. (NASDAQ:TTEK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Friday.
According to Zacks, “Over the past six months, Tetra Tech’s shares have charted a strong upward trajectory, outperforming the industry’s average return. Tetra Tech’s robust financial health, strong backlog levels and diligent capital deployment strategies signal brighter days ahead. Tetra Tech is enjoying steady top-line growth and improved operating efficiency resulting from cost-management initiatives. The company remains bullish about its growth across all four client sectors and expects U.S. state and local clients to be its strongest growth drivers. 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.”
Several other research firms also recently weighed in on TTEK. Roth Capital set a $52.00 price target on Tetra Tech and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Stifel Nicolaus reissued a “hold” rating and set a $50.00 price target on shares of Tetra Tech in a research report on Friday, July 7th. BidaskClub downgraded Tetra Tech from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 21st. Boenning Scattergood reissued an “outperform” rating on shares of Tetra Tech in a research report on Tuesday, September 5th. Finally, Robert W. Baird reissued a “hold” rating and set a $47.00 price target on shares of Tetra Tech in a research report on Tuesday, September 5th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Tetra Tech has a consensus rating of “Hold” and a consensus price target of $49.50.
Tetra Tech (NASDAQ:TTEK) traded up 0.42% during mid-day trading on Friday, hitting $48.10. The stock had a trading volume of 60,162 shares. The stock has a 50-day moving average price of $43.38 and a 200 day moving average price of $44.04. The firm has a market cap of $2.72 billion, a P/E ratio of 24.38 and a beta of 1.07. Tetra Tech has a 12-month low of $35.98 and a 12-month high of $48.35.
Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.01). The company had revenue of $498.47 million for the quarter, compared to analysts’ expectations of $535.18 million. Tetra Tech had a return on equity of 13.65% and a net margin of 4.17%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the business posted $0.50 EPS. Equities analysts anticipate that Tetra Tech will post $2.11 EPS for the current fiscal year.
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Several large investors have recently made changes to their positions in TTEK. BlackRock Inc. grew its position in shares of 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 valued at $332,349,000 after purchasing an additional 8,068,959 shares during the period. Norges Bank acquired a new position in Tetra Tech in the fourth quarter valued at $56,782,000. LSV Asset Management boosted its holdings in Tetra Tech by 270.4% in the second quarter. LSV Asset Management now owns 1,749,850 shares of the industrial products company’s stock valued at $53,799,000 after acquiring an additional 1,277,487 shares during the last quarter. KAMES CAPITAL plc boosted its holdings in Tetra Tech by 1,862.0% in the first quarter. KAMES CAPITAL plc now owns 1,049,075 shares of the industrial products company’s stock valued at $42,855,000 after acquiring an additional 995,604 shares during the last quarter. Finally, Kleinwort Benson Investors Dublin Ltd acquired a new position in Tetra Tech in the second quarter valued at $19,690,000. 84.77% of the stock is owned by institutional investors and hedge funds.
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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