Zacks Investment Research Downgrades Tetra Tech (TTEK) to Sell

Tetra Tech (NASDAQ:TTEK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

According to Zacks, “Tetra Tech has been enjoying strong top-line growth on the back of solid demand for its high-end water, environment and infrastructure services. However, sluggish oil and gas markets and a highly competitive bidding environment (particularly in Canada) restricted top-line growth. Softness in the domestic oil & gas segment will likely continue to weigh on the company’s financials, going forward. This apart, the cyclical nature of the key markets and decreased consumer confidence served by the company poses a threat to the company’s growth. In light of these headwinds, Tetra Tech’s shares have underperformed the industry’s average return over the past six months. However, Tetra Tech is enjoying growing momentum in water and environmental projects and boasts a record high backlog, going into fiscal 2018.”

A number of other analysts have also commented on the company. BidaskClub lowered Tetra Tech from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 9th. Boenning Scattergood reissued a “buy” rating and issued a $54.00 target price on shares of Tetra Tech in a report on Thursday, November 9th. Robert W. Baird lifted their target price on Tetra Tech from $47.00 to $52.00 and gave the stock a “neutral” rating in a report on Friday, November 10th. Finally, ValuEngine lowered Tetra Tech from a “buy” rating to a “hold” rating in a report on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $52.29.

Tetra Tech (NASDAQ:TTEK) traded down $0.05 during mid-day trading on Thursday, reaching $48.05. The company had a trading volume of 146,900 shares, compared to its average volume of 199,586. Tetra Tech has a one year low of $38.85 and a one year high of $50.90. The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 0.37. The company has a market cap of $2,680.00, a price-to-earnings ratio of 23.55, a PEG ratio of 1.55 and a beta of 1.07.

Tetra Tech (NASDAQ:TTEK) last posted its quarterly earnings data on Wednesday, November 8th. The industrial products company reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.02. Tetra Tech had a return on equity of 13.60% and a net margin of 4.28%. The company had revenue of $533.00 million during the quarter, compared to analyst estimates of $517.90 million. During the same quarter last year, the company earned $0.59 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis. equities research analysts predict that Tetra Tech will post 2.32 earnings per share for the current year.

In other Tetra Tech news, SVP Roger R. Argus sold 1,138 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $49.63, for a total transaction of $56,478.94. Following the sale, the senior vice president now directly owns 6,948 shares of the company’s stock, valued at approximately $344,829.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dan L. Batrack sold 10,874 shares of the stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $48.34, for a total value of $525,649.16. Following the sale, the chief executive officer now directly owns 286,551 shares in the company, valued at $13,851,875.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 232,019 shares of company stock valued at $11,385,910. 4.00% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Tetra Tech by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 5,236,842 shares of the industrial products company’s stock valued at $239,585,000 after buying an additional 23,972 shares in the last quarter. State Street Corp lifted its stake in Tetra Tech by 5.2% in the 2nd quarter. State Street Corp now owns 1,502,537 shares of the industrial products company’s stock valued at $68,741,000 after buying an additional 74,476 shares in the last quarter. Northern Trust Corp lifted its stake in Tetra Tech by 2.2% in the 2nd quarter. Northern Trust Corp now owns 1,075,476 shares of the industrial products company’s stock valued at $49,203,000 after buying an additional 23,510 shares in the last quarter. Boston Partners lifted its stake in Tetra Tech by 2.2% in the 3rd quarter. Boston Partners now owns 1,033,492 shares of the industrial products company’s stock worth $48,109,000 after purchasing an additional 22,718 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its stake in Tetra Tech by 1.4% in the 3rd quarter. Neuberger Berman Group LLC now owns 783,488 shares of the industrial products company’s stock worth $36,471,000 after purchasing an additional 10,692 shares in the last quarter. 84.73% of the stock is currently owned by institutional investors and hedge funds.

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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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