Zacks Investment Research upgraded shares of Tetra Tech Inc. (NASDAQ:TTEK) from a hold rating to a buy rating in a research report released on Tuesday morning. They currently have $39.00 target price on the stock.
According to Zacks, “In the four trailing quarters, Tetra Tech has beat earnings only once, while meeting estimates in the remaining three quarters. The company’s profitability in recent times has benefited from efficient cost restructuring activities and impressive top line growth. Additionally, robust backlog levels and strong performance of the company’s waste management and municipal business add to its strength. Tetra Tech’s acquisitions have also been supplementing its overall growth, and it plans to invest in other strategic acquisitions to expand its consulting and engineering capabilities across its target end markets.We believe Tetra Tech has a solid base for future growth and a robust pipeline with major government organizations awarding it billion-dollar deals. However, softness in the domestic oil and gas segment and volatility in oil prices continue to bother Tetra Tech’s financials.”
TTEK has been the topic of several other reports. FBR & Co increased their price objective on Tetra Tech from $32.00 to $36.00 and gave the company a market perform rating in a research report on Friday, July 29th. Canaccord Genuity reiterated a buy rating and set a $37.00 price objective on shares of Tetra Tech in a research report on Thursday, July 7th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $34.40.
Shares of Tetra Tech (NASDAQ:TTEK) opened at 36.07 on Tuesday. The company has a market capitalization of $2.07 billion, a PE ratio of 101.32 and a beta of 1.21. Tetra Tech has a one year low of $22.85 and a one year high of $36.24. The firm’s 50-day moving average price is $35.34 and its 200 day moving average price is $31.84.
Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.50 EPS for the quarter, meeting the consensus estimate of $0.50. The firm had revenue of $667 million for the quarter, compared to analyst estimates of $498.79 million. Tetra Tech had a return on equity of 12.31% and a net margin of 0.86%. The company’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.43 EPS. Analysts anticipate that Tetra Tech will post $1.88 earnings per share for the current year.
In other Tetra Tech news, SVP Craig L. Christensen sold 16,750 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $35.00, for a total value of $586,250.00. Following the completion of the sale, the senior vice president now owns 45,891 shares in the company, valued at approximately $1,606,185. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Ronald J. Chu sold 29,413 shares of the stock in a transaction that occurred on Thursday, July 21st. The stock was sold at an average price of $32.00, for a total value of $941,216.00. The disclosure for this sale can be found here. Corporate insiders own 4.00% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. BlackRock Institutional Trust Company N.A. boosted its stake in Tetra Tech by 5.8% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,563,248 shares of the company’s stock valued at $46,616,000 after buying an additional 85,672 shares during the period. Balter Liquid Alternatives LLC boosted its stake in Tetra Tech by 5.3% in the first quarter. Balter Liquid Alternatives LLC now owns 74,269 shares of the company’s stock valued at $2,215,000 after buying an additional 3,766 shares during the period. Prudential Financial Inc. boosted its stake in Tetra Tech by 4.3% in the first quarter. Prudential Financial Inc. now owns 143,140 shares of the company’s stock valued at $4,268,000 after buying an additional 5,900 shares during the period. BlackRock Fund Advisors boosted its stake in Tetra Tech by 0.6% in the first quarter. BlackRock Fund Advisors now owns 3,768,617 shares of the company’s stock valued at $112,380,000 after buying an additional 23,403 shares during the period. Finally, BlackRock Inc. boosted its stake in Tetra Tech by 8.1% in the first quarter. BlackRock Inc. now owns 26,517 shares of the company’s stock valued at $791,000 after buying an additional 1,993 shares during the period. Institutional investors and hedge funds own 89.12% of the company’s stock.
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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