Tetra Tech (NASDAQ:TTEK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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.”
TTEK has been the subject of a number of other reports. BidaskClub downgraded Tetra Tech from a “buy” rating to a “hold” rating in a research note on Wednesday. ValuEngine downgraded Tetra Tech from a “buy” rating to a “hold” rating in a research note on Wednesday, December 20th. Robert W. Baird raised their price objective on Tetra Tech from $47.00 to $52.00 and gave the company a “neutral” rating in a research note on Friday, November 10th. Finally, Boenning Scattergood reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Tetra Tech in a research note on Thursday, November 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $52.29.
Shares of Tetra Tech (NASDAQ:TTEK) traded down $0.05 during mid-day trading on Thursday, hitting $48.05. The stock had a trading volume of 146,900 shares, compared to its average volume of 199,586. The stock has a market cap of $2,680.00, a P/E ratio of 23.55, a price-to-earnings-growth ratio of 1.55 and a beta of 1.07. Tetra Tech has a fifty-two week low of $38.85 and a fifty-two week 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.
Tetra Tech (NASDAQ:TTEK) last issued its earnings results on Wednesday, November 8th. The industrial products company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The business had revenue of $533.00 million during the quarter, compared to the consensus estimate of $517.90 million. Tetra Tech had a return on equity of 13.60% and a net margin of 4.28%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 EPS. analysts expect that Tetra Tech will post 2.32 earnings per share for the current year.
In related news, CEO Dan L. Batrack sold 43,317 shares of Tetra Tech stock in a transaction on Friday, December 8th. The stock was sold at an average price of $48.65, for a total value of $2,107,372.05. Following the transaction, the chief executive officer now owns 318,994 shares in the company, valued at $15,519,058.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dan L. Batrack sold 10,874 shares of Tetra Tech stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $48.34, for a total value of $525,649.16. Following the completion of the transaction, the chief executive officer now owns 286,551 shares in the company, valued at approximately $13,851,875.34. The disclosure for this sale can be found here. Insiders have sold 232,019 shares of company stock valued at $11,385,910 in the last three months. 4.00% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of TTEK. Koch Industries Inc. acquired a new position in shares of Tetra Tech during the second quarter worth about $506,000. Allianz Asset Management GmbH increased its position in shares of Tetra Tech by 35.5% during the third quarter. Allianz Asset Management GmbH now owns 582,449 shares of the industrial products company’s stock worth $27,113,000 after acquiring an additional 152,695 shares during the last quarter. PDT Partners LLC purchased a new stake in shares of Tetra Tech during the second quarter worth about $6,519,000. Janus Henderson Group PLC increased its position in shares of Tetra Tech by 270.8% during the second quarter. Janus Henderson Group PLC now owns 193,166 shares of the industrial products company’s stock worth $8,833,000 after acquiring an additional 141,066 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Tetra Tech by 76.4% during the third quarter. Wells Fargo & Company MN now owns 318,483 shares of the industrial products company’s stock worth $14,825,000 after acquiring an additional 137,887 shares during the last quarter. Institutional investors own 84.73% of the company’s stock.
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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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