Zacks Investment Research downgraded shares of Tetra Tech (NASDAQ:TTEK) from a buy rating to a hold rating in a research report sent to investors on Thursday.
According to Zacks, “Tetra Tech is enjoying steady top-line momentum and improved operating efficiency resulting from cost-management initiatives. The company also has an impressive earnings surprise history, having beaten estimates thrice over the four trailing quarters. Moreover, the company's robust financial health and diligent capital deployment strategies signal brighter days ahead. Its shares have outperformed the industry average over the past six months. Also, going forward, the company remains bullish about its growth across all client sectors. However, softness in the domestic oil and gas segment along with general economic conditions may weigh down on financials, going forward. This apart, the cyclical nature of the key markets served by the company poses a sustained threat to stable growth.”
Other equities analysts have also recently issued research reports about the stock. Boenning Scattergood restated a buy rating and issued a $65.00 price objective on shares of Tetra Tech in a research report on Thursday, March 15th. ValuEngine upgraded shares of Tetra Tech from a hold rating to a buy rating in a research report on Thursday, March 1st. BidaskClub upgraded shares of Tetra Tech from a hold rating to a buy rating in a research report on Tuesday, April 17th. Finally, Stifel Nicolaus boosted their price objective on shares of Tetra Tech from $52.00 to $53.00 and gave the company a hold rating in a research report on Monday, April 2nd. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $57.83.
Shares of Tetra Tech opened at $57.90 on Thursday, MarketBeat reports. The firm has a market capitalization of $3.23 billion, a P/E ratio of 27.18, a price-to-earnings-growth ratio of 1.68 and a beta of 1.02. Tetra Tech has a 52 week low of $39.95 and a 52 week high of $58.70. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.05 and a current ratio of 2.05.
Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings data on Wednesday, May 2nd. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.03. Tetra Tech had a net margin of 4.83% and a return on equity of 14.38%. The firm had revenue of $532.79 million for the quarter, compared to analysts’ expectations of $509.14 million. During the same quarter in the previous year, the company earned $0.48 earnings per share. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. equities analysts forecast that Tetra Tech will post 2.59 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 1st. Shareholders of record on Wednesday, May 16th were given a $0.12 dividend. This is a boost from Tetra Tech’s previous quarterly dividend of $0.10. The ex-dividend date was Tuesday, May 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.83%. Tetra Tech’s payout ratio is presently 22.54%.
Several hedge funds have recently added to or reduced their stakes in TTEK. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Tetra Tech by 50.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,054 shares of the industrial products company’s stock valued at $147,000 after acquiring an additional 1,019 shares during the period. Aperio Group LLC boosted its stake in shares of Tetra Tech by 7.8% during the 4th quarter. Aperio Group LLC now owns 28,017 shares of the industrial products company’s stock valued at $1,349,000 after purchasing an additional 2,039 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Tetra Tech by 314.5% during the 4th quarter. Teacher Retirement System of Texas now owns 19,507 shares of the industrial products company’s stock valued at $939,000 after purchasing an additional 14,801 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Tetra Tech by 28.7% during the 4th quarter. First Trust Advisors LP now owns 252,607 shares of the industrial products company’s stock valued at $12,163,000 after purchasing an additional 56,364 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Tetra Tech by 12.3% during the 4th quarter. Wells Fargo & Company MN now owns 357,520 shares of the industrial products company’s stock valued at $17,214,000 after purchasing an additional 39,037 shares in the last quarter. Hedge funds and other institutional investors own 85.01% of the company’s stock.
About Tetra Tech
Tetra Tech, Inc provides consulting and engineering services worldwide. It operates through two segments, Water, Environment and Infrastructure (WEI); and Resource Management and Energy (RME). The WEI segment offers early data collection and monitoring, data analysis and information technology, science and engineering applied research, engineering design, construction management, and operations and maintenance services; and climate change and energy management consulting, as well as greenhouse gas inventory assessment, certification, reduction, and management services.
Get a free copy of the Zacks research report on Tetra Tech (TTEK)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Tetra Tech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tetra Tech and related companies with MarketBeat.com's FREE daily email newsletter.