Readystate Asset Management LP Acquires New Position in Tetra Tech, Inc. (NASDAQ:TTEK)

Readystate Asset Management LP acquired a new stake in shares of Tetra Tech, Inc. (NASDAQ:TTEK) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 9,100 shares of the industrial products company’s stock, valued at approximately $1,519,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Tetra Tech by 1.2% in the first quarter. Vanguard Group Inc. now owns 5,303,607 shares of the industrial products company’s stock worth $874,777,000 after acquiring an additional 61,906 shares in the last quarter. State Street Corp grew its position in Tetra Tech by 1.9% in the first quarter. State Street Corp now owns 1,707,196 shares of the industrial products company’s stock worth $281,585,000 after acquiring an additional 31,942 shares in the last quarter. Sarasin & Partners LLP grew its position in Tetra Tech by 18.3% in the fourth quarter. Sarasin & Partners LLP now owns 1,221,928 shares of the industrial products company’s stock worth $203,976,000 after acquiring an additional 189,049 shares in the last quarter. Invesco Ltd. grew its position in Tetra Tech by 7.5% in the first quarter. Invesco Ltd. now owns 917,617 shares of the industrial products company’s stock worth $151,353,000 after acquiring an additional 64,168 shares in the last quarter. Finally, Norges Bank bought a new stake in Tetra Tech in the fourth quarter worth approximately $132,468,000. 93.89% of the stock is owned by hedge funds and other institutional investors.

Tetra Tech Stock Performance

NASDAQ:TTEK traded down $3.82 during trading hours on Wednesday, hitting $186.49. 234,376 shares of the company traded hands, compared to its average volume of 255,115. Tetra Tech, Inc. has a twelve month low of $132.29 and a twelve month high of $194.99. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 43.17 and a beta of 0.96. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.61. The firm has a 50-day moving average of $183.03 and a 200 day moving average of $168.82.

Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings data on Wednesday, January 31st. The industrial products company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.35 by $0.05. Tetra Tech had a net margin of 4.77% and a return on equity of 21.05%. The company had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $974.00 million. During the same quarter in the prior year, the company posted $1.34 EPS. On average, analysts forecast that Tetra Tech, Inc. will post 6.07 EPS for the current year.

Tetra Tech Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Stockholders of record on Wednesday, February 14th were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.56%. The ex-dividend date was Tuesday, February 13th. Tetra Tech’s dividend payout ratio is 24.07%.

Insider Activity

In other news, CFO Steven M. Burdick sold 7,128 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $165.01, for a total value of $1,176,191.28. Following the completion of the transaction, the chief financial officer now owns 37,405 shares in the company, valued at approximately $6,172,199.05. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Steven M. Burdick sold 7,128 shares of the company’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $165.01, for a total value of $1,176,191.28. Following the sale, the chief financial officer now owns 37,405 shares of the company’s stock, valued at approximately $6,172,199.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Steven M. Burdick sold 7,515 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $175.67, for a total transaction of $1,320,160.05. Following the completion of the sale, the chief financial officer now directly owns 29,890 shares in the company, valued at approximately $5,250,776.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,123 shares of company stock worth $5,487,673. 0.61% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank of Canada boosted their target price on shares of Tetra Tech from $192.00 to $203.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. KeyCorp initiated coverage on shares of Tetra Tech in a research note on Wednesday, January 10th. They issued an “overweight” rating and a $191.00 price objective for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Tetra Tech presently has a consensus rating of “Moderate Buy” and a consensus price target of $197.25.

About Tetra Tech

Tetra Tech, Inc provides consulting and engineering services in the United States and internationally. The company operates through two segments, Government Services Group (GSG) and Commercial/International Services Group (CIG). The GSG segment offers early data collection and monitoring, data analysis and information management, science and engineering applied research, engineering design, project 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.