Tetra Tech Inc. (TTEK) Upgraded by Zacks Investment Research to Buy
Tetra Tech Inc. (NASDAQ:TTEK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $39.00 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 10.73% from the stock’s current price.
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.”
Several other brokerages have also issued reports on TTEK. FBR & Co boosted their target price on shares of 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 restated a “buy” rating and set a $37.00 target price on shares of Tetra Tech in a research report on Friday, July 29th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Tetra Tech has an average rating of “Buy” and a consensus target price of $34.40.
Tetra Tech (NASDAQ:TTEK) traded down 0.77% during trading on Tuesday, hitting $34.95. 150,620 shares of the company traded hands. The company’s 50 day moving average is $35.23 and its 200-day moving average is $31.74. The stock has a market capitalization of $2.01 billion, a PE ratio of 98.17 and a beta of 1.21. Tetra Tech has a 52 week low of $22.85 and a 52 week high of $36.24.
Tetra Tech (NASDAQ:TTEK) last announced its earnings results on Wednesday, July 27th. The company reported $0.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.50. The company earned $667 million during the quarter, compared to analyst estimates of $498.79 million. Tetra Tech had a net margin of 0.86% and a return on equity of 12.31%. The firm’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.43 earnings per share. Analysts predict that Tetra Tech will post $1.88 earnings per share for the current year.
In other news, SVP Craig L. Christensen sold 16,750 shares of the business’s stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $35.00, for a total value of $586,250.00. Following the transaction, the senior vice president now owns 45,891 shares of the company’s stock, valued at $1,606,185. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ronald J. Chu sold 29,413 shares of the business’s stock in a transaction on Thursday, July 21st. The stock was sold at an average price of $32.00, for a total transaction of $941,216.00. The disclosure for this sale can be found here. 4.00% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its position in Tetra Tech by 1,444.9% in the second quarter. Tower Research Capital LLC TRC now owns 3,337 shares of the company’s stock valued at $102,000 after buying an additional 3,121 shares during the period. Acrospire Investment Management LLC bought a new position in Tetra Tech during the first quarter valued at approximately $113,000. US Bancorp DE increased its position in Tetra Tech by 8.0% in the second quarter. US Bancorp DE now owns 4,196 shares of the company’s stock valued at $129,000 after buying an additional 312 shares during the period. Invictus RG increased its position in Tetra Tech by 1,003.7% in the first quarter. Invictus RG now owns 4,448 shares of the company’s stock valued at $133,000 after buying an additional 4,045 shares during the period. Finally, Bessemer Group Inc. increased its position in Tetra Tech by 2.9% in the first quarter. Bessemer Group Inc. now owns 7,168 shares of the company’s stock valued at $214,000 after buying an additional 203 shares during the period. 89.12% of the stock is currently owned by hedge funds and other institutional investors.
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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