PNC Financial Services Group Inc. reduced its position in Tetra Tech, Inc. (NASDAQ:TTEK – Free Report) by 18.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,549 shares of the industrial products company’s stock after selling 828 shares during the period. PNC Financial Services Group Inc.’s holdings in Tetra Tech were worth $593,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of TTEK. Norges Bank acquired a new position in Tetra Tech in the 4th quarter worth about $96,655,000. AEGON ASSET MANAGEMENT UK Plc acquired a new position in shares of Tetra Tech during the 4th quarter valued at about $82,209,000. International Assets Investment Management LLC increased its holdings in shares of Tetra Tech by 16,621.9% during the 4th quarter. International Assets Investment Management LLC now owns 221,064 shares of the industrial products company’s stock valued at $36,902,000 after acquiring an additional 219,742 shares during the last quarter. Sarasin & Partners LLP increased its holdings in shares of Tetra Tech by 18.3% during the 4th quarter. Sarasin & Partners LLP now owns 1,221,928 shares of the industrial products company’s stock valued at $203,976,000 after acquiring an additional 189,049 shares during the last quarter. Finally, Bank of Nova Scotia acquired a new position in shares of Tetra Tech during the 3rd quarter valued at about $23,934,000. 93.89% of the stock is owned by institutional investors and hedge funds.
Tetra Tech Price Performance
Shares of TTEK stock opened at $209.49 on Friday. The stock has a 50 day moving average of $200.16 and a two-hundred day moving average of $180.19. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.60. Tetra Tech, Inc. has a 12 month low of $134.49 and a 12 month high of $221.40. The company has a market capitalization of $11.21 billion, a P/E ratio of 42.41 and a beta of 0.93.
Tetra Tech (NASDAQ:TTEK – Get Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.29 by $0.13. Tetra Tech had a return on equity of 21.16% and a net margin of 5.36%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the company earned $1.17 EPS. The company’s quarterly revenue was down 9.5% on a year-over-year basis. As a group, equities analysts expect that Tetra Tech, Inc. will post 6.2 EPS for the current year.
Tetra Tech Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, May 31st. Investors of record on Monday, May 20th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 0.55%. The ex-dividend date of this dividend was Friday, May 17th. This is an increase from Tetra Tech’s previous quarterly dividend of $0.26. Tetra Tech’s dividend payout ratio (DPR) is 23.48%.
Analysts Set New Price Targets
A number of brokerages have recently commented on TTEK. Northcoast Research raised Tetra Tech from a “neutral” rating to a “buy” rating and set a $225.00 price objective on the stock in a report on Thursday, May 2nd. Royal Bank of Canada increased their price objective on Tetra Tech from $203.00 to $233.00 and gave the company an “outperform” rating in a report on Friday, May 3rd. KeyCorp increased their price objective on Tetra Tech from $231.00 to $234.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Maxim Group increased their price objective on Tetra Tech from $234.00 to $268.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Finally, Robert W. Baird raised their target price on Tetra Tech from $200.00 to $223.00 and gave the company a “neutral” rating in a report on Wednesday, May 15th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $236.60.
Read Our Latest Stock Analysis on TTEK
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.
Further Reading
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Source: defenseworld.net
