Tetra Tech, Inc. (NASDAQ:TTEK) was the target of a large decrease in short interest in the month of June. As of June 30th, there was short interest totalling 589,600 shares, a decrease of 13.6% from the June 15th total of 682,300 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average daily trading volume, of 351,400 shares, the short-interest ratio is presently 1.7 days.
In related news, Director Kirsten M. Volpi sold 1,351 shares of the company’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $70.56, for a total transaction of $95,326.56. Following the completion of the sale, the director now directly owns 18,208 shares of the company’s stock, valued at approximately $1,284,756.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP William R. Brownlie sold 10,000 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $79.57, for a total transaction of $795,700.00. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Tetra Tech during the 4th quarter worth about $160,609,000. Pictet Asset Management Ltd. increased its position in shares of Tetra Tech by 93.7% during the 1st quarter. Pictet Asset Management Ltd. now owns 1,098,364 shares of the industrial products company’s stock worth $77,566,000 after purchasing an additional 531,413 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Tetra Tech by 4.6% during the 1st quarter. Alliancebernstein L.P. now owns 1,037,277 shares of the industrial products company’s stock worth $73,253,000 after purchasing an additional 45,718 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Tetra Tech by 6.9% during the 1st quarter. Geode Capital Management LLC now owns 836,038 shares of the industrial products company’s stock worth $59,041,000 after purchasing an additional 54,314 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Tetra Tech by 2.0% during the 1st quarter. Invesco Ltd. now owns 750,682 shares of the industrial products company’s stock worth $53,013,000 after purchasing an additional 14,439 shares in the last quarter. Institutional investors and hedge funds own 83.10% of the company’s stock.
Shares of TTEK stock traded down $0.95 during mid-day trading on Tuesday, reaching $79.30. The company’s stock had a trading volume of 5,263 shares, compared to its average volume of 294,228. Tetra Tech has a 1-year low of $63.61 and a 1-year high of $99.34. The company has a market cap of $4.32 billion, a P/E ratio of 30.87, a PEG ratio of 1.69 and a beta of 0.87. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.36 and a current ratio of 1.36. The firm’s 50-day moving average is $77.73 and its two-hundred day moving average is $81.17.
Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings data on Wednesday, April 29th. The industrial products company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.01. The company had revenue of $584.50 million during the quarter, compared to analysts’ expectations of $599.79 million. Tetra Tech had a net margin of 4.52% and a return on equity of 18.64%. The business’s revenue was down .2% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.70 EPS. Sell-side analysts anticipate that Tetra Tech will post 3.15 EPS for the current year.
A number of analysts have weighed in on the stock. Roth Capital increased their price target on shares of Tetra Tech from $80.00 to $85.00 in a report on Friday. Zacks Investment Research downgraded shares of Tetra Tech from a “hold” rating to a “sell” rating and set a $81.00 price target for the company. in a report on Wednesday, April 8th. Berenberg Bank assumed coverage on shares of Tetra Tech in a report on Thursday, June 11th. They issued a “buy” rating and a $97.00 price target for the company. Boenning Scattergood downgraded shares of Tetra Tech from an “outperform” rating to a “neutral” rating in a report on Monday, March 23rd. Finally, Sidoti increased their price target on shares of Tetra Tech from $104.00 to $107.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $91.00.
About Tetra Tech
Tetra Tech, Inc provides consulting and engineering services worldwide. It operates through Government Services Group (GSG) and Commercial/International Services Group (CIG) segments. The GSG 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.
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