Tetra Tech (TTEK) Cut to “Buy” at BidaskClub

Tetra Tech (NASDAQ:TTEK) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report released on Thursday, September 20th.

Several other analysts also recently commented on TTEK. Zacks Investment Research upgraded Tetra Tech from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a research note on Friday, June 22nd. Roth Capital raised their price target on Tetra Tech from $59.00 to $73.00 and gave the stock a “buy” rating in a research note on Monday, August 6th. Finally, Canaccord Genuity restated a “buy” rating and issued a $73.00 price target (up from $60.00) on shares of Tetra Tech in a research note on Thursday, August 2nd. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $65.00.

Shares of Tetra Tech stock traded up $0.40 during midday trading on Thursday, hitting $64.55. The company had a trading volume of 263,194 shares, compared to its average volume of 247,094. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $3.78 billion, a P/E ratio of 30.31, a PEG ratio of 1.85 and a beta of 0.99. Tetra Tech has a 52-week low of $44.65 and a 52-week high of $72.20.

Tetra Tech (NASDAQ:TTEK) last issued its earnings results on Wednesday, August 1st. The industrial products company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.65 by $0.06. Tetra Tech had a return on equity of 15.31% and a net margin of 4.82%. The business had revenue of $761.50 million for the quarter, compared to the consensus estimate of $540.99 million. During the same period last year, the business posted $0.52 EPS. The company’s revenue was up 11.8% compared to the same quarter last year. As a group, equities analysts expect that Tetra Tech will post 2.64 EPS for the current year.

In related news, SVP Jan K. Auman sold 1,979 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $68.70, for a total value of $135,957.30. Following the transaction, the senior vice president now directly owns 9,032 shares of the company’s stock, valued at approximately $620,498.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.40% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the business. LPL Financial LLC bought a new stake in Tetra Tech during the first quarter valued at about $494,000. BlackRock Inc. grew its position in shares of Tetra Tech by 9.2% during the second quarter. BlackRock Inc. now owns 8,166,363 shares of the industrial products company’s stock valued at $477,733,000 after purchasing an additional 691,409 shares in the last quarter. CAPROCK Group Inc. purchased a new position in shares of Tetra Tech during the second quarter valued at about $237,000. Systematic Financial Management LP grew its position in shares of Tetra Tech by 14.8% during the second quarter. Systematic Financial Management LP now owns 251,046 shares of the industrial products company’s stock valued at $14,686,000 after purchasing an additional 32,282 shares in the last quarter. Finally, Chicago Equity Partners LLC purchased a new position in shares of Tetra Tech during the second quarter valued at about $1,034,000. 85.27% of the stock is currently owned by institutional investors and hedge funds.

Tetra Tech Company Profile

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.

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