Glenmede Trust Co. NA acquired a new position in Tetra Tech, Inc. (NASDAQ:TTEK) in the first quarter, HoldingsChannel reports. The institutional investor acquired 73,864 shares of the industrial products company’s stock, valued at approximately $10,025,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in TTEK. Norges Bank acquired a new position in shares of Tetra Tech during the fourth quarter valued at $211,897,000. Lord Abbett & CO. LLC acquired a new position in shares of Tetra Tech during the first quarter valued at $48,538,000. Alliancebernstein L.P. boosted its holdings in shares of Tetra Tech by 12.5% during the first quarter. Alliancebernstein L.P. now owns 2,201,879 shares of the industrial products company’s stock valued at $298,839,000 after acquiring an additional 243,786 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Tetra Tech by 149.9% during the first quarter. Goldman Sachs Group Inc. now owns 381,588 shares of the industrial products company’s stock valued at $51,790,000 after acquiring an additional 228,916 shares during the period. Finally, Morgan Stanley boosted its holdings in shares of Tetra Tech by 183.4% during the fourth quarter. Morgan Stanley now owns 338,435 shares of the industrial products company’s stock valued at $39,185,000 after acquiring an additional 219,005 shares during the period. 83.94% of the stock is owned by institutional investors.
In related news, Director Kirsten M. Volpi sold 5,575 shares of the business’s stock in a transaction that occurred on Monday, June 7th. The stock was sold at an average price of $119.15, for a total value of $664,261.25. Following the completion of the sale, the director now owns 13,997 shares of the company’s stock, valued at approximately $1,667,742.55. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kimberly E. Ritrievi sold 8,524 shares of the business’s stock in a transaction that occurred on Wednesday, June 2nd. The shares were sold at an average price of $119.05, for a total value of $1,014,782.20. Following the completion of the sale, the director now directly owns 33,376 shares of the company’s stock, valued at approximately $3,973,412.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,556 shares of company stock worth $3,277,870. Company insiders own 1.65% of the company’s stock.
Tetra Tech (NASDAQ:TTEK) last issued its quarterly earnings results on Wednesday, April 28th. The industrial products company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.08. Tetra Tech had a return on equity of 17.77% and a net margin of 6.31%. The firm had revenue of $599.83 million for the quarter, compared to analysts’ expectations of $581.72 million. During the same quarter last year, the business posted $0.73 EPS. Tetra Tech’s revenue was up 2.6% on a year-over-year basis. Equities analysts anticipate that Tetra Tech, Inc. will post 3.64 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, May 28th. Shareholders of record on Wednesday, May 12th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 0.63%. The ex-dividend date of this dividend was Tuesday, May 11th. This is a boost from Tetra Tech’s previous quarterly dividend of $0.17. Tetra Tech’s payout ratio is 24.54%.
Several equities analysts have recently issued reports on TTEK shares. Maxim Group boosted their price target on shares of Tetra Tech from $155.00 to $160.00 and gave the company a “buy” rating in a report on Friday, April 16th. Vertical Research assumed coverage on shares of Tetra Tech in a research report on Monday, April 12th. They issued a “hold” rating and a $145.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Tetra Tech presently has an average rating of “Buy” and an average price target of $133.00.
Tetra Tech Company Profile
Tetra Tech, Inc provides consulting and engineering services worldwide. The company 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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