KeyCorp Raises Tetra Tech (NASDAQ:TTEK) Price Target to $219.00

Tetra Tech (NASDAQ:TTEK) had its target price raised by KeyCorp from $209.00 to $219.00 in a report issued on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

TTEK has been the subject of several other research reports. Robert W. Baird lifted their price objective on Tetra Tech from $180.00 to $200.00 and gave the stock a neutral rating in a report on Thursday. Maxim Group upped their price target on shares of Tetra Tech from $220.00 to $230.00 and gave the company a buy rating in a research report on Tuesday, April 30th. Royal Bank of Canada increased their price objective on shares of Tetra Tech from $203.00 to $233.00 and gave the stock an outperform rating in a research note on Friday. Finally, Northcoast Research raised shares of Tetra Tech from a neutral rating to a buy rating and set a $225.00 target price for the company in a report on Thursday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $221.40.

Tetra Tech Price Performance

Shares of NASDAQ:TTEK opened at $207.75 on Friday. The business has a 50-day simple moving average of $186.65 and a two-hundred day simple moving average of $171.74. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.25 and a current ratio of 1.24. The firm has a market cap of $11.11 billion, a price-to-earnings ratio of 42.05 and a beta of 0.93. Tetra Tech has a fifty-two week low of $132.29 and a fifty-two week high of $208.76.

Tetra Tech (NASDAQ:TTEK) last issued its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.29 by $0.13. Tetra Tech had a net margin of 5.36% and a return on equity of 21.16%. The company had revenue of $1.05 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the firm earned $1.17 earnings per share. The firm’s revenue for the quarter was down 9.5% compared to the same quarter last year. On average, analysts expect that Tetra Tech will post 6.2 earnings per share for the current year.

Tetra Tech Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Monday, May 20th will be paid a $0.29 dividend. This is a positive change from Tetra Tech’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, May 17th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 0.56%. Tetra Tech’s dividend payout ratio is 21.05%.

Insider Activity at Tetra Tech

In other Tetra Tech news, SVP Brian N. Carter sold 5,580 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $176.52, for a total transaction of $984,981.60. Following the completion of the sale, the senior vice president now directly owns 8,360 shares of the company’s stock, valued at approximately $1,475,707.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Brian N. Carter sold 5,580 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $176.52, for a total value of $984,981.60. Following the completion of the sale, the senior vice president now directly owns 8,360 shares of the company’s stock, valued at approximately $1,475,707.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Kenneth Thompson sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $177.24, for a total value of $620,340.00. Following the transaction, the director now directly owns 10,985 shares in the company, valued at approximately $1,946,981.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,595 shares of company stock valued at $2,925,482. 0.61% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tetra Tech

Large investors have recently made changes to their positions in the company. Sarasin & Partners LLP boosted its position in shares of Tetra Tech by 2.6% during the first quarter. Sarasin & Partners LLP now owns 1,253,981 shares of the industrial products company’s stock valued at $231,623,000 after buying an additional 32,053 shares during the period. Invesco Ltd. boosted its holdings in Tetra Tech by 6.2% during the 3rd quarter. Invesco Ltd. now owns 879,638 shares of the industrial products company’s stock valued at $133,731,000 after acquiring an additional 51,139 shares during the period. Norges Bank bought a new position in Tetra Tech in the 4th quarter valued at $96,655,000. Vontobel Holding Ltd. increased its stake in Tetra Tech by 2.8% in the fourth quarter. Vontobel Holding Ltd. now owns 533,587 shares of the industrial products company’s stock worth $89,072,000 after purchasing an additional 14,334 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of Tetra Tech by 8.8% during the fourth quarter. First Trust Advisors LP now owns 515,711 shares of the industrial products company’s stock worth $86,088,000 after purchasing an additional 41,860 shares during the last quarter. 93.89% of the stock is owned by hedge funds and other institutional investors.

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.