Tetra Tech (NASDAQ:TTEK) Downgraded to Hold Rating by StockNews.com

StockNews.com downgraded shares of Tetra Tech (NASDAQ:TTEK) from a buy rating to a hold rating in a research note released on Friday morning.

Several other equities research analysts also recently issued reports on TTEK. Royal Bank of Canada restated an “outperform” rating and set a $52.00 price objective on shares of Tetra Tech in a research report on Friday. KeyCorp dropped their price target on Tetra Tech from $56.00 to $49.00 and set an “overweight” rating for the company in a report on Friday. Finally, Robert W. Baird upped their price objective on Tetra Tech from $46.00 to $47.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $49.32.

Tetra Tech Trading Down 0.4 %

Tetra Tech stock opened at $41.12 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.21 and a current ratio of 1.25. The stock has a 50-day simple moving average of $47.60 and a 200 day simple moving average of $44.58. The stock has a market capitalization of $11.01 billion, a P/E ratio of 33.38 and a beta of 0.94. Tetra Tech has a 52 week low of $30.92 and a 52 week high of $51.20.

Tetra Tech Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.058 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 0.56%. Tetra Tech’s dividend payout ratio (DPR) is presently 18.67%.

Insider Buying and Selling

In other Tetra Tech news, Director Kimberly E. Ritrievi sold 6,500 shares of Tetra Tech stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $46.48, for a total transaction of $302,120.00. Following the transaction, the director now directly owns 143,200 shares of the company’s stock, valued at $6,655,936. The trade was a 4.34 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Leslie L. Shoemaker sold 78,420 shares of Tetra Tech stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $46.11, for a total transaction of $3,615,946.20. Following the transaction, the executive vice president now directly owns 296,015 shares in the company, valued at approximately $13,649,251.65. This represents a 20.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 121,750 shares of company stock valued at $5,633,239. 0.61% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tetra Tech

A number of large investors have recently modified their holdings of the company. Sarasin & Partners LLP raised its stake in Tetra Tech by 330.9% in the third quarter. Sarasin & Partners LLP now owns 4,950,383 shares of the industrial products company’s stock valued at $233,460,000 after purchasing an additional 3,801,435 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Tetra Tech by 406.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,716,080 shares of the industrial products company’s stock valued at $222,466,000 after buying an additional 3,785,189 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Tetra Tech by 387.3% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,299,418 shares of the industrial products company’s stock worth $155,601,000 after acquiring an additional 2,622,288 shares during the last quarter. abrdn plc grew its position in Tetra Tech by 353.0% in the third quarter. abrdn plc now owns 2,110,076 shares of the industrial products company’s stock worth $98,477,000 after acquiring an additional 1,644,267 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Tetra Tech by 357.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,070,483 shares of the industrial products company’s stock valued at $97,644,000 after acquiring an additional 1,618,211 shares during the last quarter. 93.89% of the stock is currently owned by 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.