Royal Bank of Canada Raises Tetra Tech (NASDAQ:TTEK) Price Target to $233.00

Tetra Tech (NASDAQ:TTEK) had its price target boosted by Royal Bank of Canada from $203.00 to $233.00 in a research note issued to investors on Friday morning, Benzinga reports. The firm currently has an outperform rating on the industrial products company’s stock.

A number of other equities research analysts have also recently issued reports on TTEK. Maxim Group upped their target price on Tetra Tech from $220.00 to $230.00 and gave the stock a buy rating in a research report on Tuesday, April 30th. Northcoast Research upgraded shares of Tetra Tech from a neutral rating to a buy rating and set a $225.00 target price on the stock in a research note on Thursday. KeyCorp started coverage on shares of Tetra Tech in a report on Wednesday, January 10th. They set an overweight rating and a $191.00 price target for the company. Finally, 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 research note on Thursday. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock presently 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 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 1 year low of $132.29 and a 1 year high of $208.76. The company has a current ratio of 1.24, a quick ratio of 1.25 and a debt-to-equity ratio of 0.60. The business has a fifty day simple moving average of $186.65 and a 200 day simple moving average of $171.74.

Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings results on Wednesday, May 1st. The industrial products company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.13. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Tetra Tech had a return on equity of 21.16% and a net margin of 5.36%. The firm’s revenue was down 9.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.17 EPS. As a group, sell-side analysts predict that Tetra Tech will post 6.2 earnings per share for the current fiscal year.

Tetra Tech Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Stockholders of record on Monday, May 20th will be given a dividend of $0.29 per share. 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%. This is a positive change from Tetra Tech’s previous quarterly dividend of $0.26. Tetra Tech’s dividend payout ratio is currently 21.05%.

Insiders Place Their Bets

In related news, Director J Kenneth Thompson sold 3,500 shares of the company’s stock in a transaction on Wednesday, February 14th. The stock was sold at an average price of $177.24, for a total value of $620,340.00. Following the completion of the transaction, the director now directly owns 10,985 shares in the company, valued at $1,946,981.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director J Kenneth Thompson sold 3,500 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $177.24, for a total value of $620,340.00. Following the sale, the director now owns 10,985 shares of the company’s stock, valued at $1,946,981.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Steven M. Burdick sold 7,515 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $175.67, for a total transaction of $1,320,160.05. Following the transaction, the chief financial officer now owns 29,890 shares of the company’s stock, valued at approximately $5,250,776.30. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,595 shares of company stock worth $2,925,482. 0.61% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in TTEK. Commonwealth Equity Services LLC lifted its holdings in Tetra Tech by 6.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 5,046 shares of the industrial products company’s stock valued at $767,000 after purchasing an additional 290 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Tetra Tech by 7.8% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 1,856 shares of the industrial products company’s stock valued at $282,000 after purchasing an additional 134 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Tetra Tech by 13.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 35,971 shares of the industrial products company’s stock valued at $5,469,000 after purchasing an additional 4,149 shares during the last quarter. Raymond James & Associates boosted its stake in Tetra Tech by 29.3% in the third quarter. Raymond James & Associates now owns 34,158 shares of the industrial products company’s stock worth $5,193,000 after purchasing an additional 7,744 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its stake in shares of Tetra Tech by 7.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,558 shares of the industrial products company’s stock valued at $3,429,000 after buying an additional 1,566 shares in the last quarter. 93.89% of the stock is owned by institutional investors.

Tetra Tech Company Profile

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.