Maxim Group Raises Tetra Tech (NASDAQ:TTEK) Price Target to $230.00

Tetra Tech (NASDAQ:TTEK) had its price objective upped by Maxim Group from $220.00 to $230.00 in a research note issued to investors on Tuesday morning, Benzinga reports. Maxim Group currently has a buy rating on the industrial products company’s stock.

TTEK has been the subject of several other research reports. KeyCorp began coverage on shares of Tetra Tech in a research note on Wednesday, January 10th. They issued an overweight rating and a $191.00 target price on the stock. Royal Bank of Canada lifted their target price on Tetra Tech from $192.00 to $203.00 and gave the stock an outperform rating in a research report on Friday, February 2nd. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Tetra Tech has an average rating of Moderate Buy and a consensus price target of $221.40.

Tetra Tech Stock Performance

Tetra Tech stock opened at $207.75 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.25 and a current ratio of 1.25. Tetra Tech has a one year low of $132.29 and a one year high of $208.76. The stock’s 50 day moving average price is $186.65 and its 200 day moving average price is $171.64. The firm has a market capitalization of $11.11 billion, a PE ratio of 42.05 and a beta of 0.93.

Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results 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. The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Tetra Tech had a net margin of 5.36% and a return on equity of 21.60%. The business’s revenue was down 9.5% on a year-over-year basis. During the same period last year, the business earned $1.17 EPS. As a group, sell-side analysts expect that Tetra Tech will post 6.07 EPS for the current fiscal year.

Tetra Tech Increases Dividend

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

Insider Buying and Selling

In related news, Director J Kenneth Thompson sold 3,500 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $177.24, for a total transaction of $620,340.00. Following the completion of the sale, the director now directly owns 10,985 shares of the company’s stock, valued at $1,946,981.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Steven M. Burdick sold 7,515 shares of Tetra Tech stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $175.67, for a total value of $1,320,160.05. Following the transaction, the chief financial officer now directly owns 29,890 shares of the company’s stock, valued at $5,250,776.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director J Kenneth Thompson sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 14th. The stock was sold at an average price of $177.24, for a total transaction of $620,340.00. Following the completion of the transaction, the director now directly owns 10,985 shares of the company’s stock, valued at approximately $1,946,981.40. The disclosure for this sale can be found here. Insiders have sold a total of 32,123 shares of company stock valued at $5,487,673 over the last three months. Company insiders own 0.61% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Contravisory Investment Management Inc. acquired a new position in shares of Tetra Tech in the 4th quarter valued at about $26,000. Rise Advisors LLC purchased a new stake in Tetra Tech in the 1st quarter worth approximately $27,000. Jones Financial Companies Lllp acquired a new stake in shares of Tetra Tech during the 4th quarter valued at $33,000. Principal Securities Inc. purchased a new position in shares of Tetra Tech during the 4th quarter valued at $36,000. Finally, Millburn Ridgefield Corp acquired a new position in shares of Tetra Tech in the third quarter worth $37,000. Hedge funds and other institutional investors own 93.89% of the company’s stock.

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.