Tetra Tech, Inc. (NASDAQ:TTEK) was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 913,863 shares, a growth of 46.6% from the July 31st total of 623,254 shares. Based on an average daily volume of 439,425 shares, the days-to-cover ratio is currently 2.1 days. Approximately 1.6% of the company’s shares are short sold.
Several equities research analysts have recently weighed in on TTEK shares. Roth Capital set a $52.00 price target on Tetra Tech and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Boenning Scattergood reissued an “outperform” rating on shares of Tetra Tech in a research note on Tuesday, September 5th. Stifel Nicolaus reissued a “hold” rating and issued a $47.00 price target on shares of Tetra Tech in a research note on Thursday, September 7th. BidaskClub cut Tetra Tech from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 21st. Finally, Canaccord Genuity reissued a “buy” rating and issued a $52.00 price target on shares of Tetra Tech in a research note on Wednesday, June 7th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $49.50.
Tetra Tech (NASDAQ:TTEK) traded up 0.12% during midday trading on Friday, reaching $42.95. The company had a trading volume of 660,257 shares. Tetra Tech has a one year low of $34.78 and a one year high of $48.35. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 21.77 and a beta of 1.05. The company has a 50-day moving average price of $42.52 and a 200-day moving average price of $43.53.
Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.01). Tetra Tech had a net margin of 4.17% and a return on equity of 13.65%. The business had revenue of $498.47 million for the quarter, compared to the consensus estimate of $535.18 million. During the same period in the previous year, the company earned $0.50 EPS. The company’s revenue for the quarter was up .0% on a year-over-year basis. On average, equities analysts expect that Tetra Tech will post $2.11 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Thursday, August 17th were issued a dividend of $0.10 per share. The ex-dividend date was Tuesday, August 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.93%. Tetra Tech’s dividend payout ratio (DPR) is 20.30%.
Hedge funds have recently bought and sold shares of the business. Advisor Group Inc. grew its holdings in shares of Tetra Tech by 194.9% during the 2nd quarter. Advisor Group Inc. now owns 3,279 shares of the industrial products company’s stock worth $150,000 after acquiring an additional 2,167 shares during the period. Strs Ohio grew its holdings in shares of Tetra Tech by 45.2% during the 2nd quarter. Strs Ohio now owns 4,500 shares of the industrial products company’s stock worth $205,000 after acquiring an additional 1,400 shares during the period. Tocqueville Asset Management L.P. purchased a new position in shares of Tetra Tech during the 2nd quarter worth approximately $206,000. Victory Capital Management Inc. purchased a new position in shares of Tetra Tech during the 1st quarter worth approximately $185,000. Finally, Teacher Retirement System of Texas purchased a new position in shares of Tetra Tech during the 2nd quarter worth approximately $210,000. Hedge funds and other institutional investors own 84.78% of the company’s stock.
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About Tetra Tech
Tetra Tech, Inc is a provider of consulting, engineering, program management, construction management, and technical services. The Company’s segments include Water, Environment and Infrastructure (WEI), Resource Management and Energy (RME), and Remediation and Construction Management (RCM). The WEI segment provides consulting and engineering services.
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