Allspring Global Investments Holdings LLC Sells 2,206,688 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 70.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 923,075 shares of the industrial products company's stock after selling 2,206,688 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.34% of Tetra Tech worth $27,277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp raised its position in shares of Tetra Tech by 98.0% during the 4th quarter. Jones Financial Companies Lllp now owns 1,000 shares of the industrial products company's stock valued at $40,000 after purchasing an additional 495 shares during the period. Caption Management LLC bought a new stake in shares of Tetra Tech during the 4th quarter valued at $40,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Tetra Tech during the 4th quarter valued at $63,000. Johnson Financial Group Inc. bought a new stake in shares of Tetra Tech during the 4th quarter valued at $61,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of Tetra Tech by 734.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,685 shares of the industrial products company's stock valued at $49,000 after purchasing an additional 1,483 shares during the period. Hedge funds and other institutional investors own 93.89% of the company's stock.

Tetra Tech Price Performance

NASDAQ TTEK traded down $0.89 on Friday, reaching $35.72. The company had a trading volume of 1,552,388 shares, compared to its average volume of 2,132,094. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $9.41 billion, a PE ratio of 51.91 and a beta of 0.94. The firm's 50 day moving average price is $34.79 and its 200 day moving average price is $33.98. Tetra Tech, Inc. has a 12 month low of $27.27 and a 12 month high of $51.20.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last posted its earnings results on Wednesday, May 7th. The industrial products company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. Tetra Tech had a net margin of 3.44% and a return on equity of 23.31%. The firm had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the previous year, the firm posted $0.28 EPS. The business's quarterly revenue was up 25.9% on a year-over-year basis. As a group, equities analysts predict that Tetra Tech, Inc. will post 1.37 earnings per share for the current year.

Tetra Tech Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were issued a $0.065 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This is an increase from Tetra Tech's previous quarterly dividend of $0.06. This represents a $0.26 dividend on an annualized basis and a dividend yield of 0.73%. Tetra Tech's payout ratio is 37.68%.

Analysts Set New Price Targets

TTEK has been the topic of a number of research reports. Maxim Group downgraded shares of Tetra Tech from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Robert W. Baird lifted their price target on shares of Tetra Tech from $31.00 to $33.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Finally, KeyCorp lifted their price target on shares of Tetra Tech from $34.00 to $41.00 and gave the company an "overweight" rating in a report on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $41.00.

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.