Corebridge Financial Inc. Cuts Stake in Tetra Tech, Inc. $TTEK

Key Points

• Corebridge Financial Inc. reduced its holdings in Tetra Tech, Inc. by 2.3%, selling 6,900 shares and now owning 296,678 shares valued at approximately $8.68 million.
• Tetra Tech's stock was down 0.2%, with a market cap of $9.70 billion and a P/E ratio of 46.14, while several analysts have recently upgraded their ratings on the stock.
• The company announced a quarterly dividend of $0.065 to be paid on August 29th, with a dividend yield of 0.7% and a payout ratio of 32.50%.

Corebridge Financial Inc. lowered its position in Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 296,678 shares of the industrial products company's stock after selling 6,900 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Tetra Tech worth $8,678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the company. Campbell & CO Investment Adviser LLC lifted its stake in Tetra Tech by 658.6% in the first quarter. Campbell & CO Investment Adviser LLC now owns 189,021 shares of the industrial products company's stock worth $5,529,000 after purchasing an additional 164,104 shares during the last quarter. SVB Wealth LLC bought a new stake in Tetra Tech in the first quarter worth about $36,000. AlphaQuest LLC lifted its stake in Tetra Tech by 139.8% in the first quarter. AlphaQuest LLC now owns 8,863 shares of the industrial products company's stock worth $259,000 after purchasing an additional 5,167 shares during the last quarter. Gitterman Wealth Management LLC lifted its stake in Tetra Tech by 70.3% in the first quarter. Gitterman Wealth Management LLC now owns 16,825 shares of the industrial products company's stock worth $492,000 after purchasing an additional 6,945 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Tetra Tech by 75.8% in the first quarter. Ameriprise Financial Inc. now owns 1,523,809 shares of the industrial products company's stock worth $44,571,000 after purchasing an additional 656,872 shares during the last quarter. Institutional investors own 93.89% of the company's stock.

Wall Street Analysts Forecast Growth

TTEK has been the subject of several analyst reports. Robert W. Baird raised their price objective on shares of Tetra Tech from $31.00 to $33.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Wall Street Zen raised shares of Tetra Tech from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Finally, KeyCorp lifted their price target on shares of Tetra Tech from $41.00 to $43.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $41.67.

Insider Buying and Selling

In related news, Director Gary Birkenbeuel sold 2,390 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $36.00, for a total value of $86,040.00. Following the completion of the transaction, the director owned 37,725 shares of the company's stock, valued at $1,358,100. The trade was a 5.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.40% of the stock is owned by company insiders.

Tetra Tech Trading Down 1.3%

Shares of Tetra Tech stock traded down $0.49 on Friday, hitting $36.42. 2,744,867 shares of the company traded hands, compared to its average volume of 1,936,578. The stock's 50 day moving average price is $36.70 and its 200-day moving average price is $33.49. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.50. Tetra Tech, Inc. has a 52 week low of $27.27 and a 52 week high of $51.20. The company has a market cap of $9.57 billion, a PE ratio of 45.53 and a beta of 0.93.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $0.43 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.06. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.15 billion. Tetra Tech had a net margin of 3.94% and a return on equity of 24.70%. Tetra Tech's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.59 earnings per share. Tetra Tech has set its FY 2025 guidance at 1.490-1.540 EPS. Q4 2025 guidance at 0.380-0.430 EPS. Equities research analysts predict that Tetra Tech, Inc. will post 1.37 EPS for the current year.

Tetra Tech Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Investors of record on Friday, August 15th were paid a $0.065 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.26 dividend on an annualized basis and a yield of 0.7%. Tetra Tech's payout ratio is 32.50%.

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.