Tetra Tech, Inc. (NASDAQ:TTEK) Shares Acquired by King Luther Capital Management Corp

Key Points

• King Luther Capital Management Corp increased its position in Tetra Tech, Inc. by 20.3% during the first quarter, owning over 1.5 million shares valued at approximately $44.98 million.
• Analyst ratings for Tetra Tech show a consensus of "Moderate Buy" with a price target increase to $41.67, reflecting positive sentiment after recent upgrades from multiple firms.
• Tetra Tech reported a quarterly earnings per share (EPS) of $0.43, surpassing estimates, and announced a quarterly dividend of $0.065, indicating a stable financial performance.

King Luther Capital Management Corp increased its position in shares of Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 20.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,537,871 shares of the industrial products company's stock after purchasing an additional 259,576 shares during the period. King Luther Capital Management Corp owned 0.57% of Tetra Tech worth $44,983,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Covestor Ltd grew its stake in shares of Tetra Tech by 21.1% during the first quarter. Covestor Ltd now owns 4,824 shares of the industrial products company's stock worth $141,000 after purchasing an additional 841 shares in the last quarter. Cynosure Group LLC lifted its position in Tetra Tech by 1,080.4% in the first quarter. Cynosure Group LLC now owns 85,779 shares of the industrial products company's stock valued at $2,509,000 after acquiring an additional 78,512 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in Tetra Tech in the first quarter valued at $2,754,000. National Bank of Canada FI lifted its position in Tetra Tech by 50.4% in the first quarter. National Bank of Canada FI now owns 212,462 shares of the industrial products company's stock valued at $6,214,000 after acquiring an additional 71,223 shares during the last quarter. Finally, CenterBook Partners LP lifted its position in Tetra Tech by 191.9% in the first quarter. CenterBook Partners LP now owns 201,986 shares of the industrial products company's stock valued at $5,908,000 after acquiring an additional 132,781 shares during the last quarter. Institutional investors and hedge funds own 93.89% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Robert W. Baird boosted their price target on shares of Tetra Tech from $31.00 to $33.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. KeyCorp lifted their price objective on shares of Tetra Tech from $41.00 to $43.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Wall Street Zen raised shares of Tetra Tech from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $41.67.

Tetra Tech Price Performance

TTEK traded down $1.12 on Thursday, hitting $36.01. 489,454 shares of the company were exchanged, compared to its average volume of 2,437,471. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.18 and a current ratio of 1.18. The business's fifty day moving average is $36.55 and its 200 day moving average is $33.38. Tetra Tech, Inc. has a fifty-two week low of $27.27 and a fifty-two week high of $51.20. The firm has a market capitalization of $9.46 billion, a P/E ratio of 45.00 and a beta of 0.92.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.06. Tetra Tech had a net margin of 3.94% and a return on equity of 24.70%. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $1.59 earnings per share. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Tetra Tech, Inc. will post 1.37 EPS for the current year.

Tetra Tech Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 29th. Stockholders of record on Friday, August 15th will be given a $0.065 dividend. The ex-dividend date is Friday, August 15th. This represents a $0.26 annualized dividend and a dividend yield of 0.7%. Tetra Tech's dividend payout ratio is currently 32.50%.

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.