LPL Financial LLC Sells 27,974 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Key Points

• LPL Financial LLC reduced its stake in Tetra Tech by 4.7%, ending the first quarter with approximately 0.21% ownership, valued at about $16.7 million.
• Multiple hedge funds, including Chilton Capital Management and MassMutual Private Wealth & Trust FSB, have recently increased their investments in Tetra Tech, indicating strong institutional interest in the company.
• Tetra Tech recently reported earnings per share of $0.43, surpassing estimates and showing a 1.9% year-over-year revenue growth, and also announced a dividend of $0.065 per share.

LPL Financial LLC lessened its holdings in shares of Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 4.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 573,013 shares of the industrial products company's stock after selling 27,974 shares during the quarter. LPL Financial LLC owned 0.21% of Tetra Tech worth $16,663,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of TTEK. one8zero8 LLC grew its stake in shares of Tetra Tech by 4.3% in the 1st quarter. one8zero8 LLC now owns 470,520 shares of the industrial products company's stock worth $13,763,000 after acquiring an additional 19,220 shares in the last quarter. HB Wealth Management LLC grew its stake in shares of Tetra Tech by 28.6% in the 1st quarter. HB Wealth Management LLC now owns 9,656 shares of the industrial products company's stock worth $282,000 after acquiring an additional 2,150 shares in the last quarter. Van Berkom & Associates Inc. purchased a new position in shares of Tetra Tech in the 1st quarter worth about $32,816,000. Baillie Gifford & Co. purchased a new position in shares of Tetra Tech in the 1st quarter worth about $27,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Tetra Tech in the 1st quarter worth about $528,000. Institutional investors own 93.89% of the company's stock.

Tetra Tech Trading Down 1.0%

Shares of NASDAQ TTEK traded down $0.37 during mid-day trading on Friday, hitting $36.87. The stock had a trading volume of 1,692,439 shares, compared to its average volume of 1,926,350. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.10 and a current ratio of 1.18. Tetra Tech, Inc. has a 1 year low of $27.27 and a 1 year high of $51.20. The business has a 50 day moving average price of $36.43 and a two-hundred day moving average price of $33.44. The firm has a market cap of $9.69 billion, a P/E ratio of 46.09 and a beta of 0.92.

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 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 business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business earned $1.59 EPS. The company's revenue for the quarter was up 1.9% on a year-over-year basis. On average, equities analysts anticipate that Tetra Tech, Inc. will post 1.37 EPS for the current fiscal year.

Tetra Tech Dividend Announcement

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

Analysts Set New Price Targets

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

Tetra Tech 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.