Tetra Tech, Inc. (NASDAQ:TTEK) Shares Sold by LPL Financial LLC

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

A number of other hedge funds also recently made changes to their positions in TTEK. Chilton Capital Management LLC bought a new stake in Tetra Tech during the 1st quarter valued at $25,000. Baillie Gifford & Co. purchased a new stake in shares of Tetra Tech in the 1st quarter worth approximately $27,000. Caption Management LLC bought a new position in shares of Tetra Tech during the fourth quarter valued at approximately $40,000. Johnson Financial Group Inc. bought a new stake in Tetra Tech during the 4th quarter valued at $61,000. Finally, MassMutual Private Wealth & Trust FSB boosted its position in Tetra Tech by 734.2% during the first 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 in the last quarter. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TTEK has been the topic of a number of research analyst reports. Wall Street Zen raised shares of Tetra Tech from a "hold" rating to a "buy" rating in a report on Saturday. Robert W. Baird boosted their target price 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. Finally, KeyCorp upped their price objective 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 equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $41.67.

Tetra Tech Trading Down 0.3%

TTEK stock traded down $0.10 during midday trading on Wednesday, hitting $37.27. 3,141,909 shares of the company's stock were exchanged, compared to its average volume of 1,803,823. Tetra Tech, Inc. has a 1-year low of $27.27 and a 1-year high of $51.20. The company has a current ratio of 1.18, a quick ratio of 1.10 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $9.79 billion, a PE ratio of 46.59 and a beta of 0.92. The business has a 50-day simple moving average of $36.35 and a two-hundred day simple moving average of $33.51.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.06. The business had revenue of $1.15 billion during the quarter, compared to analysts' expectations of $1.15 billion. Tetra Tech had a return on equity of 24.70% and a net margin of 3.94%. The company's revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.59 earnings per share. On average, sell-side analysts predict that Tetra Tech, Inc. will post 1.37 EPS for the current fiscal year.

Tetra Tech Announces Dividend

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

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.