Premier Fund Managers Ltd Sells 499,597 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Key Points

• Premier Fund Managers Ltd reduced its stake in Tetra Tech, Inc. by 33.3% in the first quarter, resulting in ownership of approximately 1,000,403 shares valued at $29.15 million.
• Tetra Tech's stock price has declined by 1.9%, with the firm currently trading at $37.56, showing a significant fluctuation in its 12-month range from $27.27 to $51.20.
• The company has recently raised its quarterly dividend from $0.06 to $0.065, yielding 0.69%, reflecting a positive move in its return to shareholders.

Premier Fund Managers Ltd cut its stake in Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 33.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,000,403 shares of the industrial products company's stock after selling 499,597 shares during the quarter. Premier Fund Managers Ltd owned about 0.37% of Tetra Tech worth $29,157,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Chilton Capital Management LLC purchased a new position in Tetra Tech during the first quarter worth about $25,000. Baillie Gifford & Co. purchased a new position in shares of Tetra Tech in the 1st quarter worth about $27,000. Caption Management LLC purchased a new position in shares of Tetra Tech in the 4th quarter worth about $40,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Tetra Tech by 734.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,685 shares of the industrial products company's stock worth $49,000 after purchasing an additional 1,483 shares in the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in shares of Tetra Tech in the 4th quarter worth about $61,000. 93.89% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TTEK. KeyCorp upped their price objective on Tetra Tech from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Friday. Maxim Group lowered Tetra Tech from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Finally, Robert W. Baird raised their price target on Tetra Tech from $31.00 to $33.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Tetra Tech has an average rating of "Hold" and a consensus price target of $41.67.

Tetra Tech Stock Down 2.5%

NASDAQ:TTEK traded down $0.91 during trading hours on Friday, reaching $35.83. 1,714,945 shares of the company traded hands, compared to its average volume of 2,468,733. The business's 50-day moving average price is $36.26 and its two-hundred day moving average price is $33.66. The stock has a market capitalization of $9.44 billion, a P/E ratio of 44.94 and a beta of 0.94. 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 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $0.43 earnings per share (EPS) 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 24.85% and a net margin of 3.94%. The firm's quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.59 earnings per share. Analysts predict that Tetra Tech, Inc. will post 1.37 earnings per share for the current year.

Tetra Tech Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a $0.065 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 0.7%. Tetra Tech's dividend payout ratio (DPR) is presently 37.68%.

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.