Renaissance Investment Group LLC Sells 41,407 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Key Points

• Renaissance Investment Group LLC reduced its stake in Tetra Tech, Inc. by 12.4%, selling 41,407 shares and now holds 292,101 shares, making up 2.1% of its portfolio.
• Tetra Tech reported a quarterly revenue of $1.10 billion and earnings per share of $0.33, exceeding analysts' expectations.
• The company increased its quarterly dividend to $0.065 per share, reflecting a boost from the previous dividend of $0.06 and a resulting yield of 0.69%.

Renaissance Investment Group LLC cut its position in shares of Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 12.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 292,101 shares of the industrial products company's stock after selling 41,407 shares during the quarter. Tetra Tech accounts for 2.1% of Renaissance Investment Group LLC's portfolio, making the stock its 27th biggest holding. Renaissance Investment Group LLC owned approximately 0.11% of Tetra Tech worth $8,544,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in TTEK. Fifth Third Bancorp raised its holdings in Tetra Tech by 9.7% in the 1st quarter. Fifth Third Bancorp now owns 5,351 shares of the industrial products company's stock valued at $157,000 after acquiring an additional 475 shares during the period. TT International Asset Management LTD boosted its stake in shares of Tetra Tech by 3.1% in the first quarter. TT International Asset Management LTD now owns 16,993 shares of the industrial products company's stock valued at $497,000 after buying an additional 515 shares during the period. Cullen Frost Bankers Inc. boosted its stake in shares of Tetra Tech by 30.9% in the first quarter. Cullen Frost Bankers Inc. now owns 2,335 shares of the industrial products company's stock valued at $68,000 after buying an additional 551 shares during the period. Xponance Inc. boosted its stake in shares of Tetra Tech by 1.6% in the first quarter. Xponance Inc. now owns 43,677 shares of the industrial products company's stock valued at $1,278,000 after buying an additional 674 shares during the period. Finally, Fiduciary Trust Co boosted its position in shares of Tetra Tech by 7.6% during the 4th quarter. Fiduciary Trust Co now owns 9,888 shares of the industrial products company's stock worth $394,000 after acquiring an additional 698 shares in the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.

Tetra Tech Stock Performance

Shares of TTEK stock traded down $0.71 during trading on Friday, reaching $36.03. 1,508,702 shares of the company's stock traded hands, compared to its average volume of 2,468,312. The company has a market capitalization of $9.49 billion, a P/E ratio of 45.08 and a beta of 0.94. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.49. The firm's 50-day moving average is $36.26 and its 200 day moving average is $33.66. Tetra Tech, Inc. has a 1 year low of $27.27 and a 1 year high of $51.20.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.43 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.06. The company had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.15 billion. Tetra Tech had a net margin of 3.94% and a return on equity of 24.85%. Tetra Tech's revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.59 EPS. Equities research analysts expect that Tetra Tech, Inc. will post 1.37 EPS for the current year.

Tetra Tech Announces Dividend

The business 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. 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 (DPR) is 37.68%.

Analyst Ratings Changes

TTEK has been the topic of a number of research analyst reports. KeyCorp raised their target price on shares of Tetra Tech from $41.00 to $43.00 and gave the company an "overweight" rating in a research report on Friday. Robert W. Baird raised their target price 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. Finally, Maxim Group lowered shares of Tetra Tech from a "strong-buy" rating to a "hold" rating in a report on Friday, April 4th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $41.67.

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.