Skandinaviska Enskilda Banken AB publ Sells 64,295 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Key Points

• Skandinaviska Enskilda Banken AB publ reduced its holdings in Tetra Tech, Inc. by 21.8% in the first quarter, selling 64,295 shares to own approximately 231,220 shares valued at $6.76 million.
• Tetra Tech's recent earnings report showed revenue of $1.10 billion for the quarter, exceeding analyst expectations, and reported an earnings per share (EPS) of $0.33.
• The company raised its quarterly dividend to $0.065 per share, reflecting a 0.68% yield, following an increase from the previous dividend of $0.06.

Skandinaviska Enskilda Banken AB publ trimmed its stake in shares of Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 21.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 231,220 shares of the industrial products company's stock after selling 64,295 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.09% of Tetra Tech worth $6,762,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of TTEK. Baillie Gifford & Co. bought a new position in shares of Tetra Tech in the first quarter valued at $27,000. Neo Ivy Capital Management acquired a new stake in Tetra Tech during the 1st quarter worth about $528,000. Assetmark Inc. grew its position in Tetra Tech by 56.0% during the first quarter. Assetmark Inc. now owns 4,451 shares of the industrial products company's stock valued at $130,000 after purchasing an additional 1,597 shares in the last quarter. Avantax Advisory Services Inc. increased its stake in shares of Tetra Tech by 21.6% in the first quarter. Avantax Advisory Services Inc. now owns 13,895 shares of the industrial products company's stock worth $406,000 after acquiring an additional 2,468 shares during the last quarter. Finally, SFE Investment Counsel lifted its holdings in shares of Tetra Tech by 190.7% during the 1st quarter. SFE Investment Counsel now owns 84,441 shares of the industrial products company's stock valued at $2,470,000 after buying an additional 55,393 shares during the last quarter. Institutional investors and hedge funds own 93.89% of the company's stock.

Tetra Tech Price Performance

Shares of NASDAQ TTEK traded down $0.59 during mid-day trading on Thursday, hitting $36.55. 1,514,868 shares of the stock were exchanged, compared to its average volume of 2,458,396. Tetra Tech, Inc. has a twelve month low of $27.27 and a twelve month high of $51.20. The stock's fifty day simple moving average is $36.21 and its two-hundred day simple moving average is $33.67. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $9.63 billion, a P/E ratio of 52.96 and a beta of 0.94.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last announced its earnings results 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. The company had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.15 billion. Tetra Tech had a return on equity of 23.31% and a net margin of 3.44%. The business's revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.59 earnings per share. As a group, analysts forecast that Tetra Tech, Inc. will post 1.37 EPS for the current fiscal year.

Tetra Tech Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a yield of 0.71%. Tetra Tech's payout ratio is 37.68%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Robert W. Baird upped their price target on Tetra Tech from $31.00 to $33.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. KeyCorp boosted their target price on shares of Tetra Tech from $34.00 to $41.00 and gave the stock an "overweight" rating in a research report on Friday, May 9th. Finally, Maxim Group lowered Tetra Tech from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $41.00.

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.