Sumitomo Mitsui DS Asset Management Company Ltd Cuts Position in Tetra Tech, Inc. (NASDAQ:TTEK)

Sumitomo Mitsui DS Asset Management Company Ltd lessened its holdings in shares of Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 54.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,380 shares of the industrial products company's stock after selling 96,688 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Tetra Tech were worth $2,380,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clear Creek Financial Management LLC raised its stake in Tetra Tech by 24.6% in the 1st quarter. Clear Creek Financial Management LLC now owns 10,488 shares of the industrial products company's stock worth $307,000 after acquiring an additional 2,070 shares during the last quarter. Copeland Capital Management LLC raised its stake in Tetra Tech by 20.5% in the 1st quarter. Copeland Capital Management LLC now owns 2,001,321 shares of the industrial products company's stock worth $58,539,000 after acquiring an additional 340,734 shares during the last quarter. Artemis Investment Management LLP purchased a new position in Tetra Tech in the 1st quarter worth $3,063,000. Perpetual Ltd raised its stake in Tetra Tech by 38.1% in the 1st quarter. Perpetual Ltd now owns 296,938 shares of the industrial products company's stock worth $8,685,000 after acquiring an additional 81,896 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in Tetra Tech by 0.4% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 582,409 shares of the industrial products company's stock worth $17,035,000 after acquiring an additional 2,125 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company's stock.

Tetra Tech Stock Performance

Shares of NASDAQ TTEK traded down $0.03 during trading on Tuesday, reaching $36.37. 2,760,845 shares of the company traded hands, compared to its average volume of 2,132,572. The firm's fifty day simple moving average is $34.99 and its 200 day simple moving average is $33.93. The stock has a market cap of $9.58 billion, a P/E ratio of 52.86 and a beta of 0.94. Tetra Tech, Inc. has a 12-month low of $27.27 and a 12-month 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 released its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.31 by $0.02. The business had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.05 billion. Tetra Tech had a return on equity of 23.31% and a net margin of 3.44%. The company's revenue was up 25.9% on a year-over-year basis. During the same quarter last year, the business posted $0.28 EPS. As a group, research analysts anticipate that Tetra Tech, Inc. will post 1.37 earnings per share for the current fiscal year.

Tetra Tech Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were paid a $0.065 dividend. This represents a $0.26 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend was Friday, May 23rd. This is a positive change from Tetra Tech's previous quarterly dividend of $0.06. Tetra Tech's payout ratio is currently 37.68%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on TTEK shares. Maxim Group lowered Tetra Tech from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 4th. Robert W. Baird raised their target price on 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 lifted their price objective on Tetra Tech from $34.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently 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.