LGT Group Foundation Buys 1,514,583 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Key Points

• LGT Group Foundation increased its stake in Tetra Tech by 124.2% during Q1, acquiring an additional 1,514,583 shares, bringing its total to approximately 2.73 million shares.
• Tetra Tech reported earnings of $0.43 per share for the most recent quarter, exceeding analyst estimates of $0.37, while revenue remained steady at $1.15 billion.
• The company announced a quarterly dividend of $0.065, with a yield of 0.7% and a payout ratio of 32.50%, to be distributed to investors on August 29th.

LGT Group Foundation increased its stake in Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 124.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,734,057 shares of the industrial products company's stock after purchasing an additional 1,514,583 shares during the quarter. Tetra Tech makes up 1.1% of LGT Group Foundation's investment portfolio, making the stock its 23rd largest holding. LGT Group Foundation owned approximately 1.02% of Tetra Tech worth $79,971,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of TTEK. Fifth Third Bancorp lifted its holdings in shares of Tetra Tech by 9.7% during the 1st quarter. Fifth Third Bancorp now owns 5,351 shares of the industrial products company's stock valued at $157,000 after purchasing an additional 475 shares in the last quarter. TT International Asset Management LTD raised its stake in shares of Tetra Tech by 3.1% during the 1st quarter. TT International Asset Management LTD now owns 16,993 shares of the industrial products company's stock worth $497,000 after purchasing an additional 515 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in shares of Tetra Tech by 30.9% during the 1st quarter. Cullen Frost Bankers Inc. now owns 2,335 shares of the industrial products company's stock worth $68,000 after acquiring an additional 551 shares during the last quarter. Arkadios Wealth Advisors increased its holdings in shares of Tetra Tech by 3.0% during the 1st quarter. Arkadios Wealth Advisors now owns 21,314 shares of the industrial products company's stock worth $623,000 after acquiring an additional 630 shares during the last quarter. Finally, Xponance Inc. grew its holdings in Tetra Tech by 1.6% in the 1st 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 in the last quarter. 93.89% of the stock is currently owned by institutional investors and hedge funds.

Tetra Tech Trading Down 0.2%

Shares of NASDAQ:TTEK traded down $0.06 during trading hours on Friday, hitting $35.80. 2,527,926 shares of the company's stock traded hands, compared to its average volume of 1,929,683. The business has a fifty day moving average price of $36.57 and a 200-day moving average price of $33.34. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.18 and a quick ratio of 1.18. Tetra Tech, Inc. has a 1 year low of $27.27 and a 1 year high of $51.20. The firm has a market capitalization of $9.41 billion, a P/E ratio of 44.75 and a beta of 0.92.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.43 earnings per share 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 the consensus estimate of $1.15 billion. Tetra Tech had a return on equity of 24.70% and a net margin of 3.94%. The firm's revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period last year, the firm earned $1.59 EPS. Equities analysts expect 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. Stockholders of record on Friday, August 15th will be paid a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis 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 32.50%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TTEK. Wall Street Zen upgraded Tetra Tech from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. KeyCorp raised their target price on Tetra Tech from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, 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 report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $41.67.

Insider Activity

In other Tetra Tech news, Director Gary Birkenbeuel sold 2,390 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $36.00, for a total transaction of $86,040.00. Following the completion of the transaction, the director owned 37,725 shares of the company's stock, valued at approximately $1,358,100. This trade represents a 5.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.40% of the company's stock.

About Tetra Tech

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.