Victory Capital Management Inc. Sells 144,682 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Key Points

• Victory Capital Management Inc. reduced its stake in Tetra Tech, Inc. by 65.8% in the first quarter, owning 75,130 shares after selling 144,682 shares.
• Tetra Tech's quarterly earnings report showed a revenue of $1.10 billion, surpassing analysts' expectations of $1.05 billion, with a 25.9% year-over-year increase in revenue.
• The company has recently declared a quarterly dividend of $0.065 per share, up from $0.06, reflecting its commitment to returning value to shareholders.

Victory Capital Management Inc. lessened its holdings in Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 65.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 75,130 shares of the industrial products company's stock after selling 144,682 shares during the period. Victory Capital Management Inc.'s holdings in Tetra Tech were worth $2,198,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TTEK. Sarasin & Partners LLP bought a new position in Tetra Tech in the first quarter valued at $144,799,000. Geode Capital Management LLC increased its stake in Tetra Tech by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 4,729,696 shares of the industrial products company's stock valued at $188,487,000 after acquiring an additional 13,616 shares during the last quarter. Robeco Schweiz AG increased its stake in Tetra Tech by 30.3% in the first quarter. Robeco Schweiz AG now owns 3,192,116 shares of the industrial products company's stock valued at $93,369,000 after acquiring an additional 742,241 shares during the last quarter. Norges Bank bought a new position in Tetra Tech in the fourth quarter valued at $121,390,000. Finally, Ninety One UK Ltd increased its stake in Tetra Tech by 26.4% in the first quarter. Ninety One UK Ltd now owns 2,990,262 shares of the industrial products company's stock valued at $87,465,000 after acquiring an additional 625,052 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company's stock.

Tetra Tech Stock Down 1.8%

NASDAQ TTEK traded down $0.65 during mid-day trading on Friday, reaching $36.09. The stock had a trading volume of 871,269 shares, compared to its average volume of 2,463,802. Tetra Tech, Inc. has a 1 year low of $27.27 and a 1 year high of $51.20. The stock has a market cap of $9.51 billion, a PE ratio of 45.23 and a beta of 0.94. The company has a fifty day moving average price of $36.26 and a 200 day moving average price of $33.66. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.10 and a quick ratio of 1.10.

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 for the quarter, topping analysts' consensus estimates of $0.37 by $0.06. Tetra Tech had a net margin of 3.94% and a return on equity of 24.85%. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business earned $1.59 EPS. The firm's revenue for the quarter was up 1.9% on a year-over-year basis. On average, research analysts expect that Tetra Tech, Inc. will post 1.37 earnings per share for the current year.

Tetra Tech Announces Dividend

The business also recently announced 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 0.7%. The ex-dividend date of this dividend is Friday, August 15th. Tetra Tech's payout ratio is 37.68%.

Wall Street Analyst Weigh In

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

Tetra Tech 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.