Fred Alger Management LLC Has $617,000 Stake in Tetra Tech, Inc. (NASDAQ:TTEK)

Fred Alger Management LLC lowered its stake in shares of Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 70.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,475 shares of the industrial products company's stock after selling 37,670 shares during the quarter. Fred Alger Management LLC's holdings in Tetra Tech were worth $617,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TTEK. Tidal Investments LLC increased its stake in shares of Tetra Tech by 226.7% during the third quarter. Tidal Investments LLC now owns 11,722 shares of the industrial products company's stock valued at $553,000 after acquiring an additional 8,134 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Tetra Tech by 279.4% during the third quarter. Principal Financial Group Inc. now owns 754,702 shares of the industrial products company's stock valued at $35,592,000 after purchasing an additional 555,789 shares during the last quarter. Nordea Investment Management AB raised its position in Tetra Tech by 0.9% during the fourth quarter. Nordea Investment Management AB now owns 45,422 shares of the industrial products company's stock valued at $1,809,000 after buying an additional 411 shares during the period. Harbor Capital Advisors Inc. raised its position in Tetra Tech by 1.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 37,078 shares of the industrial products company's stock valued at $1,477,000 after buying an additional 648 shares during the period. Finally, Define Financial LLC acquired a new position in Tetra Tech during the fourth quarter valued at $412,000. Institutional investors and hedge funds own 93.89% of the company's stock.

Tetra Tech Stock Performance

NASDAQ:TTEK traded down $0.30 during mid-day trading on Wednesday, hitting $34.74. 2,498,234 shares of the company's stock traded hands, compared to its average volume of 2,059,789. The firm has a 50 day moving average of $30.41 and a two-hundred day moving average of $36.20. Tetra Tech, Inc. has a 12 month low of $27.27 and a 12 month high of $51.20. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 36.49 and a beta of 0.92. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.53.

Tetra Tech (NASDAQ:TTEK - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.31 by $0.02. Tetra Tech had a return on equity of 22.58% and a net margin of 4.81%. The company had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the company earned $0.28 EPS. The company's quarterly revenue was up 25.9% on a year-over-year basis. On average, equities analysts forecast that Tetra Tech, Inc. will post 1.37 earnings per share for the current fiscal year.

Tetra Tech Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be issued a $0.065 dividend. The ex-dividend date is Friday, May 23rd. This is a boost from Tetra Tech's previous quarterly dividend of $0.06. This represents a $0.26 dividend on an annualized basis and a dividend yield of 0.75%. Tetra Tech's dividend payout ratio is presently 37.68%.

Analysts Set New Price Targets

TTEK has been the topic of several research reports. Maxim Group lowered Tetra Tech from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 4th. Robert W. Baird increased their target price on Tetra Tech from $31.00 to $33.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. KeyCorp increased their target price on Tetra Tech from $34.00 to $41.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. Finally, Royal Bank of Canada set a $49.00 target price on Tetra Tech in a research note on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $44.15.

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.