Tetra Tech (NASDAQ:TTEK) Announces Quarterly Earnings Results

Tetra Tech (NASDAQ:TTEK - Get Free Report) announced its earnings results on Wednesday. The industrial products company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.13, Briefing.com reports. The company had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Tetra Tech had a net margin of 4.77% and a return on equity of 21.05%. Tetra Tech's revenue was down 9.5% compared to the same quarter last year. During the same quarter last year, the firm posted $1.17 earnings per share. Tetra Tech updated its Q3 guidance to $1.50-1.55 EPS and its FY24 guidance to $6.15-6.25 EPS.

Tetra Tech Stock Down 1.1 %

Shares of NASDAQ TTEK traded down $2.23 during midday trading on Wednesday, hitting $192.49. The company's stock had a trading volume of 390,062 shares, compared to its average volume of 265,319. The business's fifty day simple moving average is $185.18 and its two-hundred day simple moving average is $170.94. The firm has a market capitalization of $10.30 billion, a price-to-earnings ratio of 44.66 and a beta of 0.96. Tetra Tech has a 1 year low of $132.29 and a 1 year high of $196.48. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.25 and a quick ratio of 1.25.

Insider Activity at Tetra Tech

In related news, CFO Steven M. Burdick sold 7,128 shares of the firm's stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $165.01, for a total value of $1,176,191.28. Following the sale, the chief financial officer now owns 37,405 shares of the company's stock, valued at $6,172,199.05. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Steven M. Burdick sold 7,515 shares of the firm's stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $175.67, for a total value of $1,320,160.05. Following the sale, the chief financial officer now owns 29,890 shares of the company's stock, valued at $5,250,776.30. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Steven M. Burdick sold 7,128 shares of the firm's stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $165.01, for a total transaction of $1,176,191.28. Following the sale, the chief financial officer now directly owns 37,405 shares in the company, valued at approximately $6,172,199.05. The disclosure for this sale can be found here. Insiders have sold a total of 32,123 shares of company stock valued at $5,487,673 over the last 90 days. 0.61% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. KeyCorp started coverage on shares of Tetra Tech in a research note on Wednesday, January 10th. They set an "overweight" rating and a $191.00 target price for the company. Maxim Group raised their price objective on shares of Tetra Tech from $220.00 to $230.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Royal Bank of Canada raised their price objective on shares of Tetra Tech from $192.00 to $203.00 and gave the company an "outperform" rating in a research note on Friday, February 2nd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Tetra Tech has an average rating of "Moderate Buy" and an average target price of $201.00.

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.

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