Principal Financial Group Inc. Reduces Position in Tetra Tech, Inc. (NASDAQ:TTEK)

Principal Financial Group Inc. cut its holdings in Tetra Tech, Inc. (NASDAQ:TTEK) by 17.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 619,717 shares of the industrial products company’s stock after selling 134,985 shares during the quarter. Principal Financial Group Inc.’s holdings in Tetra Tech were worth $24,690,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its holdings in shares of Tetra Tech by 406.6% in the third quarter. Geode Capital Management LLC now owns 4,716,080 shares of the industrial products company’s stock valued at $222,466,000 after purchasing an additional 3,785,189 shares in the last quarter. abrdn plc raised its position in shares of Tetra Tech by 7.6% in the fourth quarter. abrdn plc now owns 2,269,777 shares of the industrial products company’s stock valued at $90,031,000 after buying an additional 159,701 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Tetra Tech by 357.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,070,483 shares of the industrial products company’s stock valued at $97,644,000 after buying an additional 1,618,211 shares during the last quarter. Premier Fund Managers Ltd raised its position in shares of Tetra Tech by 400.0% in the third quarter. Premier Fund Managers Ltd now owns 1,500,000 shares of the industrial products company’s stock valued at $69,615,000 after buying an additional 1,200,000 shares during the last quarter. Finally, AEGON ASSET MANAGEMENT UK Plc raised its position in shares of Tetra Tech by 337.0% in the third quarter. AEGON ASSET MANAGEMENT UK Plc now owns 1,466,385 shares of the industrial products company’s stock valued at $69,081,000 after buying an additional 1,130,842 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.

Insider Activity

In other Tetra Tech news, Director Kirsten M. Volpi sold 10,116 shares of the firm’s stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $34.33, for a total value of $347,282.28. Following the completion of the transaction, the director now directly owns 60,196 shares in the company, valued at $2,066,528.68. This trade represents a 14.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

TTEK has been the subject of a number of analyst reports. Maxim Group lowered shares of Tetra Tech from a “buy” rating to a “hold” rating in a research report on Thursday, February 6th. KeyCorp decreased their target price on shares of Tetra Tech from $49.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Robert W. Baird increased their price objective on shares of Tetra Tech from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday, November 14th. StockNews.com downgraded shares of Tetra Tech from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, Royal Bank of Canada set a $49.00 target price on shares of Tetra Tech in a report on Friday, January 31st. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $47.92.

Tetra Tech Stock Down 0.1 %

Tetra Tech stock opened at $29.93 on Monday. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 31.44 and a beta of 0.89. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.53. The company’s 50-day moving average price is $37.73 and its two-hundred day moving average price is $43.15. Tetra Tech, Inc. has a 52 week low of $29.23 and a 52 week high of $51.20.

Tetra Tech (NASDAQ:TTEK) last released its earnings results on Wednesday, January 29th. The industrial products company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. Tetra Tech had a net margin of 4.81% and a return on equity of 22.58%. On average, analysts expect that Tetra Tech, Inc. will post 1.37 EPS for the current fiscal year.

Tetra Tech Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Stockholders of record on Wednesday, February 12th will be given a dividend of $0.058 per share. The ex-dividend date of this dividend is Wednesday, February 12th. This represents a $0.23 annualized dividend and a dividend yield of 0.78%. Tetra Tech’s dividend payout ratio (DPR) is 24.21%.

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.