Tetra Tech (NASDAQ:TTEK) Shares Gap Up Following Strong Earnings

Tetra Tech, Inc. (NASDAQ:TTEK) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.88, but opened at $34.27. Tetra Tech shares last traded at $34.10, with a volume of 1,271,700 shares changing hands.

The industrial products company reported $0.33 earnings per share for the quarter, beating the consensus estimate 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 period last year, the firm earned $0.28 earnings per share. The company’s revenue was up 25.9% on a year-over-year basis.

Tetra Tech Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.065 per share. The ex-dividend date is Friday, May 23rd. This represents a $0.26 dividend on an annualized basis and a dividend yield of 0.73%. This is an increase from Tetra Tech’s previous quarterly dividend of $0.06. Tetra Tech’s dividend payout ratio (DPR) is presently 24.21%.

Analyst Ratings Changes

Several brokerages have weighed in on TTEK. KeyCorp raised their price objective on shares of Tetra Tech from $34.00 to $41.00 and gave the stock an “overweight” rating in a report on Friday. Royal Bank of Canada set a $49.00 price objective on Tetra Tech in a report on Friday, January 31st. Robert W. Baird increased their target price on Tetra Tech from $31.00 to $33.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Maxim Group downgraded Tetra Tech from a “strong-buy” rating to a “hold” rating in a report on Friday, April 4th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $44.15.

Hedge Funds Weigh In On Tetra Tech

Several institutional investors have recently made changes to their positions in TTEK. Chilton Capital Management LLC bought a new position in Tetra Tech during the 1st quarter worth $25,000. Baillie Gifford & Co. acquired a new position in Tetra Tech during the 1st quarter valued at about $27,000. R Squared Ltd bought a new position in Tetra Tech in the 4th quarter worth about $39,000. Asset Planning Inc bought a new stake in shares of Tetra Tech during the fourth quarter valued at approximately $40,000. Finally, Jones Financial Companies Lllp boosted its position in shares of Tetra Tech by 98.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,000 shares of the industrial products company’s stock worth $40,000 after buying an additional 495 shares during the period. 93.89% of the stock is owned by institutional investors.

Tetra Tech Price Performance

The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.29 and a current ratio of 1.29. The firm has a market capitalization of $9.51 billion, a P/E ratio of 37.28 and a beta of 0.92. The business has a fifty day moving average of $30.07 and a 200-day moving average of $36.47.

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.