Tetra Tech’s (TTEK) “Buy” Rating Reaffirmed at Boenning Scattergood
Tetra Tech (NASDAQ:TTEK)‘s stock had its “buy” rating restated by stock analysts at Boenning Scattergood in a report issued on Thursday. They presently have a $80.00 target price on the industrial products company’s stock. Boenning Scattergood’s target price points to a potential upside of 46.55% from the stock’s current price. Boenning Scattergood also issued estimates for Tetra Tech’s Q1 2020 earnings at $0.70 EPS, Q3 2020 earnings at $0.93 EPS, Q4 2020 earnings at $0.93 EPS and FY2020 earnings at $3.30 EPS.
The analysts wrote, “We reiterate our Outperform rating for TTEK; our $80 target price reflects a forward P/E of 24.3 times, a ~10% premium to the water infrastructure peer group average of 22.5 times that we believe is justified by the company’s top-flight competitive position and robust growth outlook.””
A number of other brokerages also recently weighed in on TTEK. Maxim Group set a $87.00 price target on Tetra Tech and gave the stock a “buy” rating in a research report on Thursday, November 8th. BidaskClub raised Tetra Tech from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 8th. Robert W. Baird boosted their price target on Tetra Tech from $63.00 to $70.00 and gave the stock a “hold” rating in a research report on Thursday, November 8th. Finally, Zacks Investment Research reissued a “hold” rating on shares of Tetra Tech in a research report on Saturday, November 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $72.86.
Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings results on Wednesday, November 7th. The industrial products company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.74 by $0.01. The firm had revenue of $563.67 million for the quarter, compared to the consensus estimate of $571.33 million. Tetra Tech had a return on equity of 15.80% and a net margin of 4.62%. The business’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 earnings per share. On average, analysts anticipate that Tetra Tech will post 2.87 earnings per share for the current fiscal year.
In other news, Director Kirsten M. Volpi sold 1,200 shares of the company’s stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $66.94, for a total value of $80,328.00. Following the transaction, the director now owns 8,801 shares of the company’s stock, valued at $589,138.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Dan L. Batrack sold 44,869 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $65.11, for a total value of $2,921,420.59. Following the completion of the transaction, the chief executive officer now directly owns 305,800 shares in the company, valued at approximately $19,910,638. The disclosure for this sale can be found here. Insiders sold 61,034 shares of company stock worth $3,958,744 in the last ninety days. 3.40% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in shares of Tetra Tech by 3.1% in the third quarter. BlackRock Inc. now owns 8,418,074 shares of the industrial products company’s stock valued at $574,955,000 after purchasing an additional 251,711 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Tetra Tech by 1.5% in the third quarter. Vanguard Group Inc. now owns 5,584,328 shares of the industrial products company’s stock valued at $381,410,000 after purchasing an additional 84,426 shares during the last quarter. KAMES CAPITAL plc grew its position in shares of Tetra Tech by 2.6% in the third quarter. KAMES CAPITAL plc now owns 1,480,699 shares of the industrial products company’s stock valued at $101,132,000 after purchasing an additional 37,262 shares during the last quarter. Boston Partners grew its position in shares of Tetra Tech by 0.4% in the second quarter. Boston Partners now owns 1,054,385 shares of the industrial products company’s stock valued at $61,682,000 after purchasing an additional 4,525 shares during the last quarter. Finally, Macquarie Group Ltd. grew its position in shares of Tetra Tech by 6.0% in the third quarter. Macquarie Group Ltd. now owns 971,031 shares of the industrial products company’s stock valued at $66,322,000 after purchasing an additional 55,171 shares during the last quarter. 84.55% of the stock is currently owned by institutional investors.
About Tetra Tech
Tetra Tech, Inc provides consulting and engineering services worldwide. It operates through two segments, Water, Environment and Infrastructure (WEI); and Resource Management and Energy (RME). The WEI segment offers early data collection and monitoring, data analysis and information technology, science and engineering applied research, engineering design, construction 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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