Tetra Tech (NASDAQ:TTEK) Issues FY 2024 Earnings Guidance

Tetra Tech (NASDAQ:TTEK) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of $5.70-$6.00 for the period, compared to the consensus earnings per share estimate of $5.76. The company issued revenue guidance of $4.05 billion-$4.25 billion, compared to the consensus revenue estimate of $4.16 billion. Tetra Tech also updated its FY24 guidance to $5.70-6.00 EPS.

Tetra Tech Stock Down 1.7 %

NASDAQ TTEK opened at $158.23 on Thursday. Tetra Tech has a 12 month low of $131.19 and a 12 month high of $173.27. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62. The stock has a market cap of $8.38 billion, a PE ratio of 28.01 and a beta of 1.00. The stock’s 50 day moving average is $155.18 and its 200 day moving average is $156.73.

Tetra Tech (NASDAQ:TTEK) last released its earnings results on Wednesday, November 15th. The industrial products company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.44 by $0.34. The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.01 billion. Tetra Tech had a net margin of 7.27% and a return on equity of 20.41%. The company’s quarterly revenue was up 43.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.26 earnings per share. Research analysts predict that Tetra Tech will post 5.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently commented on TTEK. Maxim Group boosted their target price on Tetra Tech from $200.00 to $215.00 in a research report on Friday, August 11th. KeyCorp raised their target price on shares of Tetra Tech from $185.00 to $200.00 and gave the company an overweight rating in a report on Friday, August 11th. Royal Bank of Canada began coverage on shares of Tetra Tech in a research report on Monday, August 28th. They set an outperform rating and a $181.00 price objective for the company. Robert W. Baird boosted their target price on shares of Tetra Tech from $157.00 to $172.00 in a report on Thursday, August 10th. Finally, William Blair assumed coverage on Tetra Tech in a research report on Wednesday, September 13th. They issued an outperform rating for the company. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Tetra Tech currently has an average rating of Moderate Buy and an average target price of $192.00.

Hedge Funds Weigh In On Tetra Tech

A number of large investors have recently bought and sold shares of TTEK. Meeder Asset Management Inc. lifted its position in shares of Tetra Tech by 165.9% during the fourth quarter. Meeder Asset Management Inc. now owns 242 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 151 shares during the last quarter. Covestor Ltd lifted its holdings in Tetra Tech by 90.8% during the 1st quarter. Covestor Ltd now owns 248 shares of the industrial products company’s stock valued at $41,000 after buying an additional 118 shares in the last quarter. 1832 Asset Management L.P. boosted its position in Tetra Tech by 88.7% in the 1st quarter. 1832 Asset Management L.P. now owns 268 shares of the industrial products company’s stock valued at $39,000 after buying an additional 126 shares during the period. Quantbot Technologies LP bought a new position in Tetra Tech in the 2nd quarter worth about $39,000. Finally, Money Concepts Capital Corp increased its position in shares of Tetra Tech by 163.2% during the fourth quarter. Money Concepts Capital Corp now owns 500 shares of the industrial products company’s stock worth $73,000 after acquiring an additional 310 shares during the period. Hedge funds and other institutional investors own 87.95% of the company’s stock.

About Tetra Tech

Tetra Tech, Inc provides consulting and engineering services worldwide. 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.