Tetra Tech (NASDAQ:TTEK) Trading Up 4.9% on Better-Than-Expected Earnings

Tetra Tech, Inc. (NASDAQ:TTEK)’s share price shot up 4.9% on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $167.03 and last traded at $166.02. 46,817 shares were traded during trading, a decline of 84% from the average session volume of 298,847 shares. The stock had previously closed at $158.23.

The industrial products company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.34. Tetra Tech had a net margin of 7.27% and a return on equity of 20.41%. The company had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.01 billion. During the same period in the prior year, the business earned $1.26 EPS. The firm’s quarterly revenue was up 43.6% on a year-over-year basis.

Analyst Upgrades and Downgrades

TTEK has been the subject of a number of recent research reports. StockNews.com assumed coverage on shares of Tetra Tech in a report on Thursday, October 5th. They issued a “hold” rating for the company. Maxim Group increased their target price on shares of Tetra Tech from $200.00 to $215.00 in a research report on Friday, August 11th. KeyCorp upped their price target on Tetra Tech from $185.00 to $200.00 and gave the stock an “overweight” rating in a research report on Friday, August 11th. William Blair assumed coverage on Tetra Tech in a research report on Wednesday, September 13th. They issued an “outperform” rating for the company. Finally, Robert W. Baird increased their price target on Tetra Tech from $157.00 to $172.00 in a research note on Thursday, August 10th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $192.00.

Hedge Funds Weigh In On Tetra Tech

Several hedge funds have recently made changes to their positions in the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in Tetra Tech during the 2nd quarter valued at about $29,000. Denali Advisors LLC boosted its position in Tetra Tech by 92.6% in the second quarter. Denali Advisors LLC now owns 208 shares of the industrial products company’s stock valued at $34,000 after buying an additional 100 shares during the last quarter. Parallel Advisors LLC increased its holdings in Tetra Tech by 109.0% in the 1st quarter. Parallel Advisors LLC now owns 209 shares of the industrial products company’s stock worth $31,000 after buying an additional 109 shares during the period. ST Germain D J Co. Inc. purchased a new position in Tetra Tech during the 2nd quarter worth approximately $38,000. Finally, Raleigh Capital Management Inc. lifted its stake in Tetra Tech by 76.1% during the 1st quarter. Raleigh Capital Management Inc. now owns 236 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 102 shares during the period. 87.95% of the stock is owned by institutional investors and hedge funds.

Tetra Tech Stock Performance

The firm’s 50 day simple moving average is $155.18 and its 200 day simple moving average is $156.73. The firm has a market capitalization of $8.74 billion, a price-to-earnings ratio of 28.01 and a beta of 1.00. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.17 and a current ratio of 1.17.

Tetra Tech Company Profile

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.