Tetra Tech (NASDAQ:TTEK) Updates FY24 Earnings Guidance

Tetra Tech (NASDAQ:TTEK) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $5.70-6.00 for the period, compared to the consensus EPS estimate of $5.79. The company issued revenue guidance of $4.05-4.25 billion, compared to the consensus revenue estimate of $4.06 billion. Tetra Tech also updated its FY 2024 guidance to $5.70-$6.00 EPS.

Tetra Tech Price Performance

Tetra Tech stock opened at $163.73 on Friday. The business’s 50-day simple moving average is $155.31 and its 200 day simple moving average is $156.78. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.62. The stock has a market cap of $8.67 billion, a price-to-earnings ratio of 32.10 and a beta of 1.00. Tetra Tech has a 12-month low of $131.19 and a 12-month high of $173.27.

Tetra Tech (NASDAQ:TTEK) last issued its earnings results on Wednesday, November 15th. The industrial products company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.34. Tetra Tech had a net margin of 6.05% and a return on equity of 21.73%. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the firm earned $1.26 EPS. The company’s revenue for the quarter was up 43.6% on a year-over-year basis. As a group, research analysts anticipate that Tetra Tech will post 5.94 earnings per share for the current year.

Tetra Tech Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Thursday, November 30th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Wednesday, November 29th. Tetra Tech’s dividend payout ratio (DPR) is currently 20.39%.

Analyst Ratings Changes

Several brokerages have commented on TTEK. William Blair began coverage on shares of Tetra Tech in a research note on Wednesday, September 13th. They issued an outperform rating for the company. Maxim Group upped their price objective on shares of Tetra Tech from $200.00 to $215.00 in a research report on Friday, August 11th. StockNews.com assumed coverage on Tetra Tech in a report on Thursday, October 5th. They set a hold rating on the stock. Robert W. Baird increased their price target on Tetra Tech from $172.00 to $180.00 and gave the stock a neutral rating in a report on Thursday. Finally, Royal Bank of Canada assumed coverage on Tetra Tech in a report on Monday, August 28th. They set an outperform rating and a $181.00 price objective on the stock. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $194.00.

Institutional Trading of Tetra Tech

Several hedge funds and other institutional investors have recently modified their holdings of TTEK. Vanguard Group Inc. boosted its position in shares of Tetra Tech by 1.2% during the first quarter. Vanguard Group Inc. now owns 5,303,607 shares of the industrial products company’s stock worth $874,777,000 after buying an additional 61,906 shares during the period. State Street Corp lifted its stake in Tetra Tech by 1.9% in the 1st quarter. State Street Corp now owns 1,707,196 shares of the industrial products company’s stock valued at $281,585,000 after acquiring an additional 31,942 shares in the last quarter. Invesco Ltd. boosted its position in Tetra Tech by 7.5% during the 1st quarter. Invesco Ltd. now owns 917,617 shares of the industrial products company’s stock worth $151,353,000 after acquiring an additional 64,168 shares during the last quarter. Norges Bank bought a new position in shares of Tetra Tech during the 4th quarter worth approximately $132,468,000. Finally, Macquarie Group Ltd. raised its holdings in shares of Tetra Tech by 3.5% in the second quarter. Macquarie Group Ltd. now owns 767,471 shares of the industrial products company’s stock valued at $104,798,000 after purchasing an additional 26,144 shares during the last quarter. Institutional investors and hedge funds own 87.95% of the company’s stock.

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.