Truist Financial Corp Cuts Stock Holdings in Tetra Tech, Inc. (NASDAQ:TTEK)

Truist Financial Corp lessened its position in Tetra Tech, Inc. (NASDAQ:TTEK) by 45.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,836 shares of the industrial products company’s stock after selling 10,580 shares during the quarter. Truist Financial Corp’s holdings in Tetra Tech were worth $2,143,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TTEK. Contravisory Investment Management Inc. acquired a new stake in Tetra Tech in the 4th quarter valued at about $26,000. Millburn Ridgefield Corp acquired a new stake in shares of Tetra Tech in the third quarter valued at approximately $37,000. GAMMA Investing LLC acquired a new position in Tetra Tech during the fourth quarter worth $38,000. McGlone Suttner Wealth Management Inc. purchased a new stake in Tetra Tech in the 4th quarter valued at $89,000. Finally, Fifth Third Bancorp increased its stake in shares of Tetra Tech by 39.1% in the 3rd quarter. Fifth Third Bancorp now owns 718 shares of the industrial products company’s stock worth $109,000 after acquiring an additional 202 shares during the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on TTEK shares. Robert W. Baird upped their price objective on shares of Tetra Tech from $180.00 to $200.00 and gave the company a “neutral” rating in a report on Thursday, May 2nd. Maxim Group raised their price target on shares of Tetra Tech from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Tuesday, April 30th. Northcoast Research upgraded Tetra Tech from a “neutral” rating to a “buy” rating and set a $225.00 price objective on the stock in a report on Thursday, May 2nd. KeyCorp raised their target price on Tetra Tech from $209.00 to $219.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Finally, StockNews.com raised Tetra Tech from a “hold” rating to a “buy” rating in a research note on Friday, May 3rd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $221.40.

Insider Transactions at Tetra Tech

In related news, CFO Steven M. Burdick sold 7,515 shares of Tetra Tech stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $175.67, for a total value of $1,320,160.05. Following the completion of the transaction, the chief financial officer now directly owns 29,890 shares in the company, valued at $5,250,776.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Steven M. Burdick sold 7,515 shares of Tetra Tech stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $175.67, for a total value of $1,320,160.05. Following the completion of the transaction, the chief financial officer now owns 29,890 shares in the company, valued at $5,250,776.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director J Kenneth Thompson sold 3,500 shares of the stock in a transaction that occurred on Wednesday, February 14th. The shares were sold at an average price of $177.24, for a total transaction of $620,340.00. Following the completion of the sale, the director now directly owns 10,985 shares in the company, valued at $1,946,981.40. The disclosure for this sale can be found here. Corporate insiders own 0.61% of the company’s stock.

Tetra Tech Trading Up 0.2 %

TTEK opened at $212.36 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.24 and a debt-to-equity ratio of 0.60. The firm has a market cap of $11.36 billion, a P/E ratio of 42.99 and a beta of 0.93. Tetra Tech, Inc. has a 52 week low of $132.29 and a 52 week high of $216.24. The business has a fifty day simple moving average of $189.50 and a 200-day simple moving average of $173.06.

Tetra Tech (NASDAQ:TTEK) last released its earnings results on Wednesday, May 1st. The industrial products company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.29 by $0.13. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $1.03 billion. Tetra Tech had a return on equity of 21.16% and a net margin of 5.36%. Tetra Tech’s revenue was down 9.5% compared to the same quarter last year. During the same period in the previous year, the company posted $1.17 EPS. On average, equities analysts expect that Tetra Tech, Inc. will post 6.2 earnings per share for the current year.

Tetra Tech Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Shareholders of record on Monday, May 20th will be paid a $0.29 dividend. This is an increase from Tetra Tech’s previous quarterly dividend of $0.26. The ex-dividend date is Friday, May 17th. This represents a $1.16 annualized dividend and a dividend yield of 0.55%. Tetra Tech’s payout ratio is 23.48%.

About Tetra Tech

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.