Tetra Tech (NASDAQ:TTEK) Shares Gap Up on Earnings Beat

Shares of Tetra Tech, Inc. (NASDAQ:TTEK) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $30.88, but opened at $34.27. Tetra Tech shares last traded at $34.10, with a volume of 1,271,700 shares changing hands.

The industrial products company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.31 by $0.02. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.05 billion. Tetra Tech had a return on equity of 22.58% and a net margin of 4.81%. The firm’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period last year, the business earned $0.28 earnings per share.

Tetra Tech Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be paid a dividend of $0.065 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $0.26 dividend on an annualized basis and a yield of 0.74%. This is an increase from Tetra Tech’s previous quarterly dividend of $0.06. Tetra Tech’s payout ratio is currently 24.21%.

Analyst Ratings Changes

TTEK has been the subject of a number of analyst reports. Royal Bank of Canada set a $49.00 price objective on shares of Tetra Tech in a report on Friday, January 31st. Robert W. Baird raised their price target on shares of Tetra Tech from $31.00 to $33.00 and gave the stock a “neutral” rating in a research note on Thursday. KeyCorp lowered their price objective on Tetra Tech from $45.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Maxim Group downgraded Tetra Tech from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Tetra Tech presently has an average rating of “Hold” and an average target price of $42.40.

Institutional Trading of Tetra Tech

Several hedge funds have recently modified their holdings of TTEK. Chilton Capital Management LLC acquired a new stake in Tetra Tech during the 1st quarter valued at $25,000. Baillie Gifford & Co. acquired a new stake in shares of Tetra Tech in the first quarter valued at $27,000. R Squared Ltd acquired a new position in Tetra Tech during the 4th quarter worth about $39,000. Asset Planning Inc acquired a new stake in Tetra Tech in the 4th quarter valued at about $40,000. Finally, Jones Financial Companies Lllp grew its stake in shares of Tetra Tech by 98.0% during the fourth quarter. Jones Financial Companies Lllp now owns 1,000 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 495 shares during the last quarter. Institutional investors and hedge funds own 93.89% of the company’s stock.

Tetra Tech Stock Up 13.1 %

The firm’s 50-day moving average is $29.94 and its two-hundred day moving average is $36.56. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market cap of $9.36 billion, a P/E ratio of 36.68 and a beta of 0.92.

Tetra Tech Company Profile

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.