Tetra Tech (NASDAQ:TTEK) Shares Down 4.9% – Here’s What Happened

Shares of Tetra Tech, Inc. (NASDAQ:TTEK) fell 4.9% during trading on Thursday . The stock traded as low as $40.16 and last traded at $39.75. 337,132 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 1,395,518 shares. The stock had previously closed at $41.78.

Analysts Set New Price Targets

TTEK has been the topic of a number of recent analyst reports. Robert W. Baird increased their price target on Tetra Tech from $46.00 to $47.00 and gave the stock a “neutral” rating in a research note on Thursday, November 14th. Royal Bank of Canada restated an “outperform” rating and issued a $52.00 price target on shares of Tetra Tech in a report on Friday, November 15th. KeyCorp cut their price objective on shares of Tetra Tech from $56.00 to $49.00 and set an “overweight” rating on the stock in a report on Friday, November 15th. Finally, StockNews.com downgraded shares of Tetra Tech from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tetra Tech presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.32.

Tetra Tech Trading Down 5.2 %

The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a fifty day moving average of $41.14 and a 200-day moving average of $44.32. The firm has a market cap of $10.62 billion, a P/E ratio of 32.15 and a beta of 0.90.

Tetra Tech Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Wednesday, November 27th were paid a $0.058 dividend. This represents a $0.23 dividend on an annualized basis and a dividend yield of 0.59%. The ex-dividend date was Wednesday, November 27th. Tetra Tech’s dividend payout ratio is presently 18.67%.

Institutional Trading of Tetra Tech

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sarasin & Partners LLP lifted its holdings in shares of Tetra Tech by 330.9% during the third quarter. Sarasin & Partners LLP now owns 4,950,383 shares of the industrial products company’s stock valued at $233,460,000 after purchasing an additional 3,801,435 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Tetra Tech by 406.6% during the third quarter. Geode Capital Management LLC now owns 4,716,080 shares of the industrial products company’s stock valued at $222,466,000 after acquiring an additional 3,785,189 shares during the period. Allspring Global Investments Holdings LLC lifted its position in shares of Tetra Tech by 387.3% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,299,418 shares of the industrial products company’s stock valued at $155,601,000 after acquiring an additional 2,622,288 shares in the last quarter. abrdn plc boosted its stake in Tetra Tech by 353.0% in the 3rd quarter. abrdn plc now owns 2,110,076 shares of the industrial products company’s stock worth $98,477,000 after purchasing an additional 1,644,267 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Tetra Tech by 357.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,070,483 shares of the industrial products company’s stock worth $97,644,000 after purchasing an additional 1,618,211 shares in the last quarter. 93.89% of the stock is currently owned by institutional investors.

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.