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Nordea Investment Management AB reduces stake in Tetra Tech, Inc. (NASDAQ:TTEK)


Nordea Investment Management AB reduced its holdings in Tetra Tech, Inc. (NASDAQ:TTEK – Free Report) by 0.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,947 shares of the industrial products company after selling 101 shares during the period. Nordea Investment Management AB’s holdings in Tetra Tech were worth $2,031,000 at the end of the most recent reporting period.

Other major investors have also recently changed their holdings in the company. Retirement Systems of Alabama increased its holdings in Tetra Tech by 0.3% in the fourth quarter. Retirement Systems of Alabama now owns 77,406 shares of the industrial products company’s stock valued at $12,921,000 after purchasing an additional 205 shares in the last quarter. WCM Investment Management LLC increased its holdings in Tetra Tech by 2.5% in the fourth quarter. WCM Investment Management LLC now owns 339,938 shares of the industrial products company’s stock valued at $57,127,000 after purchasing an additional 8,394 shares in the last quarter. Jump Financial LLC increased its holdings in Tetra Tech by 743.1% in the fourth quarter. Jump Financial LLC now owns 22,232 shares of the industrial products company’s stock valued at $3,711,000 after purchasing an additional 19,595 shares in the last quarter. Spire Wealth Management increased its holdings in shares of Tetra Tech by 1,054.4% during the fourth quarter. Spire Wealth Management now owns 22,650 shares of the industrial products company’s stock worth $3,706,000 after acquiring an additional 20,688 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky increased its holdings in shares of Tetra Tech by 95.7% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 17,977 shares of the industrial products company’s stock worth $2,733,000 after acquiring an additional 8,791 shares during the last quarter. Institutional investors own 93.89% of the company’s stock.

Insider activities at Tetra Tech

In other Tetra Tech news, EVP Leslie L. Shoemaker sold 11,161 shares of the company’s stock on Thursday, June 13. The shares were sold at an average price of $211.83, for a total transaction of $2,364,234.63. Following the sale, the executive vice president now directly owns 74,887 shares of the company’s stock, valued at approximately $15,863,313.21. The sale was disclosed in a document filed with the SEC, which is accessible from the SEC website. 0.61% of the shares are owned by insiders.

Changes in analyst ratings

Several brokerage firms recently commented on TTEK. Maxim Group increased their price target on Tetra Tech from $234.00 to $268.00 and gave the stock a “buy” rating in a research report on Thursday, May 16. KeyCorp increased their price target on Tetra Tech from $231.00 to $234.00 and gave the company an “overweight” rating in a research report on Thursday, May 23. StockNews.com downgraded Tetra Tech from “buy” to “hold” in a research report on Wednesday, June 19. Northcoast Research upgraded Tetra Tech from “neutral” to “buy” in a research report on Thursday, May 2 and issued a $225.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $233.00 price target on Tetra Tech shares in a report on Tuesday. Two analysts have rated the stock with a hold rating and five have given it a buy rating. According to data from MarketBeat, Tetra Tech currently has an average rating of “Moderate Buy” and an average price target of $236.60.

Read our latest analysis on Tetra Tech

Price development of Tetra Tech shares

Tetra Tech stock opened at $200.38 on Thursday. Tetra Tech, Inc. has a 52-week low of $143.35 and a 52-week high of $221.40. The stock has a market cap of $10.72 billion, a price-to-earnings ratio of 40.56, and a beta of 0.93. The stock’s 50-day moving average is $209.82 and its 200-day moving average is $188.66. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.24, and a current ratio of 1.24.

Tetra Tech (NASDAQ:TTEK – Free Report) last released its quarterly earnings results on Wednesday, May 1. The industrial products company reported earnings per share (EPS) of $1.42 for the quarter, beating analysts’ consensus estimates of $1.29 by $0.13. The company had revenue of $1.05 billion for the quarter, compared to analyst expectations of $1.03 billion. Tetra Tech had a net margin of 5.36% and a return on equity of 21.16%. Tetra Tech’s revenue declined 9.5% year-over-year. During the same period last year, the company reported earnings per share of $1.17. As a group, analysts expect Tetra Tech, Inc. to report earnings per share of $6.2 for the current fiscal year.

Tetra Tech increases dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 31st. Shareholders of record on Monday, May 20th were paid a dividend of $0.29 per share. This is an increase from Tetra Tech’s previous quarterly dividend of $0.26. The ex-dividend date was Friday, May 17th. This represents an annualized dividend of $1.16 and a dividend yield of 0.58%. Tetra Tech’s dividend payout ratio is currently 23.48%.

Tetra Tech Company Profile

(Free report)

Tetra Tech, Inc. provides consulting and engineering services in the United States and internationally. The company operates in two segments: Government Services Group (GSG) and Commercial/International Services Group (CIG). The GSG segment provides early data collection and monitoring, data analysis and information management, applied scientific and engineering research, engineering design, project management, and operations and maintenance services; as well as climate change and energy management consulting; and greenhouse gas inventory assessment, certification, reduction, and management services.

Read more

Institutional ownership by quarter for Tetra Tech (NASDAQ:TTEK)



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