Fred Alger Management LLC Sells 37,670 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Fred Alger Management LLC trimmed its stake in Tetra Tech, Inc. (NASDAQ:TTEK) by 70.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,475 shares of the industrial products company’s stock after selling 37,670 shares during the quarter. Fred Alger Management LLC’s holdings in Tetra Tech were worth $617,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Tetra Tech by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 25,912,103 shares of the industrial products company’s stock valued at $1,032,338,000 after buying an additional 127,757 shares in the last quarter. Pictet Asset Management Holding SA grew its position in shares of Tetra Tech by 2.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 14,018,887 shares of the industrial products company’s stock valued at $558,512,000 after acquiring an additional 381,437 shares during the period. Amundi increased its stake in shares of Tetra Tech by 2.5% during the 4th quarter. Amundi now owns 4,873,176 shares of the industrial products company’s stock worth $194,314,000 after purchasing an additional 117,304 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Tetra Tech by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 4,729,696 shares of the industrial products company’s stock valued at $188,487,000 after purchasing an additional 13,616 shares during the period. Finally, Norges Bank acquired a new stake in Tetra Tech in the 4th quarter valued at about $121,390,000. 93.89% of the stock is currently owned by institutional investors.

Tetra Tech Price Performance

Shares of NASDAQ TTEK opened at $35.49 on Friday. The firm has a market cap of $9.51 billion, a P/E ratio of 37.28 and a beta of 0.92. The business’s 50 day moving average is $30.07 and its 200-day moving average is $36.39. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.53. Tetra Tech, Inc. has a 1-year low of $27.27 and a 1-year high of $51.20.

Tetra Tech (NASDAQ:TTEK) last posted its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.02. The firm had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Tetra Tech had a return on equity of 22.58% and a net margin of 4.81%. The company’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.28 EPS. Equities research analysts predict that Tetra Tech, Inc. will post 1.37 earnings per share for the current year.

Tetra Tech Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date is Friday, May 23rd. This is a positive change from Tetra Tech’s previous quarterly dividend of $0.06. Tetra Tech’s dividend payout ratio is presently 24.21%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TTEK. Maxim Group downgraded Tetra Tech from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Royal Bank of Canada set a $49.00 target price on Tetra Tech in a report on Friday, January 31st. KeyCorp raised their price target on Tetra Tech from $34.00 to $41.00 and gave the company an “overweight” rating in a report on Friday. Finally, Robert W. Baird upped their price objective on shares of Tetra Tech from $31.00 to $33.00 and gave the company a “neutral” rating in a report on Thursday. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $44.15.

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.