Norges Bank Makes New Investment in Tetra Tech, Inc. (NASDAQ:TTEK)

Norges Bank bought a new stake in shares of Tetra Tech, Inc. (NASDAQ:TTEK) in the fourth quarter, Holdings Channel reports. The institutional investor bought 3,046,939 shares of the industrial products company’s stock, valued at approximately $121,390,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Millburn Ridgefield Corp lifted its position in Tetra Tech by 346.9% during the third quarter. Millburn Ridgefield Corp now owns 800 shares of the industrial products company’s stock valued at $37,000 after purchasing an additional 621 shares during the last quarter. R Squared Ltd bought a new position in shares of Tetra Tech in the 4th quarter valued at about $39,000. Asset Planning Inc bought a new position in shares of Tetra Tech in the 4th quarter valued at about $40,000. Jones Financial Companies Lllp grew its position in Tetra Tech by 98.0% in the fourth quarter. Jones Financial Companies Lllp now owns 1,000 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 495 shares in the last quarter. Finally, Blue Trust Inc. increased its stake in Tetra Tech by 235.8% during the fourth quarter. Blue Trust Inc. now owns 1,444 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 1,014 shares during the last quarter. 93.89% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tetra Tech

In related news, Director Kirsten M. Volpi sold 10,116 shares of Tetra Tech stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $34.33, for a total transaction of $347,282.28. Following the transaction, the director now directly owns 60,196 shares of the company’s stock, valued at $2,066,528.68. This trade represents a 14.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Maxim Group cut Tetra Tech from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. KeyCorp cut their price objective on shares of Tetra Tech from $49.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. Finally, Royal Bank of Canada set a $49.00 target price on shares of Tetra Tech in a report on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $47.92.

Tetra Tech Trading Up 0.3 %

TTEK stock opened at $29.25 on Tuesday. The company has a market capitalization of $7.84 billion, a PE ratio of 30.72 and a beta of 0.93. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.29 and a quick ratio of 1.29. Tetra Tech, Inc. has a 12 month low of $28.17 and a 12 month high of $51.20. The firm’s 50-day moving average is $31.87 and its 200 day moving average is $40.00.

Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. Tetra Tech had a return on equity of 22.58% and a net margin of 4.81%. On average, research analysts anticipate that Tetra Tech, Inc. will post 1.37 EPS for the current year.

Tetra Tech Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Investors of record on Wednesday, February 12th were paid a $0.058 dividend. This represents a $0.23 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Wednesday, February 12th. Tetra Tech’s dividend payout ratio (DPR) is presently 24.21%.

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.