Tetra Tech, Inc. (NASDAQ:TTEK) Sees Significant Growth in Short Interest

Tetra Tech, Inc. (NASDAQ:TTEK) saw a significant growth in short interest in November. As of November 15th, there was short interest totalling 5,090,000 shares, a growth of 29.8% from the October 31st total of 3,920,000 shares. Based on an average daily trading volume, of 1,770,000 shares, the short-interest ratio is presently 2.9 days.

Analyst Ratings Changes

Several brokerages have issued reports on TTEK. KeyCorp dropped their price target on Tetra Tech from $56.00 to $49.00 and set an “overweight” rating for the company in a research note on Friday, November 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $52.00 target price on shares of Tetra Tech in a research note on Friday, November 15th. StockNews.com downgraded shares of Tetra Tech from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. Finally, Robert W. Baird boosted their price objective on shares of Tetra Tech from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.32.

Insider Buying and Selling

In related news, Director Kimberly E. Ritrievi sold 6,500 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $46.48, for a total value of $302,120.00. Following the transaction, the director now directly owns 143,200 shares in the company, valued at approximately $6,655,936. This represents a 4.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Steven M. Burdick sold 36,830 shares of Tetra Tech stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $46.57, for a total transaction of $1,715,173.10. Following the sale, the chief financial officer now owns 112,620 shares of the company’s stock, valued at approximately $5,244,713.40. The trade was a 24.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 121,750 shares of company stock worth $5,633,239. Corporate insiders own 0.61% of the company’s stock.

Institutional Investors Weigh In On Tetra Tech

A number of large investors have recently added to or reduced their stakes in TTEK. Harbor Capital Advisors Inc. boosted its holdings in shares of Tetra Tech by 630.8% during the third quarter. Harbor Capital Advisors Inc. now owns 36,430 shares of the industrial products company’s stock worth $1,718,000 after purchasing an additional 31,445 shares during the period. Arkadios Wealth Advisors lifted its holdings in Tetra Tech by 615.8% in the 3rd quarter. Arkadios Wealth Advisors now owns 22,310 shares of the industrial products company’s stock worth $1,052,000 after buying an additional 19,193 shares during the period. SFE Investment Counsel grew its position in shares of Tetra Tech by 374.8% in the 3rd quarter. SFE Investment Counsel now owns 36,330 shares of the industrial products company’s stock worth $1,713,000 after buying an additional 28,679 shares during the last quarter. Caldwell Investment Management Ltd. increased its stake in shares of Tetra Tech by 400.0% during the third quarter. Caldwell Investment Management Ltd. now owns 46,500 shares of the industrial products company’s stock valued at $2,157,000 after buying an additional 37,200 shares during the period. Finally, Banque Cantonale Vaudoise raised its holdings in shares of Tetra Tech by 400.0% during the third quarter. Banque Cantonale Vaudoise now owns 695 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 556 shares in the last quarter. Institutional investors own 93.89% of the company’s stock.

Tetra Tech Stock Performance

Shares of TTEK stock opened at $41.51 on Friday. The company has a market capitalization of $11.11 billion, a P/E ratio of 33.69 and a beta of 0.94. Tetra Tech has a fifty-two week low of $30.92 and a fifty-two week high of $51.20. 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 stock has a 50 day moving average price of $46.58 and a two-hundred day moving average price of $44.58.

Tetra Tech Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.058 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.23 annualized dividend and a yield of 0.56%. Tetra Tech’s payout ratio is currently 18.67%.

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.