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

Norges Bank acquired a new position in Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,046,939 shares of the industrial products company's stock, valued at approximately $121,390,000. Norges Bank owned 1.14% of Tetra Tech at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TTEK. Millburn Ridgefield Corp boosted its holdings in Tetra Tech by 346.9% in 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 acquired a new position in shares of Tetra Tech in the 4th quarter valued at about $39,000. Asset Planning Inc purchased a new stake in shares of Tetra Tech in the fourth quarter worth about $40,000. Jones Financial Companies Lllp grew its holdings in Tetra Tech by 98.0% during 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 during the period. Finally, Blue Trust Inc. raised its position 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 valued at $58,000 after acquiring an additional 1,014 shares in the last quarter. Institutional investors and hedge funds own 93.89% of the company's stock.

Tetra Tech Price Performance

TTEK stock traded down $0.82 during trading on Thursday, hitting $30.01. The stock had a trading volume of 3,185,775 shares, compared to its average volume of 1,973,477. Tetra Tech, Inc. has a twelve month low of $28.17 and a twelve month high of $51.20. The company's 50-day moving average price is $31.39 and its two-hundred day moving average price is $39.82. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a market capitalization of $8.04 billion, a P/E ratio of 31.52 and a beta of 0.93.

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Tetra Tech (NASDAQ:TTEK - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $0.35 earnings per share (EPS) for the quarter, topping 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%. As a group, research analysts predict that Tetra Tech, Inc. will post 1.37 EPS for the current fiscal year.

Tetra Tech Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th were issued a $0.058 dividend. The ex-dividend date of this dividend was Wednesday, February 12th. This represents a $0.23 dividend on an annualized basis and a yield of 0.77%. Tetra Tech's payout ratio is 24.21%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on TTEK shares. KeyCorp dropped 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 note on Friday, January 31st. Maxim Group cut Tetra Tech from a "buy" rating to a "hold" rating in a research report on Thursday, February 6th. Finally, Royal Bank of Canada set a $49.00 price target on Tetra Tech in a research report on Friday, January 31st. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tetra Tech has an average rating of "Moderate Buy" and a consensus target price of $47.92.

Insiders Place Their Bets

In related news, Director Kirsten M. Volpi sold 10,116 shares of the stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $34.33, for a total value of $347,282.28. Following the completion of the sale, the director now owns 60,196 shares of the company's stock, valued at approximately $2,066,528.68. This trade represents a 14.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.40% of the company's stock.

Tetra Tech 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.