PNC Financial Services Group Inc. Increases Stake in Tetra Tech, Inc. (NASDAQ:TTEK)

PNC Financial Services Group Inc. increased its holdings in shares of Tetra Tech, Inc. (NASDAQ:TTEK - Free Report) by 470.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 22,982 shares of the industrial products company's stock after purchasing an additional 18,955 shares during the period. PNC Financial Services Group Inc.'s holdings in Tetra Tech were worth $1,084,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in TTEK. Allworth Financial LP grew its stake in shares of Tetra Tech by 629.3% in the 3rd quarter. Allworth Financial LP now owns 547 shares of the industrial products company's stock valued at $26,000 after buying an additional 472 shares during the period. LGT Financial Advisors LLC boosted its holdings in Tetra Tech by 400.0% in the third quarter. LGT Financial Advisors LLC now owns 555 shares of the industrial products company's stock worth $26,000 after acquiring an additional 444 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in Tetra Tech in the second quarter valued at approximately $28,000. Venturi Wealth Management LLC increased its holdings in shares of Tetra Tech by 3,261.1% during the third quarter. Venturi Wealth Management LLC now owns 605 shares of the industrial products company's stock valued at $29,000 after acquiring an additional 587 shares in the last quarter. Finally, USA Financial Formulas raised its position in shares of Tetra Tech by 332.3% during the third quarter. USA Financial Formulas now owns 709 shares of the industrial products company's stock worth $33,000 after purchasing an additional 545 shares during the period. 93.89% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Tetra Tech

In related news, EVP Leslie L. Shoemaker sold 78,420 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $46.11, for a total transaction of $3,615,946.20. Following the completion of the transaction, the executive vice president now owns 296,015 shares in the company, valued at approximately $13,649,251.65. This represents a 20.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kimberly E. Ritrievi sold 6,500 shares of the business's stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $46.48, for a total transaction of $302,120.00. Following the completion of the transaction, the director now owns 143,200 shares in the company, valued at approximately $6,655,936. The trade was a 4.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 121,750 shares of company stock valued at $5,633,239. 0.61% of the stock is owned by insiders.

Tetra Tech Stock Down 0.3 %

Tetra Tech stock traded down $0.11 during midday trading on Thursday, hitting $41.47. 1,710,542 shares of the stock were exchanged, compared to its average volume of 2,925,222. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $11.10 billion, a price-to-earnings ratio of 33.66 and a beta of 0.94. Tetra Tech, Inc. has a 52-week low of $30.92 and a 52-week high of $51.20. The business's 50-day moving average price is $46.77 and its 200-day moving average price is $44.60.

Tetra Tech Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Wednesday, November 27th will be issued a $0.058 dividend. This represents a $0.23 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Wednesday, November 27th. Tetra Tech's dividend payout ratio is presently 18.67%.

Analysts Set New Price Targets

TTEK has been the subject of a number of recent research reports. Robert W. Baird boosted their price target on shares of Tetra Tech from $46.00 to $47.00 and gave the company a "neutral" rating in a research note on Thursday, November 14th. Royal Bank of Canada reissued an "outperform" rating and set a $52.00 target price on shares of Tetra Tech in a research report on Friday, November 15th. StockNews.com cut shares of Tetra Tech from a "buy" rating to a "hold" rating in a research report on Friday, November 15th. Finally, KeyCorp decreased their price objective on Tetra Tech from $56.00 to $49.00 and set an "overweight" rating for the company in a report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $49.32.

About Tetra Tech

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.