Envestnet Asset Management Inc. Sells 118,283 Shares of Tetra Tech, Inc. (NASDAQ:TTEK)

Envestnet Asset Management Inc. trimmed its stake in Tetra Tech, Inc. (NASDAQ:TTEK) by 13.7% during the 4th quarter, HoldingsChannel reports. The fund owned 747,630 shares of the industrial products company’s stock after selling 118,283 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Tetra Tech were worth $29,786,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in Tetra Tech by 406.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,716,080 shares of the industrial products company’s stock worth $222,466,000 after purchasing an additional 3,785,189 shares in the last quarter. Norges Bank bought a new position in shares of Tetra Tech in the fourth quarter worth approximately $121,390,000. King Luther Capital Management Corp grew its holdings in shares of Tetra Tech by 324.0% during the fourth quarter. King Luther Capital Management Corp now owns 1,278,295 shares of the industrial products company’s stock valued at $50,927,000 after buying an additional 976,810 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in Tetra Tech by 130.8% in the 4th quarter. Teacher Retirement System of Texas now owns 1,383,025 shares of the industrial products company’s stock worth $55,100,000 after acquiring an additional 783,736 shares during the last quarter. Finally, Jennison Associates LLC bought a new position in Tetra Tech in the 4th quarter valued at approximately $22,653,000. 93.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TTEK has been the subject of several recent analyst reports. Maxim Group cut Tetra Tech from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 4th. Royal Bank of Canada set a $49.00 target price on Tetra Tech in a research report on Friday, January 31st. Finally, KeyCorp reduced their price target on shares of Tetra Tech from $49.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.92.

Insider Transactions at Tetra Tech

In related news, Director Kirsten M. Volpi sold 10,116 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were 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 directly owns 60,196 shares of the company’s stock, valued at approximately $2,066,528.68. This represents a 14.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.40% of the company’s stock.

Tetra Tech Price Performance

NASDAQ TTEK opened at $30.19 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $8.09 billion, a P/E ratio of 31.71 and a beta of 0.89. The company has a 50-day moving average price of $29.95 and a 200-day moving average price of $38.78. Tetra Tech, Inc. has a 52 week low of $27.27 and a 52 week high of $51.20.

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

Tetra Tech Announces Dividend

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

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.