The Vanguard Group, Inc. recently announced the acquisition of new stake in Tetra Tech Inc. (NASDAQ:TTEK). The institutional investor has increased its shareholding in the Industrials company by 3.33% to 5.33 million shares with purchase of 0.17 million shares. This fresh investment now brings its stake to 10.05% valued currently at $773.41 million. In addition, Pictet Asset Management SA raised its holdings by 60405.0 to 2.64 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.56% or 8065.0 shares – to 1.44 million shares.
With over 0.28 million Tetra Tech Inc. (TTEK) shares trading Friday and a closing price of $148.56 on the day, the dollar volume was approximately $41.29 million. The shares have shown a positive half year performance of 7.97% and its price on 01/13/23 gained nearly 2.00%. Currently, there are 53.15M common shares owned by the public and among those 52.63M shares have been available to trade.
Will You Miss Out On This Growth Stock Boom?
A new megatrend in the fintech market is well underway. Mobile payments are projected to boom into a massive $12 trillion market by 2028. According to Motley Fool this growth stock could "deliver huge returns." Not only in the immediate future but also over the next decade. Especially since the man behind this company is a serial entrepreneur who has been wildly successful over the years.
And this is just one of our
5 Best Growth Stocks To Own For 2023.
Sponsored
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for TTEK have a consensus price objective of $179.75. The analysts have set the share’s price value over the next 12 months at a high of $200.00 and a low of $155.00. The average price target is 19.78% above its recent price level and an upside to the estimated low will see the stock gain 4.15% over that period. But an upside of 25.72% will see the stock hit the forecast high price target while median target price for the stock is $182.00.
Insiders at the company have transacted a total of 82 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 53 of these insider trades were purchases, accounting for 159,735 shares. Insider sales of the common stock occurred on 29 occasions, with total insider shares sold totaling 111,725 shares.
The top 3 mutual fund holders in Tetra Tech Inc. are iShares Core S&P Mid Cap ETF, Vanguard Total Stock Market Index, and Pictet – Global Environment Oppor. iShares Core S&P Mid Cap ETF owns 1.63 million shares of the company’s stock, all valued at over $237.32 million. The company sold 311.0 shares recently to bring their total holdings to about 3.09% of the shares outstanding. Vanguard Total Stock Market Index bought 1767.0 shares to see its total holdings expand to 1.6 million shares valued at over $232.88 million and representing 3.03% of the shares outstanding. Pictet – Global Environment Oppor now owns shares totaling to 2.87% of the shares outstanding.
Shares of Tetra Tech Inc. (NASDAQ: TTEK) opened at $144.71, down -$0.93 from a prior closing price of $145.64. However, the script later moved the day high at 148.81, up 2.00%. The company’s stock has a 5-day price change of 8.13% and 15.05% over the past three months. TTEK shares are trading 2.32% year to date (YTD), with the 12-month market performance down to -2.69% lower. It has a 12-month low price of $118.55 and touched a high of $169.95 over the same period. TTEK has an average intraday trading volume of 262.43K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 2.27%, -0.30%, and 5.42% respectively.
Institutional ownership of Tetra Tech Inc. (NASDAQ: TTEK) shares accounts for 92.50% of the company’s 53.15M shares outstanding. Mutual fund holders own 4.17%, while other institutional holders and individual stakeholders account for 54.81% and 36.20% respectively.
It has a market capitalization of $7.72B and a beta (3y monthly) value of 0.94. The stock’s trailing 12-month PE ratio is 30.56, while the earnings-per-share (ttm) stands at $4.86. The company has a PEG of 6.24 and a Quick Ratio of 1.30 with the debt-to-equity ratio at 0.22. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.63% over the week and 2.91% over the month.
Analysts forecast that Tetra Tech Inc. (TTEK) will achieve an EPS of $1.15 for the current quarter, $1.13 for the next quarter and $4.74 for 2023. The lowest estimate earnings-per-share for the quarter is $1.13 while analysts give the company a high EPS estimate of $1.18. Comparatively, EPS for the current quarter was $1.05 a year ago. Earnings per share for the fiscal year are expected to increase by 14.10%, and 9.33% over the next financial year. EPS should shrink at an annualized rate of 4.90% over the next five years, compared to 19.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Tetra Tech Inc. (TTEK) as a “Moderate Buy” at a consensus score of 2.10. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 4 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Vertical Research coverage for the Tetra Tech Inc. (TTEK) stock in a research note released on April 13, 2021 offered a Hold rating with a price target of $145. Maxim Group was of a view on January 15, 2021 that the stock is Buy, while Stifel gave the stock Buy rating on November 09, 2020, issuing a price target of $86- $125. Berenberg on their part issued Buy rating on June 12, 2020.
