On June 1, 2023, it was reported that Connor Clark & Lunn Investment Management Ltd. recently acquired a new stake in the industrial products company Tetra Tech, Inc. (NASDAQ:TTEK). This purchase further solidifies Connor Clark & Lunn’s status as a formidable player in the investment industry.
The acquisition of 6,020 shares of Tetra Tech’s stock, valued at around $874,000 is quite an impressive number that signifies a shift in the market when it comes to industrial products companies such as Tetra Tech. As of late May 2023, Tetra Tech has been performing very well. The company recently announced their quarterly earnings results on May 10th which revealed some excellent news for investors.
Analysts had previously estimated that the company would earn an EPS of $0.96; however, Tetra Tech exceeded these expectations with an EPS of $1.17. Consequently, they were able to beat these estimates by $0.21 and have a share price performance trajectory aimed towards long-term growth and reliability.
Tetra Tech provides engineering and consulting services through three segments: Government Services Group (GSG), Commercial and International Services Group (CIG), and Remediation and Construction Management (RCM). The GSG primarily focuses on providing said services to US-based government clients such as federal, state and local agencies worldwide.
The Company aims to operate in industries where there is strong demand from government entities who seek reliable solutions for complex engineering problems.Tetra Tech offers its innovative solutions through several approaches including sustainability practices intended to reduce resource dependence while promoting operational efficiency.
As analysts note rising geopolitical concerns associated with climate change within developing countries alongside globalization processes’ ongoing structural evolution , global demand for environmental remediation projects will undoubtedly increase leading to more analyst optimism regarding Tetra Tech’s position as one of the premier environmental consulting firms over the next decade.
Therefore,research analysts firmly believe that Tetra Tech is in a strong position to post EPS of 5.12 for the remainder of this current fiscal year, along with outperforming financial analysts’ expected sales trajectory over coming years leading to substantial cash flows and profitability.
[bs_slider_forecast ticker=”TTEK”]
Tetra Tech sees significant growth in holdings by multiple hedge funds
Tetra Tech, Inc., a consulting and engineering services provider, has been making headlines recently due to its significant growth in holdings by multiple hedge funds. Massmutual Trust Co. FSB ADV is among the many investors that increased their holdings in Tetra Tech by 1,464.3% during Q4 of 2022. Another investor, Covestor Ltd, boosted its stake in shares of Tetra Tech by 90.8% during Q1 of this year. The company also caught the attention of Accurate Wealth Management LLC and Quantbot Technologies LP who each bought new positions in Tetra Tech worth $41,000 and $39,000 respectively.
CI Investments Inc., an institutional investor, further added to the stock’s prosperity with a boost to its stake by 29.0% with an additional acquisition of 85 shares valued at $55,000 during Q4 of last year. In total, institutional investors now own 85.28% of the company’s stock.
Shares in Tetra Tech today opened at $137.47 with a 50-day moving average of $141.46 and a 200-day moving average of $145.31.The company’s market cap is currently valued at approximately $7.32 billion with a PE ratio standing at a strong but not prohibitive figure of 24:46 and a beta value of 0:97.Still maintaining solvency against debt-to-equity ratios that stand at 0:79 for Q2.
Tetra Tech serves mainly United States government clients such as federal,state and local development agencies worldwide through its primary consulting subsidiary – the Government Services Group (GSG).The company also makes provision for commercial endeavours through its Commercial and International Services Group (CIG) division as well as Remediation and Construction Management (RCM).
On Tuesday June 6th,Tetra tech will pay out its recently announced quarterly dividend of $0.26 per share.This figure,an increase from their previous payment of $0.23 per share, reflects Tetra Tech’s continued growth and excellent dividend payout ratio of 18.51%, which is expected to continue driving investor interest in the company.
As a result of this combined news, multiple equities analysts have begun to weigh in on the direction that Tetra Tech is heading. The company has received a solid “maintains” rating from 1-800-FLOWERS.COM and a Robert W. Baird research note recently upped Tetra Tech’s price objective to $170. Similarly impressive ratings further demonstrate Tetra Tech’s strong performance over several quarters and its continued ability to delight shareholders through what appears to be an exciting growth period for the company.
