Short Interest in Tetra Tech, Inc. (NASDAQ:TTEK) Rises By 8.7%

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Tetra Tech, Inc. (NASDAQ:TTEK) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 1,130,000 shares, an increase of 8.7% from the December 15th total of 1,040,000 shares. Approximately 2.1% of the company’s shares are sold short. Based on an average daily volume of 253,700 shares, the short-interest ratio is presently 4.5 days.

Several brokerages have commented on TTEK. BidaskClub lowered shares of Tetra Tech from a “strong-buy” rating to a “buy” rating in a report on Friday, November 8th. Cfra lowered shares of Tetra Tech from a “buy” rating to a “hold” rating in a research note on Friday, November 15th. ValuEngine lowered shares of Tetra Tech from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Maxim Group boosted their price target on shares of Tetra Tech from $92.00 to $104.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $86.00.

In related news, SVP Craig L. Christensen sold 5,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $87.01, for a total value of $435,050.00. Following the completion of the sale, the senior vice president now owns 37,929 shares of the company’s stock, valued at $3,300,202.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Hugh M. Grant sold 8,000 shares of the firm’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $87.49, for a total value of $699,920.00. Following the completion of the sale, the director now directly owns 32,331 shares of the company’s stock, valued at approximately $2,828,639.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 48,096 shares of company stock worth $4,193,844. 3.00% of the stock is owned by company insiders.

A number of institutional investors have recently made changes to their positions in TTEK. Waratah Capital Advisors Ltd. purchased a new stake in shares of Tetra Tech in the 3rd quarter worth about $10,928,000. Metropolitan Life Insurance Co NY boosted its stake in Tetra Tech by 76.0% during the third quarter. Metropolitan Life Insurance Co NY now owns 31,063 shares of the industrial products company’s stock worth $2,695,000 after acquiring an additional 13,414 shares in the last quarter. Millennium Management LLC boosted its stake in Tetra Tech by 152.2% during the third quarter. Millennium Management LLC now owns 99,378 shares of the industrial products company’s stock worth $8,622,000 after acquiring an additional 59,978 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in Tetra Tech by 85.3% in the third quarter. Public Employees Retirement System of Ohio now owns 29,632 shares of the industrial products company’s stock worth $2,571,000 after purchasing an additional 13,642 shares during the period. Finally, Point72 Asset Management L.P. grew its holdings in Tetra Tech by 41.7% in the third quarter. Point72 Asset Management L.P. now owns 1,700 shares of the industrial products company’s stock worth $147,000 after purchasing an additional 500 shares during the period. 84.20% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:TTEK opened at $88.09 on Wednesday. The firm has a market capitalization of $4.75 billion, a P/E ratio of 27.79, a P/E/G ratio of 1.64 and a beta of 1.05. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a 50 day moving average price of $86.96 and a 200-day moving average price of $84.26. Tetra Tech has a 52-week low of $48.52 and a 52-week high of $90.34.

Tetra Tech (NASDAQ:TTEK) last released its quarterly earnings results on Wednesday, November 13th. The industrial products company reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.84 by $0.04. The company had revenue of $640.18 million for the quarter, compared to analyst estimates of $636.89 million. Tetra Tech had a return on equity of 17.92% and a net margin of 5.11%. The firm’s revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 earnings per share. On average, equities analysts forecast that Tetra Tech will post 3.42 EPS for the current fiscal year.

About Tetra Tech

Tetra Tech, Inc provides consulting and engineering services worldwide. It operates through Government Services Group (GSG) and Commercial/International Services Group (CIG) segments. The GSG segment offers early data collection and monitoring, data analysis and information technology, science and engineering applied research, engineering design, construction 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.

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