Tetra Tech, Inc. (NASDAQ:TTEK) Increases Dividend to $0.07 Per Share

Tetra Tech, Inc. (NASDAQ:TTEK) announced a quarterly dividend on Monday, May 5th, Wall Street Journal reports. Investors of record on Friday, May 23rd will be paid a dividend of 0.065 per share by the industrial products company on Thursday, June 5th. This represents a $0.26 dividend on an annualized basis and a dividend yield of 0.73%. The ex-dividend date is Friday, May 23rd. This is a 12.1% increase from Tetra Tech’s previous quarterly dividend of $0.06.

Tetra Tech has raised its dividend payment by an average of 13.6% annually over the last three years and has increased its dividend annually for the last 11 consecutive years. Tetra Tech has a dividend payout ratio of 16.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Tetra Tech to earn $1.55 per share next year, which means the company should continue to be able to cover its $0.26 annual dividend with an expected future payout ratio of 16.8%.

Tetra Tech Stock Up 0.5%

Shares of NASDAQ TTEK opened at $35.45 on Wednesday. The stock has a market cap of $9.34 billion, a PE ratio of 37.24 and a beta of 0.92. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.53. Tetra Tech has a 52-week low of $27.27 and a 52-week high of $51.20. The business has a 50-day moving average price of $30.90 and a 200 day moving average price of $35.72.

Tetra Tech (NASDAQ:TTEK) last announced its earnings results on Wednesday, May 7th. The industrial products company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.02. The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Tetra Tech had a return on equity of 22.58% and a net margin of 4.81%. The business’s revenue was up 25.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 EPS. Equities research analysts forecast that Tetra Tech will post 1.37 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on TTEK shares. KeyCorp upped their target price on Tetra Tech from $34.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, May 9th. Robert W. Baird increased their price objective on Tetra Tech from $31.00 to $33.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Maxim Group cut Tetra Tech from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 4th. Finally, Royal Bank of Canada set a $49.00 price target on Tetra Tech in a report on Friday, January 31st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $41.00.

Institutional Trading of Tetra Tech

Hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. boosted its position in Tetra Tech by 136.5% during the first quarter. Goldman Sachs Group Inc. now owns 1,658,349 shares of the industrial products company’s stock worth $48,507,000 after purchasing an additional 957,050 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Tetra Tech by 451.6% in the first quarter. AQR Capital Management LLC now owns 145,077 shares of the industrial products company’s stock valued at $4,204,000 after buying an additional 118,774 shares in the last quarter. Finally, Brighton Jones LLC acquired a new position in shares of Tetra Tech during the 4th quarter worth $225,000. 93.89% of the stock is owned by institutional investors and hedge funds.

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.