Jennison Associates LLC Takes $22.65 Million Position in Tetra Tech, Inc. (NASDAQ:TTEK)

Jennison Associates LLC acquired a new position in shares of Tetra Tech, Inc. (NASDAQ:TTEK) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 568,589 shares of the industrial products company’s stock, valued at approximately $22,653,000. Jennison Associates LLC owned approximately 0.21% of Tetra Tech at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Sarasin & Partners LLP increased its holdings in shares of Tetra Tech by 330.9% in the 3rd quarter. Sarasin & Partners LLP now owns 4,950,383 shares of the industrial products company’s stock worth $233,460,000 after buying an additional 3,801,435 shares during the last quarter. Geode Capital Management LLC grew its position in Tetra Tech by 406.6% in the third quarter. Geode Capital Management LLC now owns 4,716,080 shares of the industrial products company’s stock worth $222,466,000 after acquiring an additional 3,785,189 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Tetra Tech by 387.3% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,299,418 shares of the industrial products company’s stock valued at $155,601,000 after acquiring an additional 2,622,288 shares during the last quarter. abrdn plc raised its position in Tetra Tech by 353.0% during the third quarter. abrdn plc now owns 2,110,076 shares of the industrial products company’s stock valued at $98,477,000 after purchasing an additional 1,644,267 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Tetra Tech by 357.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,070,483 shares of the industrial products company’s stock worth $97,644,000 after purchasing an additional 1,618,211 shares during the last quarter. 93.89% of the stock is currently owned by institutional investors.

Tetra Tech Stock Performance

Shares of TTEK stock opened at $34.09 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.25 and a current ratio of 1.29. Tetra Tech, Inc. has a fifty-two week low of $31.09 and a fifty-two week high of $51.20. The company has a market capitalization of $9.14 billion, a P/E ratio of 35.81 and a beta of 0.89. The stock has a 50 day moving average price of $40.32 and a two-hundred day moving average price of $44.07.

Tetra Tech (NASDAQ:TTEK) last announced its quarterly earnings results on Wednesday, January 29th. The industrial products company reported $0.35 earnings per share for the quarter, beating 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%. Analysts expect that Tetra Tech, Inc. will post 1.37 earnings per share for the current year.

Tetra Tech Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 26th. Shareholders of record on Wednesday, February 12th will be issued a $0.058 dividend. This represents a $0.23 annualized dividend and a yield of 0.68%. The ex-dividend date is Wednesday, February 12th. Tetra Tech’s dividend payout ratio (DPR) is currently 24.16%.

Analyst Upgrades and Downgrades

TTEK has been the topic of several recent research reports. KeyCorp reduced their price objective on Tetra Tech from $49.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, January 31st. StockNews.com cut shares of Tetra Tech from a “buy” rating to a “hold” rating in a research report on Friday, November 15th. Robert W. Baird boosted their price objective on shares of Tetra Tech from $46.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $52.00 target price on shares of Tetra Tech in a report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Tetra Tech currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.52.

Tetra Tech Company 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.