Tetra Tech Inc.'s (NASDAQ:TTEK) Executive Vice President and Chief Financial Officer, Steven M. Burdick, has sold a total of 36,830 shares of the company's common stock, according to a recent SEC filing. The transactions, which took place on September 11, 2024, amounted to over $1.7 million, with the shares being sold at a weighted average price of $46.57 each. The sales occurred in multiple transactions with prices ranging from $46.54 to $46.74.
Following the sale, Burdick still owns 112,620 shares of Tetra Tech, a leading provider of high-end consulting and engineering services. The company has not made any official statement regarding the transaction, and it remains a routine disclosure as part of regulatory requirements for company insiders.
The sale by the CFO comes after an update to his holdings earlier in the month, where a 5 to 1 forward stock split resulted in an increase of 119,560 shares to his position. Investors often monitor insider transactions as they can provide insights into the executives' confidence in the company's future performance.
Tetra Tech has been performing well in the engineering services sector, and it's not uncommon for executives to sell shares for personal financial management or diversification purposes. The company, headquartered in Pasadena, California, remains focused on delivering specialized services for water, environment, infrastructure, resource management, energy, and international development projects.
Investors and analysts will continue to watch insider activity and company performance for indications of Tetra Tech's strategic direction and financial health.
In other recent news, Tetra Tech Inc has been making notable strides. The company reported record quarterly revenue and a substantial increase in its backlog for the third quarter of fiscal year 2024. This strong performance has led Tetra Tech to raise its full-year guidance for fiscal year 2024, with the Government Services Group segment reporting a 25% increase in revenue and the Commercial International Group's net revenue growing by 4%.
Additionally, Tetra Tech has been awarded a $39.3 million contract by the U.S. Agency for International Development (USAID) aimed at enhancing gender equality and women's economic empowerment in numerous sectors worldwide. The company has also announced a five-for-one forward stock split, a strategic decision to make stock ownership more accessible by lowering the price per share without affecting the overall market capitalization.
In terms of dividends, Tetra Tech has announced a 12% increase in quarterly dividends. The company's backlog has surged to an all-time high of $5.23 billion, and it has revealed plans to invest in technology innovations and a robust acquisition pipeline focusing on the UK and Australia markets. Revenue from Ukraine surpassed expectations, reaching approximately $60 million in the third quarter, contributing to a $439 million backlog for work in Ukraine. These are among the recent developments for Tetra Tech.
InvestingPro Insights
Tetra Tech Inc. (NASDAQ:TTEK) has demonstrated a robust financial performance, as reflected in the company's recent metrics. With a market capitalization of $12.33 billion, Tetra Tech's scale within the engineering and consulting sector is considerable. The company has experienced significant revenue growth, with a 23.47% increase over the last twelve months leading up to Q3 2024, indicating a strong demand for its high-end consulting and engineering services. This growth has translated into an impressive gross profit margin of 19.68%, underscoring Tetra Tech's ability to efficiently manage costs while expanding its revenue base.
From an investment perspective, Tetra Tech's share price has seen a substantial uptick, with a 25.76% return over the last six months and a remarkable 49.88% return over the past year. This positive price momentum is a testament to the market's confidence in the company's strategic direction and operational execution. As of the previous close, the stock was trading at $46.69, nearing its 52-week high and reflecting a price that is 95.44% of that peak level.
Two notable InvestingPro Tips that may interest investors are that Tetra Tech has raised its dividend for 10 consecutive years, and analysts have revised their earnings upwards for the upcoming period. These factors suggest a commitment to returning value to shareholders and an optimistic outlook on the company's financial prospects. Additionally, the company operates with a moderate level of debt, which provides financial stability and flexibility. For investors seeking more in-depth analysis, there are 12 additional InvestingPro Tips available, which can be accessed through the InvestingPro platform at https://www.investing.com/pro/TTEK.
Investors monitoring insider transactions, such as the recent sale by CFO Steven M. Burdick, may find these data points and insights valuable for assessing Tetra Tech's continued performance and potential as a long-term investment. The company's ability to maintain a strong financial trajectory while rewarding shareholders through dividends is indicative of its leadership position in the industry.
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