Tetra Tech , Inc. (NASDAQ:TTEK), a leader in engineering services, has reported a significant transaction by one of its directors. Kimberly E. Ritrievi sold 6,500 shares of the company's common stock at a price of $46.48 per share, totaling approximately $302,120. The transaction took place on September 11, 2024, and was disclosed in a recent filing with the Securities and Exchange Commission.
Following the sale, Ritrievi still holds a substantial stake in the company, with 143,200 shares of Tetra Tech's common stock remaining in her possession. The recent transaction reflects a straightforward sale with all shares sold at the exact price mentioned.
It's worth noting that on September 6, 2024, there was a balance update for Ritrievi's holdings due to a 5 to 1 forward stock split, which added an additional 119,760 shares of common stock to her balance. This stock split adjustment significantly increased the number of shares owned by Ritrievi prior to the sale.
Tetra Tech's stock performance and the transactions of its directors are closely watched by investors, as they can provide insights into the company's internal perspective and future prospects. The sale by Director Ritrievi is the latest in a series of transactions that provide a glimpse into the trading activities of Tetra Tech's insiders.
Investors and market watchers often keep an eye on such filings to better understand how company executives and directors are managing their stock holdings. The transactions reported in these filings can contribute to a broader understanding of a company's financial health and the confidence insiders have in the company's future.
In other recent news, Tetra Tech Inc. reported record quarterly revenue for the third quarter of fiscal year 2024, prompting the company to raise its full-year guidance. The Government Services Group segment showed a 25% increase in revenue, while the Commercial International Group's net revenue grew by 4%. The company's backlog surged to an all-time high of $5.23 billion. In the same vein, Tetra Tech announced a five-for-one forward stock split, aimed at making stock ownership more accessible by lowering the price per share.
Additionally, Tetra Tech secured a $39.3 million contract from the U.S. Agency for International Development (USAID) to enhance gender equality and women's economic empowerment across various sectors globally. The company will continue its involvement with the USAID Engendering Industries program, employing data-driven change management strategies.
Tetra Tech also announced 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 strong financial performance over the last twelve months as of Q3 2024, with a notable revenue growth of 23.47%. This growth is reflected in their gross profit margin, which stood at 19.68%. Investors may find the company's dedication to shareholder returns particularly appealing, as evidenced by a consistent dividend growth, with the company raising its dividend for 10 consecutive years and maintaining dividend payments for 11 consecutive years.
An InvestingPro Tip worth mentioning is that two analysts have revised their earnings upwards for the upcoming period, signaling potential optimism about Tetra Tech's future performance. Moreover, the company has been profitable over the last twelve months and analysts predict it will continue to be profitable this year. These aspects highlight a positive outlook and could be driving factors behind the impressive year-to-date price total return of 38.52% for the company's stock.
However, Tetra Tech is trading at a high earnings multiple with a P/E ratio of 42.2 and a high Price / Book multiple of 7.5 as of Q3 2024. This indicates that the stock may be priced at a premium compared to the market, which could be a point of consideration for value-oriented investors. For those interested in a deeper analysis, InvestingPro offers additional tips and insights on Tetra Tech, including metrics on debt levels and valuation multiples.
For more detailed information and further InvestingPro Tips on Tetra Tech, investors can visit https://www.investing.com/pro/TTEK. There are 11 additional tips listed in InvestingPro that could provide a more comprehensive understanding of the company's financial health and investment potential.
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