Executive Vice President and Chief Sustainability Officer of Tetra Tech Inc. (NASDAQ:TTEK), Leslie L. Shoemaker, has recently sold 78,420 shares of the company's common stock, according to the latest SEC filings. The transactions, which took place on September 10, 2024, amounted to a total value of over $3.6 million.
The shares were sold at a weighted average price of $46.111, with individual transactions occurring at prices ranging from $45.88 to $46.41. Following the sale, Shoemaker's remaining stake in the company is reported to be 296,015 shares of common stock.
The recent transaction reflects a significant change in Shoemaker's holdings in Tetra Tech. It's worth noting that on September 6, 2024, there was an adjustment to the balance of 74,887 shares due to a forward 5 to 1 stock split, resulting in an increase of 299,548 shares.
Tetra Tech, based in Pasadena, California, specializes in engineering services and has been a player in the industry with a focus on sustainability and innovative solutions. The company's performance and executive transactions are often closely watched by investors seeking insights into the firm's health and leadership confidence.
The sale by Shoemaker represents a noteworthy move in the executive's investment in Tetra Tech, and it provides investors with up-to-date information on insider transactions within the company. As with all insider trading data, these disclosures are publicly available and offer a glimpse into the actions of company executives and their perspectives on the stock's value.
In other recent news, Tetra Tech Inc. has announced a series of significant developments. The company reported record quarterly revenue in the third quarter of fiscal year 2024, leading to an increase in its full-year guidance. The Government Services Group segment reported a 25% increase in revenue, while the Commercial International Group's net revenue grew by 4%.
Additionally, Tetra Tech secured a $39.3 million contract from the U.S. Agency for International Development (USAID) aimed at enhancing gender equality and women's economic empowerment globally. This contract will see the company continue its involvement with the USAID Engendering Industries program, which began in 2018.
The company also announced a five-for-one forward stock split, aimed at making stock ownership more accessible by lowering the price per share. In other financial news, Tetra Tech declared a 12% increase in quarterly dividends and reported a surge in its backlog to an all-time high of $5.23 billion.
Tetra Tech also revealed plans to invest in technology innovations and has a strong 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
Amidst the news of executive transactions at Tetra Tech Inc. (NASDAQ:TTEK), it's essential to consider the company's financial health and market position. Based on the latest data from InvestingPro, Tetra Tech boasts a robust market capitalization of $12.33 billion. This figure underscores the company's significant presence in the engineering services sector, particularly in the realm of sustainability and innovation.
Analyzing the company's performance metrics further, Tetra Tech is currently trading at a high earnings multiple, with a P/E ratio of 42.2 and an adjusted P/E ratio for the last twelve months as of Q3 2024 at 39.89. This valuation suggests that investors are willing to pay a premium for Tetra Tech's shares, potentially due to the company's growth prospects or its established track record in the industry.
InvestingPro Tips highlight that Tetra Tech has raised its dividend for 10 consecutive years and has maintained dividend payments for 11 consecutive years, with a dividend growth over the last twelve months as of Q3 2024 at 11.54%. This consistent return to shareholders may be a signal of the company's financial stability and commitment to returning value to its investors.
For those seeking more in-depth analysis, additional InvestingPro Tips are available, including insights into analysts' earnings revisions, debt levels, and profitability predictions. In total, there are 12 more InvestingPro Tips listed on https://www.investing.com/pro/TTEK, providing a comprehensive outlook for investors considering Tetra Tech as part of their portfolio.
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