Leslie L. Shoemaker, EVP and Chief Sustainability Officer at Tetra Tech Inc (NASDAQ:TTEK), has sold 11,161 shares of company stock, according to a recent SEC filing. The transactions, which occurred on June 13, 2024, amounted to a total value of over $2.3 million, with the shares being sold at prices ranging from $211.40 to $212.16.
The sale follows a series of transactions by Shoemaker, including the exercise of stock options for the same number of shares. The options were exercised at a price of $47.95 per share, totaling approximately $535,169.
Following the sale, Shoemaker's direct ownership in Tetra Tech stands at 74,887 shares. Additional details from the filing noted that Shoemaker's beneficial ownership had been updated to reflect an acquisition of 35 shares of common stock through the company's Employee Stock Purchase Plan (ESPP) on December 15, 2023.
The weighted average price for the shares sold by Shoemaker was reported at $211.832. The transaction is part of the regular financial disclosures made by company executives and is often scrutinized by investors for insights into insider confidence and company performance.
Tetra Tech, a leader in engineering services, continues to be a significant player in the industry, with its executives' transactions being closely monitored by the investment community.
In other recent news, Tetra Tech has been the subject of several positive developments. KeyBanc has raised the shares target for the company from $219 to $231, following Tetra Tech's investor day presentations where the company outlined its financial goals for 2030. Similarly, Baird has updated its price target for Tetra Tech shares to $223.00, an increase from the previous $200.00, citing the company's strong growth outlook in various sectors.
Tetra Tech has also made strategic moves to enhance its digital services, acquiring Convergence Controls & Engineering to bolster its digital water and energy practices. In addition, the company secured a significant contract with USAID, valued at $439 million, to enhance energy security in Ukraine.
Lastly, Tetra Tech's stock target was raised by KeyBanc following strong F2Q24 earnings per share (EPS) that exceeded expectations. These recent developments indicate a positive trajectory for Tetra Tech, according to the analysis provided by KeyBanc and Baird.
InvestingPro Insights
As Tetra Tech Inc (NASDAQ:TTEK) continues to navigate the market, recent data from InvestingPro offers a deeper dive into the company's financial health and performance. The company's market capitalization stands at a robust $11.16 billion, reflecting its substantial presence in the engineering services sector. With a Price/Earnings (P/E) ratio of 42.11 and an adjusted P/E ratio for the last twelve months as of Q2 2024 at 39.17, Tetra Tech is trading at a high earnings multiple, which may indicate investor expectations of future growth or a premium for the company's market position.
InvestingPro Tips highlight that Tetra Tech has a track record of raising its dividend for 10 consecutive years, showcasing a commitment to returning value to shareholders. Additionally, the company's stock has experienced a significant price uptick over the last six months, with a 25.77% total return, demonstrating strong market performance. Analysts have taken note of these positive trends, with 5 analysts revising their earnings upwards for the upcoming period, suggesting confidence in Tetra Tech's financial prospects.
For those interested in further insights and tips on Tetra Tech, InvestingPro offers additional analysis on the company's financial metrics and future outlook. There are 13 more InvestingPro Tips available for Tetra Tech, which can be accessed through the dedicated page at Investing.com/pro/TTEK. For investors looking to gain a comprehensive understanding of the company's investment potential, using the coupon code PRONEWS24 will provide an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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