Tenneco Inc. (NYSE:TEN) Downgraded by ValuEngine to Buy

ValuEngine cut shares of Tenneco Inc. (NYSE:TEN) from a strong-buy rating to a buy rating in a report published on Saturday morning.

Several other equities research analysts have also issued reports on the company. Royal Bank Of Canada reaffirmed a hold rating and issued a $71.00 price objective on shares of Tenneco in a research note on Thursday, July 6th. BidaskClub raised Tenneco from a hold rating to a buy rating in a research note on Thursday, June 29th. CLSA assumed coverage on Tenneco in a research note on Wednesday, June 21st. They issued a buy rating and a $68.00 price objective for the company. Guggenheim assumed coverage on Tenneco in a research note on Wednesday, June 21st. They issued a buy rating and a $68.00 price objective for the company. Finally, Morgan Stanley lowered their price objective on Tenneco from $45.00 to $44.00 and set an underweight rating for the company in a research note on Friday, June 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus price target of $66.78.

Shares of Tenneco (NYSE:TEN) traded down 3.84% during trading on Friday, reaching $57.86. The company’s stock had a trading volume of 806,178 shares. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of 8.71 and a beta of 1.81. Tenneco has a 12-month low of $51.09 and a 12-month high of $70.96. The company has a 50 day moving average of $57.35 and a 200-day moving average of $61.40.

Tenneco (NYSE:TEN) last announced its quarterly earnings results on Monday, May 1st. The auto parts company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $1.43 by $0.10. Tenneco had a return on equity of 55.31% and a net margin of 4.21%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the prior year, the company earned $1.17 earnings per share. The firm’s revenue was up 7.3% on a year-over-year basis. Analysts forecast that Tenneco will post $6.58 EPS for the current year.

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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.73%. Tenneco’s payout ratio is 15.17%.

In other news, Director David B. Price, Jr. sold 4,893 shares of the stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $57.82, for a total value of $282,913.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP John E. Kunz sold 4,243 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $59.75, for a total value of $253,519.25. Following the completion of the sale, the vice president now owns 30,373 shares in the company, valued at $1,814,786.75. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.

Several large investors have recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of Tenneco by 7,263.0% in the first quarter. BlackRock Inc. now owns 4,259,121 shares of the auto parts company’s stock valued at $265,853,000 after buying an additional 4,201,276 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Tenneco by 242.5% in the first quarter. Wells Fargo & Company MN now owns 1,120,481 shares of the auto parts company’s stock valued at $69,941,000 after buying an additional 793,370 shares during the last quarter. Norges Bank acquired a new stake in shares of Tenneco during the fourth quarter valued at $29,332,000. DnB Asset Management AS increased its stake in shares of Tenneco by 27.9% in the second quarter. DnB Asset Management AS now owns 1,097,666 shares of the auto parts company’s stock valued at $63,478,000 after buying an additional 239,492 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Tenneco by 5.2% in the first quarter. Vanguard Group Inc. now owns 4,726,512 shares of the auto parts company’s stock valued at $295,029,000 after buying an additional 232,847 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

About Tenneco

Tenneco Inc is a producer of clean air and ride performance products and systems for light vehicle, commercial truck, off-highway and other vehicle applications. The Company designs, manufactures and distributes highly engineered products for both original equipment vehicle manufacturers (OEMs) and the repair and replacement markets, or aftermarket, across the world.