BidaskClub upgraded shares of Tenneco Inc. (NYSE:TEN) from a hold rating to a buy rating in a report published on Tuesday morning.
A number of other brokerages have also recently issued reports on TEN. Goldman Sachs Group, Inc. (The) assumed coverage on Tenneco in a report on Monday, April 3rd. They set a buy rating and a $71.00 target price for the company. Jefferies Group LLC restated a hold rating and issued a $67.00 price target on shares of Tenneco in a report on Tuesday, April 25th. Royal Bank Of Canada upped their price target on Tenneco from $67.00 to $71.00 and gave the stock a sector perform rating in a report on Tuesday, May 2nd. ValuEngine cut Tenneco from a strong-buy rating to a buy rating in a report on Friday, June 2nd. Finally, Morgan Stanley decreased their price target on Tenneco from $45.00 to $44.00 and set an underweight rating for the company in a report on Friday, June 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The company has an average rating of Buy and a consensus target price of $66.22.
Shares of Tenneco (NYSE TEN) opened at 54.00 on Tuesday. The stock’s 50 day moving average is $57.36 and its 200 day moving average is $60.89. The firm has a market cap of $2.89 billion, a PE ratio of 10.48 and a beta of 1.79. Tenneco has a 12 month low of $51.09 and a 12 month high of $70.96.
Tenneco (NYSE:TEN) last issued its earnings results on Friday, July 28th. The auto parts company reported $1.90 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.10. Tenneco had a return on equity of 53.67% and a net margin of 3.17%. The business had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the previous year, the business earned $1.78 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. On average, analysts anticipate that Tenneco will post $6.66 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 26th. Shareholders of record on Thursday, September 7th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Wednesday, September 6th. Tenneco’s dividend payout ratio is presently 19.72%.
In other Tenneco news, Director David B. Price, Jr. sold 4,893 shares of the company’s 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 document filed with the SEC, which is available through this hyperlink. Also, VP John E. Kunz sold 4,243 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $59.75, for a total value of $253,519.25. Following the completion of the transaction, the vice president now directly 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 institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP raised its position in shares of Tenneco by 8.4% in the first quarter. Quantbot Technologies LP now owns 2,410 shares of the auto parts company’s stock worth $150,000 after buying an additional 187 shares during the last quarter. Telemus Capital LLC acquired a new position in shares of Tenneco during the first quarter worth about $220,000. Winslow Evans & Crocker Inc. raised its position in shares of Tenneco by 39,760.0% in the first quarter. Winslow Evans & Crocker Inc. now owns 3,986 shares of the auto parts company’s stock worth $249,000 after buying an additional 3,976 shares during the last quarter. 1st Global Advisors Inc. acquired a new position in shares of Tenneco during the first quarter worth about $267,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Tenneco during the first quarter worth about $275,000. 96.72% of the stock is currently owned by institutional investors.
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.
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