Tenneco Inc. (NYSE:TEN) was downgraded by research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday, July 22nd.
A number of other equities research analysts also recently weighed in on TEN. Goldman Sachs Group, Inc. (The) initiated coverage on Tenneco in a report on Monday, April 3rd. They issued a “buy” rating and a $71.00 price target for the company. Royal Bank Of Canada reiterated a “hold” rating and issued a $67.00 price target on shares of Tenneco in a report on Tuesday, April 4th. Jefferies Group LLC restated a “hold” rating and set a $67.00 price objective on shares of Tenneco in a research note on Tuesday, April 25th. 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. Finally, Guggenheim assumed coverage on Tenneco in a research note on Wednesday, June 21st. They set a “buy” rating and a $68.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $66.22.
Shares of Tenneco (TEN) traded down 2.83% during trading on Friday, hitting $52.17. 386,302 shares of the stock were exchanged. The stock has a market cap of $2.78 billion, a PE ratio of 10.15 and a beta of 1.79. Tenneco has a one year low of $51.09 and a one year high of $70.96. The stock’s 50 day moving average price is $56.71 and its 200 day moving average price is $59.88.
Tenneco (NYSE:TEN) last issued its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.10. Tenneco had a return on equity of 54.06% and a net margin of 3.17%. The business had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the previous year, the business earned $1.78 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. Equities research analysts predict that Tenneco will post $6.68 EPS for the current year.
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In other news, Director David B. Price, Jr. sold 4,893 shares of the company’s stock in a transaction 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, VP John E. Kunz sold 4,243 shares of the company’s stock in a transaction 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 sale, the vice president now owns 30,373 shares of the company’s stock, valued at approximately $1,814,786.75. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Several hedge funds have recently made changes to their positions in TEN. HGK Asset Management Inc. raised its stake in shares of Tenneco by 0.3% in the first quarter. HGK Asset Management Inc. now owns 12,095 shares of the auto parts company’s stock valued at $755,000 after buying an additional 31 shares during the period. Gofen & Glossberg LLC IL raised its stake in shares of Tenneco by 0.5% in the second quarter. Gofen & Glossberg LLC IL now owns 7,125 shares of the auto parts company’s stock valued at $412,000 after buying an additional 33 shares during the period. Prescott Group Capital Management L.L.C. raised its stake in shares of Tenneco by 0.3% in the first quarter. Prescott Group Capital Management L.L.C. now owns 20,649 shares of the auto parts company’s stock valued at $1,289,000 after buying an additional 52 shares during the period. Horrell Capital Management Inc. raised its stake in shares of Tenneco by 0.4% in the first quarter. Horrell Capital Management Inc. now owns 27,260 shares of the auto parts company’s stock valued at $1,702,000 after buying an additional 100 shares during the period. Finally, New York State Teachers Retirement System raised its stake in shares of Tenneco by 2.0% in the fourth quarter. New York State Teachers Retirement System now owns 5,000 shares of the auto parts company’s stock valued at $312,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 94.86% of the company’s stock.
Tenneco Company Profile
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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