Jefferies Group Initiates Coverage on Tenneco Inc. (TEN)
Research analysts at Jefferies Group began coverage on shares of Tenneco Inc. (NYSE:TEN) in a note issued to investors on Wednesday. The brokerage set a “hold” rating on the stock.
Separately, Zacks Investment Research upgraded Tenneco from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research note on Tuesday, September 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $60.58.
Shares of Tenneco (NYSE:TEN) opened at 58.84 on Wednesday. The stock’s 50 day moving average price is $55.57 and its 200 day moving average price is $54.37. The company has a market cap of $3.24 billion, a PE ratio of 8.60 and a beta of 1.94. Tenneco has a one year low of $34.45 and a one year high of $60.89.
Tenneco (NYSE:TEN) last issued its earnings results on Friday, October 28th. The company reported $1.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.04. Tenneco had a return on equity of 58.26% and a net margin of 4.61%. The company earned $2.10 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the company posted $1.22 EPS. The firm’s revenue for the quarter was up 3.7% compared to the same quarter last year. Equities analysts predict that Tenneco will post $5.90 earnings per share for the current fiscal year.
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In other news, insider Josep Fornos sold 11,030 shares of the business’s stock in a transaction on Wednesday, October 5th. The stock was sold at an average price of $59.00, for a total transaction of $650,770.00. Following the completion of the transaction, the insider now owns 30,865 shares of the company’s stock, valued at approximately $1,821,035. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Peng Guo sold 3,186 shares of the business’s stock in a transaction on Wednesday, September 14th. The stock was sold at an average price of $56.14, for a total value of $178,862.04. Following the transaction, the insider now directly owns 89,828 shares of the company’s stock, valued at approximately $5,042,943.92. The disclosure for this sale can be found here. 4.30% of the stock is owned by company insiders.
Institutional investors have recently bought and sold shares of the company. First Heartland Consultants Inc. acquired a new position in Tenneco during the third quarter worth approximately $233,000. Price T Rowe Associates Inc. MD boosted its position in Tenneco by 16.4% in the third quarter. Price T Rowe Associates Inc. MD now owns 368,560 shares of the company’s stock worth $21,476,000 after buying an additional 51,920 shares during the period. Delphi Management Inc. MA boosted its position in Tenneco by 3.1% in the third quarter. Delphi Management Inc. MA now owns 42,334 shares of the company’s stock worth $2,467,000 after buying an additional 1,272 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its position in Tenneco by 475.9% in the third quarter. Cornerstone Capital Management Holdings LLC. now owns 100,200 shares of the company’s stock worth $5,838,000 after buying an additional 82,800 shares during the period. Finally, Hillcrest Asset Management LLC acquired a new position in Tenneco during the third quarter worth approximately $9,012,000. 97.70% of the stock is owned by institutional investors.
Tenneco Company Profile
Tenneco Inc (Tenneco) 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 operates in six segments: North America Clean Air; North America Ride Performance; Europe, South America and India Clean Air; Europe, South America and India Ride Performance; Asia Pacific Clean Air, and Asia Pacific Ride Performance.
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