Tenneco Inc. (TEN) Raised to “Strong-Buy” at ValuEngine
ValuEngine upgraded shares of Tenneco Inc. (NYSE:TEN) from a buy rating to a strong-buy rating in a report issued on Thursday, July 6th.
Several other research analysts have also recently issued reports on TEN. Deutsche Bank AG increased their price objective on Tenneco from $75.00 to $78.00 and gave the stock a hold rating in a research note on Wednesday, March 22nd. 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 price objective for the company. Royal Bank Of Canada reiterated a hold rating and set a $67.00 price objective on shares of Tenneco in a report on Tuesday, April 4th. Jefferies Group LLC reiterated a hold rating and set a $67.00 price objective on shares of Tenneco in a report on Tuesday, April 25th. Finally, Morgan Stanley decreased their price objective 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, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $66.78.
Shares of Tenneco (TEN) traded down 1.22% during midday trading on Thursday, reaching $59.01. The company had a trading volume of 488,592 shares. The company has a market capitalization of $3.19 billion, a P/E ratio of 8.93 and a beta of 1.81. Tenneco has a one year low of $44.80 and a one year high of $70.96. The company has a 50-day moving average price of $56.38 and a 200 day moving average price of $61.90.
Tenneco (NYSE:TEN) last announced its quarterly earnings data on Monday, May 1st. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the firm earned $1.17 earnings per share. Tenneco’s revenue was up 7.3% compared to the same quarter last year. Equities analysts anticipate that Tenneco will post $6.56 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 26th. Investors of record on Thursday, September 7th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.69%. The ex-dividend date is Wednesday, September 6th. Tenneco’s payout ratio is 15.17%.
In related news, Director David B. Price, Jr. sold 4,893 shares of Tenneco stock in a transaction dated Tuesday, June 6th. The stock was sold at an average price of $57.82, for a total value of $282,913.26. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP John E. Kunz sold 4,243 shares of Tenneco stock in a transaction dated 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. Insiders own 2.70% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Tenneco by 7,263.0% in the first quarter. BlackRock Inc. now owns 4,259,121 shares of the auto parts company’s stock worth $265,853,000 after buying an additional 4,201,276 shares during the period. Wells Fargo & Company MN raised its position in 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 worth $69,941,000 after buying an additional 793,370 shares during the period. Norges Bank acquired a new position in Tenneco during the fourth quarter worth $29,332,000. DnB Asset Management AS raised its position in 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 worth $63,478,000 after buying an additional 239,492 shares during the period. Finally, Vanguard Group Inc. raised its position in Tenneco by 5.2% in the first quarter. Vanguard Group Inc. now owns 4,726,512 shares of the auto parts company’s stock worth $295,029,000 after buying an additional 232,847 shares during the period. 96.35% of the stock is currently owned by institutional investors and hedge funds.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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