BidaskClub Upgrades Tenneco Inc. (NYSE:TEN) to Buy
Tenneco Inc. (NYSE:TEN) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Tuesday.
TEN has been the topic of several other research reports. Royal Bank Of Canada reissued a “hold” rating and set a $67.00 target price on shares of Tenneco in a research note on Tuesday, April 4th. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Tenneco in a research note on Monday, April 3rd. They set a “buy” rating and a $71.00 target price on the stock. ValuEngine cut shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 22nd. Guggenheim initiated coverage on shares of Tenneco in a research note on Wednesday, June 21st. They set a “buy” rating and a $68.00 target price on the stock. Finally, Morgan Stanley lowered their target price on shares of Tenneco from $45.00 to $44.00 and set an “underweight” rating on the stock in a research note on Friday, June 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $66.22.
Shares of Tenneco (NYSE:TEN) traded down 0.815% on Tuesday, hitting $52.965. 303,824 shares of the stock were exchanged. Tenneco has a one year low of $51.09 and a one year high of $70.96. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 10.274 and a beta of 1.79. The firm’s 50 day moving average price is $57.36 and its 200 day moving average price is $60.89.
Tenneco (NYSE:TEN) last issued its quarterly earnings data on Friday, July 28th. The auto parts company reported $1.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.10. The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.26 billion. Tenneco had a net margin of 3.17% and a return on equity of 53.67%. Tenneco’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm posted $1.78 EPS. Equities analysts anticipate that Tenneco will post $6.66 earnings per share for the current year.
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In other Tenneco news, Director David B. Price, Jr. sold 4,893 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total value of $282,913.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John E. Kunz sold 4,243 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $59.75, for a total transaction of $253,519.25. Following the completion of the transaction, the vice president now owns 30,373 shares of the company’s stock, 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 made changes to their positions in the company. Quantbot Technologies LP boosted 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 valued at $150,000 after buying an additional 187 shares during the last quarter. Telemus Capital LLC purchased a new position in shares of Tenneco during the first quarter valued at approximately $220,000. Winslow Evans & Crocker Inc. boosted 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 valued at $249,000 after buying an additional 3,976 shares during the last quarter. 1st Global Advisors Inc. purchased a new position in shares of Tenneco during the first quarter valued at approximately $267,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of Tenneco during the first quarter valued at approximately $275,000. Institutional investors own 96.72% of the company’s stock.
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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