Renaissance Group LLC raised its stake in shares of Tenneco Inc. (NYSE:TEN) by 19.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,813 shares of the auto parts company’s stock after buying an additional 958 shares during the period. Renaissance Group LLC’s holdings in Tenneco were worth $336,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Tenneco by 7,263.0% in the first quarter. BlackRock Inc. now owns 4,259,121 shares of the auto parts company’s stock valued at $265,853,000 after buying an additional 4,201,276 shares during the period. Wells Fargo & Company MN boosted its position in shares of 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 valued at $69,941,000 after buying an additional 793,370 shares during the period. Cooke & Bieler LP boosted its position in shares of Tenneco by 129.8% in the second quarter. Cooke & Bieler LP now owns 613,569 shares of the auto parts company’s stock valued at $35,483,000 after buying an additional 346,564 shares during the period. DnB Asset Management AS boosted its position in shares of 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 valued at $63,478,000 after buying an additional 239,492 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Tenneco by 5.2% in the first quarter. Vanguard Group Inc. now owns 4,726,512 shares of the auto parts company’s stock valued at $295,029,000 after buying an additional 232,847 shares during the period. Hedge funds and other institutional investors own 96.72% of the company’s stock.

Shares of Tenneco Inc. (TEN) opened at 53.69 on Thursday. The stock’s 50 day moving average is $55.84 and its 200 day moving average is $59.22. Tenneco Inc. has a 52-week low of $51.09 and a 52-week high of $70.96. The firm has a market capitalization of $2.86 billion, a PE ratio of 10.45 and a beta of 1.79.

Tenneco (NYSE:TEN) last issued its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.26 billion. Tenneco had a return on equity of 54.06% and a net margin of 3.17%. Tenneco’s revenue was up 4.7% on a year-over-year basis. During the same period last year, the company earned $1.78 earnings per share. On average, equities research analysts forecast that Tenneco Inc. will post $6.68 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 26th. Investors of record on Thursday, September 7th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $1.00 dividend on an annualized basis and a yield of 1.86%. Tenneco’s dividend payout ratio is presently 19.72%.

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TEN has been the subject of several recent research reports. ValuEngine upgraded shares of Tenneco from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. BidaskClub upgraded shares of Tenneco from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Guggenheim initiated coverage on shares of Tenneco in a research report on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price target for the company. CLSA initiated coverage on shares of Tenneco in a research report on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price target for the company. Finally, Morgan Stanley decreased their price target on shares of Tenneco from $45.00 to $44.00 and set an “underweight” rating for the company in a research report on Friday, June 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. Tenneco currently has a consensus rating of “Buy” and an average target price of $66.22.

In related news, Director David B. Price, Jr. sold 4,893 shares of the firm’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 filing with the Securities & Exchange Commission, which is available through this link. Also, VP John E. Kunz sold 4,243 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $1,814,786.75. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.

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.

Institutional Ownership by Quarter for Tenneco (NYSE:TEN)

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