Tenneco Inc. (TEN) to Issue Quarterly Dividend of $0.25 on September 26th
Tenneco Inc. (NYSE:TEN) announced a quarterly dividend on Thursday, July 13th, Wall Street Journal reports. Shareholders of record on Thursday, September 7th will be given a dividend of 0.25 per share by the auto parts company on Tuesday, September 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date of this dividend is Wednesday, September 6th.
Tenneco has a payout ratio of 15.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Tenneco to earn $7.29 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 13.7%.
Tenneco (TEN) opened at 54.20 on Friday. The stock has a 50 day moving average price of $55.20 and a 200-day moving average price of $58.87. The company has a market capitalization of $2.88 billion, a price-to-earnings ratio of 10.55 and a beta of 1.79. Tenneco has a 12-month low of $51.09 and a 12-month high of $70.96.
Tenneco (NYSE:TEN) last posted its quarterly earnings data on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. The firm had revenue of $2.32 billion during the quarter, compared to analyst estimates 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 in the prior year, the business posted $1.78 EPS. Equities analysts predict that Tenneco will post $6.68 EPS for the current fiscal year.
Several brokerages recently weighed in on TEN. Jefferies Group LLC reaffirmed a “hold” rating and issued a $62.00 target price (down previously from $67.00) on shares of Tenneco in a report on Monday, July 31st. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $71.00 target price on shares of Tenneco in a report on Thursday, July 6th. CLSA began coverage on shares of Tenneco in a report on Wednesday, June 21st. They issued a “buy” rating and a $68.00 target price for the company. ValuEngine raised shares of Tenneco from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Finally, Guggenheim began coverage on shares of Tenneco in a report on Wednesday, June 21st. They issued a “buy” rating and a $68.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $66.22.
In related news, Director David B. Price, Jr. sold 4,893 shares of the 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP John E. Kunz sold 4,243 shares of the stock in a transaction dated Monday, July 3rd. The shares were 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 directly 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. 2.70% of the stock is currently owned by company insiders.
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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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