LSV Asset Management Acquires 62,700 Shares of Tenneco Inc. (TEN)
LSV Asset Management raised its holdings in shares of Tenneco Inc. (NYSE:TEN) by 20.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 368,054 shares of the auto parts company’s stock after acquiring an additional 62,700 shares during the period. LSV Asset Management owned about 0.69% of Tenneco worth $21,284,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Quantbot Technologies LP grew its position in Tenneco by 8.4% during the first quarter. Quantbot Technologies LP now owns 2,410 shares of the auto parts company’s stock valued at $150,000 after acquiring an additional 187 shares during the last quarter. Telemus Capital LLC grew its position in Tenneco by 13.6% during the second quarter. Telemus Capital LLC now owns 3,994 shares of the auto parts company’s stock valued at $231,000 after acquiring an additional 477 shares during the last quarter. 1st Global Advisors Inc. bought a new position in Tenneco during the first quarter valued at approximately $267,000. Tudor Investment Corp ET AL bought a new position in Tenneco during the first quarter valued at approximately $287,000. Finally, Cim Investment Mangement Inc. bought a new position in Tenneco during the second quarter valued at approximately $270,000. Institutional investors and hedge funds own 96.72% of the company’s stock.
A number of research analysts have commented on TEN shares. 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 assumed coverage on shares of Tenneco in a research report on Wednesday, June 21st. They set a “buy” rating and a $68.00 price target on the stock. CLSA assumed coverage on Tenneco in a research note on Wednesday, June 21st. They set a “buy” rating and a $68.00 price objective for the company. Finally, Morgan Stanley dropped their price objective on Tenneco from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, June 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Tenneco presently has a consensus rating of “Buy” and an average target price of $66.22.
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Tenneco Inc. (NYSE:TEN) opened at 55.41 on Wednesday. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 10.78 and a beta of 1.79. Tenneco Inc. has a 12 month low of $51.09 and a 12 month high of $70.96. The firm’s 50-day moving average price is $54.27 and its 200 day moving average price is $58.27.
Tenneco (NYSE:TEN) last announced its quarterly earnings data on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.10. The company had revenue of $2.32 billion for 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 quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.78 EPS. On average, analysts anticipate that Tenneco Inc. will post $6.68 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 26th. Shareholders of record on Thursday, September 7th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.80%. The ex-dividend date is Wednesday, September 6th. Tenneco’s dividend payout ratio (DPR) is presently 19.72%.
In other Tenneco news, insider Gregg M. Sherrill sold 27,443 shares of the company’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $54.67, for a total value of $1,500,308.81. Following the completion of the sale, the insider now directly owns 229,043 shares in the company, valued at approximately $12,521,780.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP John E. Kunz sold 4,243 shares of the company’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. Corporate insiders own 2.70% of the company’s stock.
Tenneco Company Profile
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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