Tenneco Inc. (TEN) Stake Lessened by Wells Fargo & Company MN
Wells Fargo & Company MN cut its holdings in shares of Tenneco Inc. (NYSE:TEN) by 7.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,032,006 shares of the auto parts company’s stock after selling 88,475 shares during the period. Wells Fargo & Company MN owned 1.93% of Tenneco worth $59,680,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Quantbot Technologies LP increased its position in shares of Tenneco by 8.4% during the first quarter. Quantbot Technologies LP now owns 2,410 shares of the auto parts company’s stock worth $150,000 after purchasing an additional 187 shares in the last quarter. Telemus Capital LLC increased its position in shares of Tenneco by 13.6% during the second quarter. Telemus Capital LLC now owns 3,994 shares of the auto parts company’s stock worth $231,000 after purchasing an additional 477 shares in the last quarter. 1st Global Advisors Inc. acquired a new position in shares of Tenneco during the first quarter worth $267,000. Tudor Investment Corp ET AL acquired a new position in shares of Tenneco during the first quarter worth $287,000. Finally, Cim Investment Mangement Inc. acquired a new position in shares of Tenneco during the second quarter worth $270,000. 96.72% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on TEN shares. ValuEngine downgraded Tenneco from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Morgan Stanley reduced their price target on Tenneco from $45.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, June 9th. Guggenheim started coverage on Tenneco in a research report on Wednesday, June 21st. They set a “buy” rating and a $68.00 price target on the stock. CLSA started coverage on Tenneco in a research report on Wednesday, June 21st. They set a “buy” rating and a $68.00 price target on the stock. Finally, BidaskClub raised Tenneco from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $66.63.
In related news, insider Gregg M. Sherrill sold 27,443 shares of Tenneco stock in a transaction on Friday, September 1st. The shares were sold at an average price of $54.67, for a total transaction of $1,500,308.81. Following 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 hyperlink. Also, VP John E. Kunz sold 11,602 shares of Tenneco stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $55.35, for a total transaction of $642,170.70. Following the sale, the vice president now owns 31,915 shares in the company, valued at $1,766,495.25. The disclosure for this sale can be found here. Insiders have sold a total of 43,288 shares of company stock worth $2,395,999 over the last quarter. 2.70% of the stock is owned by company insiders.
Shares of Tenneco Inc. (NYSE TEN) opened at 57.57 on Friday. Tenneco Inc. has a one year low of $51.09 and a one year high of $70.96. The stock’s 50 day moving average is $54.01 and its 200-day moving average is $58.12. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of 11.20 and a beta of 1.79.
Tenneco (NYSE:TEN) last announced its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.80 by $0.10. Tenneco had a net margin of 3.17% and a return on equity of 54.06%. The firm had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period last year, the business earned $1.78 EPS. Tenneco’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities research analysts predict that Tenneco Inc. will post $6.68 EPS for the current fiscal 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 paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 6th. This represents a $1.00 annualized dividend and a yield of 1.74%. Tenneco’s dividend payout ratio is currently 19.72%.
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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