Stifel Financial Corp Buys 31,031 Shares of Tenneco Inc. (TEN)
Stifel Financial Corp raised its stake in shares of Tenneco Inc. (NYSE:TEN) by 16.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 224,372 shares of the auto parts company’s stock after purchasing an additional 31,031 shares during the quarter. Stifel Financial Corp owned 0.42% of Tenneco worth $12,973,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TEN. First Trust Advisors LP raised its holdings in shares of Tenneco by 9.1% in the 2nd quarter. First Trust Advisors LP now owns 49,706 shares of the auto parts company’s stock worth $2,874,000 after buying an additional 4,166 shares in the last quarter. LSV Asset Management lifted its position in shares of Tenneco by 20.5% during the 2nd quarter. LSV Asset Management now owns 368,054 shares of the auto parts company’s stock worth $21,284,000 after buying an additional 62,700 shares during the period. Chicago Equity Partners LLC lifted its position in shares of Tenneco by 54.3% during the 2nd quarter. Chicago Equity Partners LLC now owns 54,660 shares of the auto parts company’s stock worth $3,161,000 after buying an additional 19,230 shares during the period. Rational Advisors LLC bought a new position in shares of Tenneco during the 2nd quarter worth approximately $289,000. Finally, Delta Lloyd Asset Management N.V. bought a new position in shares of Tenneco during the 2nd quarter worth approximately $4,626,000. 94.44% of the stock is currently owned by institutional investors.
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In related news, VP John E. Kunz sold 6,368 shares of the business’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $61.00, for a total transaction of $388,448.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Gregg M. Sherrill sold 27,443 shares of the company’s stock in a transaction dated 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 transaction, the insider now directly owns 229,043 shares of the company’s stock, valued at approximately $12,521,780.81. The disclosure for this sale can be found here. Insiders sold a total of 82,261 shares of company stock valued at $4,654,484 over the last quarter. 2.70% of the stock is owned by corporate insiders.
Shares of Tenneco Inc. (TEN) opened at 60.67 on Monday. The company has a market cap of $3.23 billion, a P/E ratio of 11.81 and a beta of 1.85. Tenneco Inc. has a 52-week low of $51.09 and a 52-week high of $70.96. The stock’s 50 day moving average price is $54.10 and its 200-day moving average price is $57.90.
Tenneco (NYSE:TEN) last issued 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. Tenneco had a net margin of 3.17% and a return on equity of 54.06%. The business had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the prior year, the firm earned $1.78 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. Equities analysts expect that Tenneco Inc. will post $6.68 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend was Wednesday, September 6th. Tenneco’s payout ratio is 19.72%.
Several research firms have issued reports on TEN. Jefferies Group LLC reiterated a “hold” rating and set a $62.00 price objective (down from $67.00) on shares of Tenneco in a research note on Monday, July 31st. Royal Bank Of Canada restated a “hold” rating and issued a $71.00 target price on shares of Tenneco in a research note on Thursday, July 6th. ValuEngine upgraded shares of Tenneco from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. 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 on the stock. Finally, Guggenheim initiated coverage on shares of Tenneco in a report on Wednesday, June 21st. They set a “buy” rating and a $68.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Tenneco has a consensus rating of “Hold” and an average target price of $66.63.
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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