PNC Financial Services Group Inc. Sells 101 Shares of Tenneco Inc. (TEN)
PNC Financial Services Group Inc. lessened its holdings in Tenneco Inc. (NYSE:TEN) by 0.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,005 shares of the auto parts company’s stock after selling 101 shares during the quarter. PNC Financial Services Group Inc. owned about 0.05% of Tenneco worth $1,677,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in TEN. BlackRock Inc. grew its holdings in Tenneco by 7,263.0% in the first quarter. BlackRock Inc. now owns 4,259,121 shares of the auto parts company’s stock worth $265,853,000 after purchasing an additional 4,201,276 shares during the period. AJO LP grew its holdings in Tenneco by 396.8% in the second quarter. AJO LP now owns 1,875,899 shares of the auto parts company’s stock worth $108,483,000 after purchasing an additional 1,498,310 shares during the period. Cooke & Bieler LP grew its holdings in Tenneco by 129.8% in the second quarter. Cooke & Bieler LP now owns 613,569 shares of the auto parts company’s stock worth $35,483,000 after purchasing an additional 346,564 shares during the period. DnB Asset Management AS grew its holdings in 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 worth $63,478,000 after purchasing an additional 239,492 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Tenneco by 5.2% in the first quarter. Vanguard Group Inc. now owns 4,726,512 shares of the auto parts company’s stock worth $295,029,000 after purchasing an additional 232,847 shares during the period. Institutional investors and hedge funds own 94.44% of the company’s stock.
Tenneco Inc. (NYSE TEN) opened at 63.17 on Thursday. Tenneco Inc. has a 52 week low of $51.09 and a 52 week high of $70.96. The company has a market cap of $3.36 billion, a P/E ratio of 12.29 and a beta of 1.85. The stock has a 50 day moving average of $56.16 and a 200 day moving average of $57.55.
Tenneco (NYSE:TEN) last issued its quarterly earnings data 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. 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 the consensus estimate of $2.26 billion. During the same quarter in the previous year, the firm earned $1.78 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts expect that Tenneco Inc. will post $6.68 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend was Wednesday, September 6th. Tenneco’s payout ratio is currently 19.72%.
In other news, VP John E. Kunz sold 6,368 shares of Tenneco stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $61.00, for a total value of $388,448.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Gregg M. Sherrill sold 27,443 shares of Tenneco stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $54.67, for a total transaction of $1,500,308.81. Following the completion of the transaction, the insider now directly owns 229,043 shares in the company, valued at approximately $12,521,780.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,261 shares of company stock worth $4,654,484. Insiders own 2.70% of the company’s stock.
A number of equities research analysts have weighed in on TEN shares. BidaskClub upgraded shares of Tenneco from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. CLSA started coverage on shares of Tenneco in a report on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price objective on the stock. Guggenheim started coverage on shares of Tenneco in a report on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price objective on the stock. ValuEngine cut shares of Tenneco from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 22nd. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $71.00 price objective on shares of Tenneco in a report on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock 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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