Tenneco Inc. (TEN) Position Trimmed by Jennison Associates LLC
Jennison Associates LLC lessened its holdings in shares of Tenneco Inc. (NYSE:TEN) by 5.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 30,686 shares of the auto parts company’s stock after selling 1,903 shares during the period. Jennison Associates LLC owned approximately 0.06% of Tenneco worth $1,862,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Scout Investments Inc. grew its holdings in Tenneco by 2.9% during the third quarter. Scout Investments Inc. now owns 171,452 shares of the auto parts company’s stock worth $10,402,000 after acquiring an additional 4,878 shares during the period. Prudential Financial Inc. grew its holdings in Tenneco by 6.7% during the third quarter. Prudential Financial Inc. now owns 249,879 shares of the auto parts company’s stock worth $15,160,000 after acquiring an additional 15,650 shares during the period. New Amsterdam Partners LLC NY grew its holdings in Tenneco by 66.8% during the third quarter. New Amsterdam Partners LLC NY now owns 185,183 shares of the auto parts company’s stock worth $11,235,000 after acquiring an additional 74,155 shares during the period. American Century Companies Inc. grew its holdings in Tenneco by 11.3% during the third quarter. American Century Companies Inc. now owns 98,252 shares of the auto parts company’s stock worth $5,961,000 after acquiring an additional 9,998 shares during the period. Finally, Chicago Equity Partners LLC grew its holdings in Tenneco by 10.8% during the third quarter. Chicago Equity Partners LLC now owns 60,540 shares of the auto parts company’s stock worth $3,673,000 after acquiring an additional 5,880 shares during the period. 93.48% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Gregg M. Sherrill sold 27,443 shares of the stock in a transaction 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 sale, the insider now owns 229,043 shares of the company’s stock, valued at $12,521,780.81. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP John E. Kunz sold 6,368 shares of the stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $61.00, for a total value of $388,448.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,261 shares of company stock worth $4,654,484. Corporate insiders own 2.70% of the company’s stock.
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Several research firms have weighed in on TEN. Jefferies Group LLC reissued 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. Wells Fargo & Company lowered their target price on Tenneco from $68.00 to $64.00 and set a “market perform” rating on the stock in a report on Monday, October 30th. KeyCorp reissued a “buy” rating and issued a $80.00 target price (up previously from $73.00) on shares of Tenneco in a report on Monday, October 30th. They noted that the move was a valuation call. Finally, BidaskClub raised Tenneco from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $67.70.
Shares of Tenneco Inc. (NYSE TEN) opened at $56.24 on Monday. The company has a debt-to-equity ratio of 2.29, a quick ratio of 0.93 and a current ratio of 1.33. The company has a market capitalization of $2,901.34, a price-to-earnings ratio of 8.31, a P/E/G ratio of 0.67 and a beta of 1.92. Tenneco Inc. has a 52 week low of $51.54 and a 52 week high of $70.96.
Tenneco (NYSE:TEN) last posted its quarterly earnings data on Friday, October 27th. The auto parts company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.08. The business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.24 billion. Tenneco had a return on equity of 54.13% and a net margin of 1.97%. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.53 earnings per share. research analysts expect that Tenneco Inc. will post 6.73 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Monday, December 4th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Friday, December 1st. Tenneco’s payout ratio is currently 30.21%.
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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