KeyCorp Comments on Tenneco Inc.’s Q4 2017 Earnings (TEN)
Tenneco Inc. (NYSE:TEN) – Analysts at KeyCorp increased their Q4 2017 earnings per share estimates for Tenneco in a note issued to investors on Wednesday. KeyCorp analyst B. Hoselton now anticipates that the auto parts company will post earnings of $1.63 per share for the quarter, up from their previous estimate of $1.55.
A number of other analysts also recently commented on TEN. Royal Bank Of Canada reiterated a “hold” rating and issued a $71.00 price objective on shares of Tenneco in a research report on Thursday, July 6th. BidaskClub upgraded Tenneco from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. Goldman Sachs Group, Inc. (The) began coverage on Tenneco in a research report on Monday, April 3rd. They issued a “buy” rating and a $71.00 price objective for the company. ValuEngine upgraded Tenneco from a “buy” rating to a “strong-buy” rating in a research report on Thursday, July 6th. Finally, Guggenheim began coverage on Tenneco in a research report on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $66.78.
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Shares of Tenneco (TEN) traded down 3.81% during midday trading on Friday, hitting $57.88. The stock had a trading volume of 397,073 shares. The firm has a market cap of $3.13 billion, a PE ratio of 8.71 and a beta of 1.81. The firm has a 50-day moving average of $57.35 and a 200 day moving average of $61.40. Tenneco has a 12-month low of $51.09 and a 12-month high of $70.96.
Tenneco (NYSE:TEN) last issued its quarterly earnings results on Monday, May 1st. The auto parts company reported $1.53 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.10. Tenneco had a return on equity of 55.31% and a net margin of 4.21%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the previous year, the business earned $1.17 EPS. The business’s quarterly revenue was up 7.3% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.66%. Tenneco’s payout ratio is presently 15.17%.
In other news, Director David B. Price, Jr. sold 4,893 shares of the stock in a transaction that occurred on Tuesday, June 6th. The stock was sold at an average price of $57.82, for a total value of $282,913.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP John E. Kunz sold 4,243 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly 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.
Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of 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 buying an additional 232,847 shares during the last quarter. BlackRock Inc. boosted its position in shares of 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 buying an additional 4,201,276 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of Tenneco by 13.9% in the first quarter. Alliancebernstein L.P. now owns 1,747,350 shares of the auto parts company’s stock worth $109,070,000 after buying an additional 213,666 shares during the last quarter. Macquarie Group Ltd. boosted its position in shares of Tenneco by 2.9% in the fourth quarter. Macquarie Group Ltd. now owns 1,357,573 shares of the auto parts company’s stock worth $84,808,000 after buying an additional 38,599 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Tenneco by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,240,582 shares of the auto parts company’s stock worth $77,437,000 after buying an additional 8,788 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.
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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