Brokerages Anticipate Tenneco Inc. (NYSE:TEN) Will Announce Quarterly Sales of $2.26 Billion
Wall Street brokerages expect Tenneco Inc. (NYSE:TEN) to post sales of $2.26 billion for the current fiscal quarter, Zacks reports. Eleven analysts have made estimates for Tenneco’s earnings. The lowest sales estimate is $2.22 billion and the highest is $2.30 billion. Tenneco reported sales of $2.21 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 2.3%. The firm is expected to report its next quarterly earnings results before the market opens on Friday, July 28th.
According to Zacks, analysts expect that Tenneco will report full-year sales of $2.26 billion for the current year, with estimates ranging from $8.84 billion to $9.10 billion. For the next year, analysts anticipate that the company will post sales of $9.29 billion per share, with estimates ranging from $9.01 billion to $9.68 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover Tenneco.
Tenneco (NYSE:TEN) last announced its earnings results on Monday, May 1st. The auto parts company reported $1.53 EPS for the quarter, topping the consensus estimate of $1.43 by $0.10. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.24 billion. Tenneco had a return on equity of 55.31% and a net margin of 4.21%. Tenneco’s revenue was up 7.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.17 EPS.
TEN has been the topic of several analyst reports. Goldman Sachs Group, Inc. (The) initiated coverage on shares of Tenneco in a research report on Monday, April 3rd. They set a “buy” rating and a $71.00 price target on the stock. Royal Bank Of Canada reiterated a “hold” rating and set a $67.00 price target on shares of Tenneco in a research report on Tuesday, April 4th. Jefferies Group LLC reiterated a “hold” rating and set a $67.00 price target on shares of Tenneco in a research report on Tuesday, April 25th. ValuEngine lowered shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Morgan Stanley reduced their price target on shares of Tenneco from $45.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, June 9th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. Tenneco presently has an average rating of “Buy” and an average price target of $66.78.
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Shares of Tenneco (NYSE:TEN) traded down 3.84% on Friday, hitting $57.86. The stock had a trading volume of 806,178 shares. Tenneco has a 12-month low of $51.09 and a 12-month high of $70.96. The company has a 50 day moving average of $57.35 and a 200-day moving average of $61.40. The firm has a market capitalization of $3.13 billion, a P/E ratio of 8.71 and a beta of 1.81.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 26th. Shareholders of record on Thursday, September 7th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $1.00 dividend on an annualized basis and a yield of 1.73%. Tenneco’s dividend payout ratio is currently 15.17%.
In other Tenneco news, Director David B. Price, Jr. sold 4,893 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total value of $282,913.26. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP John E. Kunz sold 4,243 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $59.75, for a total transaction of $253,519.25. Following the completion of the sale, the vice president now owns 30,373 shares in the company, valued at approximately $1,814,786.75. The disclosure for this sale can be found here. Company insiders own 2.70% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP increased its position in Tenneco by 8.4% in the first quarter. Quantbot Technologies LP now owns 2,410 shares of the auto parts company’s stock valued at $150,000 after buying an additional 187 shares during the last quarter. Telemus Capital LLC acquired a new position in Tenneco during the first quarter valued at about $220,000. Winslow Evans & Crocker Inc. increased its position in Tenneco by 39,760.0% in the first quarter. Winslow Evans & Crocker Inc. now owns 3,986 shares of the auto parts company’s stock valued at $249,000 after buying an additional 3,976 shares during the last quarter. 1st Global Advisors Inc. acquired a new position in Tenneco during the first quarter valued at about $267,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Tenneco during the first quarter valued at about $275,000. 96.73% of the stock is owned by hedge funds and other institutional investors.
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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