Tenneco Inc. (TEN) Cut to Buy at ValuEngine
Tenneco Inc. (NYSE:TEN) was downgraded by research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.
A number of other research analysts have also recently weighed in on TEN. Goldman Sachs Group, Inc. (The) began coverage on shares of Tenneco in a research note on Monday, April 3rd. They set a “buy” rating and a $71.00 price objective for the company. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $67.00 target price on shares of Tenneco in a research note on Tuesday, April 4th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $67.00 target price on shares of Tenneco in a research note on Tuesday, April 25th. Morgan Stanley lowered their target price on shares of Tenneco from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, June 9th. Finally, Guggenheim began coverage on shares of Tenneco in a research note on Wednesday, June 21st. They issued a “buy” rating and a $68.00 target price for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $66.78.
Tenneco (NYSE TEN) opened at 57.86 on Friday. Tenneco has a one year low of $51.09 and a one year high of $70.96. The stock’s 50 day moving average price is $57.35 and its 200 day moving average price is $61.40. The firm has a market capitalization of $3.13 billion, a PE ratio of 8.71 and a beta of 1.81.
Tenneco (NYSE:TEN) last issued its quarterly earnings data on Monday, May 1st. The auto parts company reported $1.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.43 by $0.10. Tenneco had a net margin of 4.21% and a return on equity of 55.31%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the company posted $1.17 EPS. The company’s revenue was up 7.3% on a year-over-year basis. Analysts expect that Tenneco will post $6.58 EPS for the current year.
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In other Tenneco news, Director David B. Price, Jr. sold 4,893 shares of Tenneco stock in a transaction 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 the SEC website. Also, VP John E. Kunz sold 4,243 shares of Tenneco stock in a transaction 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 transaction, 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. 2.70% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of TEN. BlackRock Inc. raised its position 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 valued at $265,853,000 after buying an additional 4,201,276 shares during the last quarter. Wells Fargo & Company MN raised its position in Tenneco by 242.5% in the first quarter. Wells Fargo & Company MN now owns 1,120,481 shares of the auto parts company’s stock valued at $69,941,000 after buying an additional 793,370 shares during the last quarter. Norges Bank acquired a new position in Tenneco during the fourth quarter valued at $29,332,000. DnB Asset Management AS raised its position 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 valued at $63,478,000 after buying an additional 239,492 shares during the last quarter. Finally, Vanguard Group Inc. raised its position 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 valued at $295,029,000 after buying an additional 232,847 shares during the last quarter. Institutional investors and hedge funds own 96.73% of the company’s stock.
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.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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