Tenneco Inc. (NYSE:TEN) Receives Consensus Rating of “Buy” from Analysts
Shares of Tenneco Inc. (NYSE:TEN) have been assigned an average recommendation of “Buy” from the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $66.22.
Several research firms recently commented on TEN. Jefferies Group LLC reissued a “hold” rating and issued a $67.00 target price on shares of Tenneco in a report on Tuesday, April 25th. Royal Bank Of Canada increased their target price on Tenneco from $67.00 to $71.00 and gave the company a “sector perform” rating in a report on Tuesday, May 2nd. ValuEngine lowered Tenneco from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub lowered Tenneco from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Finally, Morgan Stanley dropped their target price on Tenneco from $45.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, June 9th.
Tenneco (TEN) traded up 0.47% during mid-day trading on Friday, hitting $53.42. The stock had a trading volume of 488,675 shares. The firm has a 50-day moving average of $56.99 and a 200-day moving average of $60.39. The stock has a market cap of $2.86 billion, a P/E ratio of 10.36 and a beta of 1.79. Tenneco has a 52-week low of $51.09 and a 52-week high of $70.96.
Tenneco (NYSE:TEN) last posted its earnings results on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.26 billion. Tenneco had a return on equity of 53.67% and a net margin of 3.17%. Tenneco’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.78 earnings per share. On average, analysts forecast that Tenneco will post $6.68 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 26th. Shareholders of record on Thursday, September 7th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $1.00 annualized dividend and a yield of 1.87%. Tenneco’s dividend payout ratio is presently 19.72%.
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In other news, Director David B. Price, Jr. sold 4,893 shares of the stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total transaction of $282,913.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John E. Kunz sold 4,243 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $59.75, for a total transaction of $253,519.25. Following the sale, the vice president now owns 30,373 shares of the company’s stock, valued at approximately $1,814,786.75. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Large investors have recently made changes to their positions in the company. Ramsey Quantitative Systems acquired a new stake in shares of Tenneco during the second quarter valued at $285,000. Globeflex Capital L P increased its stake in shares of Tenneco by 52.8% in the second quarter. Globeflex Capital L P now owns 60,707 shares of the auto parts company’s stock valued at $3,511,000 after buying an additional 20,976 shares during the period. Citigroup Inc. increased its stake in shares of Tenneco by 2,296.2% in the second quarter. Citigroup Inc. now owns 286,086 shares of the auto parts company’s stock valued at $16,545,000 after buying an additional 274,147 shares during the period. Van ECK Associates Corp increased its stake in shares of Tenneco by 18.5% in the second quarter. Van ECK Associates Corp now owns 13,945 shares of the auto parts company’s stock valued at $806,000 after buying an additional 2,174 shares during the period. Finally, New York State Common Retirement Fund increased its stake in shares of Tenneco by 120.3% in the second quarter. New York State Common Retirement Fund now owns 219,941 shares of the auto parts company’s stock valued at $12,719,000 after buying an additional 120,105 shares during the period. Institutional investors and hedge funds own 96.54% of the company’s stock.
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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