Tenneco Inc. (TEN) to Issue Quarterly Dividend of $0.25
Tenneco Inc. (NYSE:TEN) declared a quarterly dividend on Thursday, October 12th, Wall Street Journal reports. Investors of record on Monday, December 4th will be given a dividend of 0.25 per share by the auto parts company on Wednesday, December 20th. This represents a $1.00 annualized dividend and a dividend yield of 1.63%. The ex-dividend date of this dividend is Friday, December 1st.
Tenneco has a payout ratio of 15.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Tenneco to earn $7.34 per share next year, which means the company should continue to be able to cover its $1.00 annual dividend with an expected future payout ratio of 13.6%.
Tenneco (NYSE TEN) traded up 0.20% on Thursday, hitting $61.21. 390,517 shares of the company traded hands. The firm has a market capitalization of $3.26 billion, a PE ratio of 11.91 and a beta of 1.85. The firm’s 50 day moving average price is $57.56 and its 200 day moving average price is $57.51. Tenneco has a 1-year low of $51.09 and a 1-year high of $70.96.
Tenneco (NYSE:TEN) last released its earnings results on Friday, July 28th. The auto parts company reported $1.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.10. The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.26 billion. Tenneco had a return on equity of 54.06% and a net margin of 3.17%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.78 EPS. Equities research analysts predict that Tenneco will post $6.68 EPS for the current fiscal year.
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In other Tenneco news, VP John E. Kunz sold 11,602 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $55.35, for a total value of $642,170.70. Following the completion of the sale, the vice president now directly owns 31,915 shares in the company, valued at approximately $1,766,495.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP John E. Kunz sold 11,500 shares of the company’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $59.00, for a total value of $678,500.00. Following the completion of the sale, the vice president now owns 6,368 shares of the company’s stock, valued at $375,712. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 82,261 shares of company stock valued at $4,654,484. 2.70% of the stock is owned by company insiders.
Several research firms have recently weighed in on TEN. BidaskClub raised Tenneco from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. Guggenheim initiated coverage on Tenneco in a report on Wednesday, June 21st. They set a “buy” rating and a $68.00 price objective for the company. Royal Bank Of Canada restated a “hold” rating and set a $71.00 price objective on shares of Tenneco in a report on Thursday, July 6th. Jefferies Group LLC restated a “hold” rating and set a $62.00 price objective (down previously from $67.00) on shares of Tenneco in a report on Monday, July 31st. Finally, ValuEngine cut Tenneco from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $66.63.
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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