Tenneco Inc. (TEN) Price Target Cut to $64.00 by Analysts at Wells Fargo & Company
Tenneco Inc. (NYSE:TEN) had its price objective reduced by stock analysts at Wells Fargo & Company from $68.00 to $64.00 in a note issued to investors on Monday. The firm presently has a “market perform” rating on the auto parts company’s stock. Wells Fargo & Company’s target price suggests a potential upside of 9.46% from the stock’s current price.
Other equities research analysts have also issued research reports about the stock. KeyCorp reaffirmed a “buy” rating and issued a $80.00 price objective (up previously from $73.00) on shares of Tenneco in a research note on Monday. They noted that the move was a valuation call. Jefferies Group LLC reaffirmed a “hold” rating and issued a $62.00 price objective (down previously from $67.00) on shares of Tenneco in a research note on Monday, July 31st. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $71.00 price objective on shares of Tenneco in a research note on Thursday, July 6th. ValuEngine raised shares of Tenneco from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 6th. Finally, BidaskClub raised shares of Tenneco from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $67.70.
Shares of Tenneco (NYSE TEN) traded down 1.66% during mid-day trading on Monday, reaching $57.50. The company had a trading volume of 604,364 shares. Tenneco has a 52-week low of $51.09 and a 52-week high of $70.96. The stock has a market capitalization of $3.06 billion, a P/E ratio of 11.19 and a beta of 1.85. The company’s 50-day moving average is $60.51 and its 200 day moving average is $57.70.
Tenneco (NYSE:TEN) last released its quarterly earnings data on Friday, October 27th. The auto parts company reported $1.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.08. Tenneco had a net margin of 1.97% and a return on equity of 54.45%. The business had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the previous year, the business earned $1.53 EPS. Tenneco’s quarterly revenue was up 8.5% compared to the same quarter last year. Analysts anticipate that Tenneco will post $6.68 EPS for the current fiscal year.
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In related news, VP John E. Kunz sold 11,602 shares of Tenneco stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $55.35, for a total value of $642,170.70. Following the transaction, the vice president now owns 31,915 shares in the company, valued at approximately $1,766,495.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gregg M. Sherrill sold 27,443 shares of Tenneco stock in a transaction on Friday, September 1st. The stock was sold at an average price of $54.67, for a total transaction of $1,500,308.81. Following the completion of the transaction, the insider now owns 229,043 shares in the company, valued at approximately $12,521,780.81. The disclosure for this sale can be found here. Insiders sold a total of 82,261 shares of company stock worth $4,654,484 in the last quarter. Insiders own 2.70% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC raised its holdings in Tenneco by 107.4% in the 2nd quarter. Advisory Services Network LLC now owns 2,184 shares of the auto parts company’s stock worth $126,000 after acquiring an additional 1,131 shares during the period. Fortaleza Asset Management Inc. increased its holdings in shares of Tenneco by 122.5% during the 3rd quarter. Fortaleza Asset Management Inc. now owns 2,670 shares of the auto parts company’s stock worth $162,000 after purchasing an additional 1,470 shares during the period. Telemus Capital LLC increased its holdings in shares of Tenneco by 13.6% during the 2nd quarter. Telemus Capital LLC now owns 3,994 shares of the auto parts company’s stock worth $231,000 after purchasing an additional 477 shares during the period. Tudor Investment Corp ET AL bought a new position in shares of Tenneco during the 1st quarter worth about $287,000. Finally, Cim Investment Mangement Inc. bought a new position in shares of Tenneco during the 2nd quarter worth about $270,000. Hedge funds and other institutional investors own 94.47% 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.
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