Tenneco’s (TEN) Buy Rating Reiterated at KeyCorp
Tenneco Inc. (NYSE:TEN)‘s stock had its “buy” rating reiterated by investment analysts at KeyCorp in a research note issued on Monday. They presently have a $80.00 price target on the auto parts company’s stock, up from their prior price target of $73.00. KeyCorp’s price objective indicates a potential upside of 36.82% from the company’s current price. The analysts noted that the move was a valuation call.
TEN has been the subject of a number of other reports. BidaskClub upgraded shares of Tenneco from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $71.00 target price on shares of Tenneco in a research report on Thursday, July 6th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $62.00 target price (down previously from $67.00) on shares of Tenneco in a research report on Monday, July 31st. Finally, ValuEngine downgraded shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 22nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the stock. Tenneco presently has an average rating of “Hold” and a consensus target price of $67.70.
Shares of Tenneco (NYSE:TEN) traded down 1.25% during mid-day trading on Monday, reaching $57.74. The company’s stock had a trading volume of 563,041 shares. Tenneco has a 12 month low of $51.09 and a 12 month high of $70.96. The company has a market cap of $3.07 billion, a P/E ratio of 11.24 and a beta of 1.85. The company has a 50-day moving average of $60.51 and a 200-day moving average of $57.70.
Tenneco (NYSE:TEN) last announced its quarterly earnings data on Friday, October 27th. The auto parts company reported $1.67 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.08. Tenneco had a net margin of 1.97% and a return on equity of 54.45%. The company had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the previous year, the business earned $1.53 EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities research analysts forecast that Tenneco will post $6.68 earnings per share for the current fiscal year.
In other news, VP John E. Kunz sold 2,010 shares of the business’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $58.00, for a total transaction of $116,580.00. Following the completion of the sale, the vice president now owns 17,868 shares of the company’s stock, valued at approximately $1,036,344. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP John E. Kunz sold 11,602 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $55.35, for a total transaction of $642,170.70. Following the sale, the vice president now directly owns 31,915 shares of the company’s stock, valued at approximately $1,766,495.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 82,261 shares of company stock valued at $4,654,484. Insiders own 2.70% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Gofen & Glossberg LLC IL grew its position in shares of Tenneco by 0.5% during the 2nd quarter. Gofen & Glossberg LLC IL now owns 7,125 shares of the auto parts company’s stock valued at $412,000 after acquiring an additional 33 shares during the period. Jennison Associates LLC grew its position in shares of Tenneco by 0.5% during the 2nd quarter. Jennison Associates LLC now owns 32,589 shares of the auto parts company’s stock valued at $1,885,000 after acquiring an additional 149 shares during the period. Ameritas Investment Partners Inc. grew its position in shares of Tenneco by 4.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,688 shares of the auto parts company’s stock valued at $271,000 after acquiring an additional 192 shares during the period. Legal & General Group Plc grew its position in shares of Tenneco by 0.4% during the 1st quarter. Legal & General Group Plc now owns 63,003 shares of the auto parts company’s stock valued at $3,936,000 after acquiring an additional 264 shares during the period. Finally, Amalgamated Bank grew its position in shares of Tenneco by 4.9% during the 2nd quarter. Amalgamated Bank now owns 7,017 shares of the auto parts company’s stock valued at $406,000 after acquiring an additional 328 shares during the period. 94.47% of the stock is owned by hedge funds and other institutional investors.
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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