Gabelli Research Analysts Lift Earnings Estimates for Tenneco Inc (TEN)
Tenneco Inc (NYSE:TEN) – Gabelli raised their FY2018 earnings estimates for shares of Tenneco in a research report issued to clients and investors on Monday. Gabelli analyst B. Sponheimer now forecasts that the auto parts company will earn $7.35 per share for the year, up from their prior estimate of $7.30. Gabelli also issued estimates for Tenneco’s FY2019 earnings at $8.45 EPS, FY2020 earnings at $9.70 EPS and FY2021 earnings at $11.15 EPS.
Several other equities analysts have also recently weighed in on the company. ValuEngine upgraded Tenneco from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Royal Bank Of Canada reiterated a “hold” rating and issued a $71.00 target price on shares of Tenneco in a report on Thursday, July 6th. BidaskClub cut Tenneco from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Jefferies Group LLC reiterated a “hold” rating and issued a $62.00 target price (down previously from $67.00) on shares of Tenneco in a report on Monday, July 31st. Finally, Wells Fargo & Company dropped their target price on Tenneco from $68.00 to $64.00 and set a “market perform” rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company’s stock. Tenneco presently has a consensus rating of “Hold” and a consensus price target of $67.70.
Shares of Tenneco (NYSE:TEN) traded up 1.85% on Tuesday, hitting $58.26. The stock had a trading volume of 489,557 shares. The firm has a 50-day moving average price of $60.60 and a 200-day moving average price of $57.69. Tenneco has a 52 week low of $51.09 and a 52 week high of $70.96. The stock has a market capitalization of $3.10 billion, a P/E ratio of 11.34 and a beta of 1.85.
Tenneco (NYSE:TEN) last posted its earnings results on Friday, October 27th. The auto parts company reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.59 by $0.08. The business had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.24 billion. Tenneco had a return on equity of 48.95% and a net margin of 4.09%. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.53 EPS.
Several hedge funds have recently bought and sold shares of the company. Canada Pension Plan Investment Board grew its position in shares of Tenneco by 12.3% in the third quarter. Canada Pension Plan Investment Board now owns 181,500 shares of the auto parts company’s stock valued at $11,012,000 after purchasing an additional 19,900 shares in the last quarter. Fortaleza Asset Management Inc. grew its position in Tenneco by 122.5% in the third quarter. Fortaleza Asset Management Inc. now owns 2,670 shares of the auto parts company’s stock worth $162,000 after acquiring an additional 1,470 shares during the period. OLD National Bancorp IN purchased a new position in Tenneco in the third quarter worth approximately $437,000. Fox Run Management L.L.C. purchased a new position in Tenneco in the third quarter worth approximately $461,000. Finally, Shell Asset Management Co. grew its position in Tenneco by 34.3% in the third quarter. Shell Asset Management Co. now owns 36,176 shares of the auto parts company’s stock worth $1,892,000 after acquiring an additional 9,248 shares during the period. Institutional investors and hedge funds own 94.47% of the company’s stock.
In related news, VP John E. Kunz sold 6,368 shares of the company’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $61.00, for a total value of $388,448.00. The transaction 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 the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $54.67, for a total value of $1,500,308.81. Following the completion of the transaction, the insider now directly owns 229,043 shares of the company’s stock, valued at approximately $12,521,780.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 82,261 shares of company stock worth $4,654,484. Company insiders own 2.70% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Monday, December 4th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, December 1st. This represents a $1.00 annualized dividend and a yield of 1.75%. Tenneco’s payout ratio is presently 30.21%.
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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