Royal Bank of Canada Reaffirms Hold Rating for Tenneco (TEN)

Tenneco (NYSE:TEN)‘s stock had its “hold” rating reissued by stock analysts at Royal Bank of Canada in a report issued on Wednesday. They currently have a $64.00 target price on the auto parts company’s stock. Royal Bank of Canada’s target price suggests a potential upside of 8.04% from the stock’s previous close.

TEN has been the subject of a number of other reports. Wells Fargo & Company reduced their price target on shares of Tenneco from $68.00 to $64.00 and set a “market perform” rating for the company in a research note on Monday, October 30th. KeyCorp reaffirmed a “buy” rating and issued a $80.00 price target (up from $73.00) on shares of Tenneco in a research note on Monday, October 30th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Tenneco has a consensus rating of “Hold” and a consensus target price of $67.00.

Tenneco (NYSE:TEN) traded up $0.76 during midday trading on Wednesday, reaching $59.24. 299,791 shares of the company’s stock traded hands, compared to its average volume of 549,603. Tenneco has a 1 year low of $51.54 and a 1 year high of $70.96. The company has a current ratio of 1.33, a quick ratio of 0.93 and a debt-to-equity ratio of 2.29. The company has a market cap of $2,995.75, a PE ratio of 8.58, a price-to-earnings-growth ratio of 0.69 and a beta of 1.92.

Tenneco (NYSE:TEN) last posted its earnings results on Friday, October 27th. The auto parts company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.59 by $0.08. Tenneco had a net margin of 1.97% and a return on equity of 54.13%. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the prior year, the firm earned $1.53 EPS. Tenneco’s quarterly revenue was up 8.5% on a year-over-year basis. equities research analysts anticipate that Tenneco will post 6.72 earnings per share for the current year.

In related news, VP John E. Kunz sold 11,500 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $59.00, for a total transaction of $678,500.00. Following the completion of the sale, the vice president now directly owns 6,368 shares of the company’s stock, valued at $375,712. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Peng Guo sold 5,558 shares of the stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $57.69, for a total transaction of $320,641.02. Following the sale, the insider now directly owns 87,957 shares of the company’s stock, valued at $5,074,239.33. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,426 shares of company stock valued at $1,387,589. Company insiders own 2.70% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP lifted its stake in Tenneco by 6.7% during the third quarter. GSA Capital Partners LLP now owns 14,914 shares of the auto parts company’s stock valued at $905,000 after purchasing an additional 939 shares during the last quarter. Algert Global LLC acquired a new stake in Tenneco during the third quarter valued at approximately $2,899,000. Dean Investment Associates LLC acquired a new stake in Tenneco during the third quarter valued at approximately $7,816,000. California Public Employees Retirement System lifted its stake in Tenneco by 4.2% during the third quarter. California Public Employees Retirement System now owns 176,146 shares of the auto parts company’s stock valued at $10,687,000 after purchasing an additional 7,146 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in Tenneco by 131.0% during the third quarter. Point72 Asset Management L.P. now owns 72,500 shares of the auto parts company’s stock valued at $4,399,000 after purchasing an additional 41,111 shares during the last quarter. 94.42% of the stock is owned by institutional investors and hedge funds.

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About Tenneco

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.

Analyst Recommendations for Tenneco (NYSE:TEN)

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