Barclays Reiterates Buy Rating for Tenneco (TEN)
Tenneco (NYSE:TEN)‘s stock had its “buy” rating reaffirmed by research analysts at Barclays in a research report issued to clients and investors on Tuesday. They currently have a $74.00 target price on the auto parts company’s stock. Barclays’ price objective suggests a potential upside of 17.33% from the stock’s current price.
Several other equities analysts have also weighed in on TEN. Royal Bank of Canada reiterated a “hold” rating and set a $64.00 price objective on shares of Tenneco in a report on Wednesday, December 20th. KeyCorp restated a “buy” rating and issued a $80.00 target price (up previously from $73.00) on shares of Tenneco in a report on Monday, October 30th. They noted that the move was a valuation call. Finally, Wells Fargo & Co lowered their target price on shares of Tenneco from $68.00 to $64.00 and set a “market perform” rating on the stock in a report on Monday, October 30th. 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 company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $67.30.
Shares of Tenneco (NYSE TEN) traded down $0.26 during midday trading on Tuesday, hitting $63.07. 274,500 shares of the stock traded hands, compared to its average volume of 401,380. Tenneco has a 52-week low of $51.54 and a 52-week high of $70.96. The firm has a market capitalization of $3,250.00, a price-to-earnings ratio of 19.59, a P/E/G ratio of 0.69 and a beta of 1.92. The company has a quick ratio of 0.93, a current ratio of 1.33 and a debt-to-equity ratio of 2.29.
In related news, insider Peng Guo sold 5,558 shares of the company’s stock in a transaction dated Wednesday, December 13th. The shares were sold at an average price of $57.69, for a total value of $320,641.02. Following the sale, the insider now owns 87,957 shares in the company, valued at approximately $5,074,239.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of TEN. AJO LP grew its position in Tenneco by 396.8% in the 2nd quarter. AJO LP now owns 1,875,899 shares of the auto parts company’s stock worth $108,483,000 after purchasing an additional 1,498,310 shares in the last quarter. BlackRock Inc. grew its position in Tenneco by 13.3% in the 2nd quarter. BlackRock Inc. now owns 4,826,451 shares of the auto parts company’s stock worth $279,112,000 after purchasing an additional 567,330 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Tenneco by 407.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 542,577 shares of the auto parts company’s stock worth $31,377,000 after purchasing an additional 435,666 shares in the last quarter. Koch Industries Inc. bought a new stake in Tenneco in the 2nd quarter worth about $384,000. Finally, Royal Bank of Canada grew its position in Tenneco by 287.8% in the 2nd quarter. Royal Bank of Canada now owns 421,286 shares of the auto parts company’s stock worth $24,363,000 after purchasing an additional 312,641 shares in the last quarter. 94.42% of the stock is owned by institutional investors and hedge funds.
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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