Tenneco Inc (NYSE:TEN) was the target of unusually large options trading activity on Wednesday. Traders purchased 1,021 call options on the stock. This is an increase of 1,101% compared to the typical daily volume of 85 call options.
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 transaction of $320,641.02. Following the completion of the transaction, the insider now owns 87,957 shares in the company, valued at approximately $5,074,239.33. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.70% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Advisory Services Network LLC increased its holdings in shares of Tenneco by 107.4% during the 2nd quarter. Advisory Services Network LLC now owns 2,184 shares of the auto parts company’s stock worth $126,000 after buying an additional 1,131 shares during the last quarter. Advisor Group Inc. increased its holdings in shares of Tenneco by 83.1% during the 3rd quarter. Advisor Group Inc. now owns 2,364 shares of the auto parts company’s stock worth $143,000 after buying an additional 1,073 shares during the last quarter. 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 buying an additional 1,470 shares during the last quarter. Boothbay Fund Management LLC acquired a new stake in shares of Tenneco during the 3rd quarter worth approximately $223,000. Finally, Commonwealth Equity Services Inc acquired a new stake in shares of Tenneco during the 3rd quarter worth approximately $238,000. Institutional investors own 94.82% of the company’s stock.
Tenneco (NYSE:TEN) last released its quarterly earnings data on Friday, October 27th. The auto parts company reported $1.67 EPS for the quarter, beating the Zacks’ consensus estimate of $1.59 by $0.08. The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.24 billion. Tenneco had a net margin of 1.97% and a return on equity of 54.13%. Tenneco’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.53 EPS. equities research analysts expect that Tenneco will post 6.72 earnings per share for the current year.
TEN has been the subject of several research analyst reports. KeyCorp restated a “buy” rating and set a $80.00 price target (up previously from $73.00) on shares of Tenneco in a research report on Monday, October 30th. They noted that the move was a valuation call. Barclays restated a “buy” rating and set a $74.00 price target on shares of Tenneco in a research report on Tuesday, January 9th. Royal Bank of Canada restated a “hold” rating and set a $64.00 price target on shares of Tenneco in a research report on Wednesday, December 20th. Finally, Wells Fargo & Co 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 report on Monday, October 30th. One 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. The stock has an average rating of “Hold” and an average target price of $67.30.
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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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