Tenneco Inc. (NYSE:TEN) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Thursday, June 29th.
TEN has been the subject of a number of other reports. ValuEngine cut Tenneco from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Guggenheim started coverage on Tenneco in a report on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price target for the company. Goldman Sachs Group, Inc. (The) started coverage on Tenneco in a research report on Monday, April 3rd. They issued a “buy” rating and a $71.00 price objective for the company. Deutsche Bank AG lifted their price objective on Tenneco from $75.00 to $78.00 and gave the stock a “hold” rating in a research report on Wednesday, March 22nd. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $67.00 price objective on shares of Tenneco in a research report on Tuesday, April 25th. One research analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. Tenneco presently has an average rating of “Hold” and an average target price of $66.78.
Tenneco (NYSE TEN) traded down 5.56% during trading on Thursday, hitting $56.22. 1,296,388 shares of the stock traded hands. The stock has a market cap of $3.04 billion, a PE ratio of 8.46 and a beta of 1.81. The company has a 50-day moving average price of $57.41 and a 200 day moving average price of $61.12. Tenneco has a one year low of $51.09 and a one year high of $70.96.
Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.80 by $0.10. Tenneco had a return on equity of 55.31% and a net margin of 4.21%. The business had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the business posted $1.78 earnings per share. The firm’s revenue for the quarter was up 4.7% compared to the same quarter last year. Analysts expect that Tenneco will post $6.57 earnings per share for the current year.
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In other news, VP John E. Kunz sold 4,243 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $59.75, for a total value of $253,519.25. Following the completion of the sale, the vice president now owns 30,373 shares of the company’s stock, valued at $1,814,786.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David B. Price, Jr. sold 4,893 shares of the stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total value of $282,913.26. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Tenneco by 7,263.0% in the first quarter. BlackRock Inc. now owns 4,259,121 shares of the auto parts company’s stock valued at $265,853,000 after buying an additional 4,201,276 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Tenneco by 242.5% in the first quarter. Wells Fargo & Company MN now owns 1,120,481 shares of the auto parts company’s stock worth $69,941,000 after buying an additional 793,370 shares during the period. Norges Bank purchased a new stake in shares of Tenneco during the fourth quarter worth approximately $29,332,000. DnB Asset Management AS boosted its stake in shares of Tenneco by 27.9% in the second quarter. DnB Asset Management AS now owns 1,097,666 shares of the auto parts company’s stock worth $63,478,000 after buying an additional 239,492 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Tenneco by 5.2% in the first quarter. Vanguard Group Inc. now owns 4,726,512 shares of the auto parts company’s stock worth $295,029,000 after buying an additional 232,847 shares during the period. 96.94% 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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