BlackRock Inc. lowered its position in shares of Tenneco Inc (NYSE:TEN) by 14.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 4,417,824 shares of the auto parts company’s stock after selling 736,281 shares during the quarter. BlackRock Inc. owned about 8.59% of Tenneco worth $194,209,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Balter Liquid Alternatives LLC acquired a new stake in Tenneco during the 2nd quarter worth about $147,000. Sei Investments Co. lifted its position in Tenneco by 279.8% during the 1st quarter. Sei Investments Co. now owns 3,544 shares of the auto parts company’s stock worth $195,000 after acquiring an additional 2,611 shares during the period. US Bancorp DE lifted its position in Tenneco by 44.2% during the 1st quarter. US Bancorp DE now owns 3,731 shares of the auto parts company’s stock worth $204,000 after acquiring an additional 1,144 shares during the period. Cerebellum GP LLC acquired a new stake in Tenneco during the 2nd quarter worth about $176,000. Finally, Stevens Capital Management LP acquired a new stake in Tenneco during the 1st quarter worth about $220,000. 89.69% of the stock is owned by institutional investors.
A number of brokerages have commented on TEN. Morgan Stanley lowered their price target on Tenneco from $41.00 to $40.00 and set a “hold” rating for the company in a research report on Monday, August 13th. ValuEngine cut Tenneco from a “sell” rating to a “strong sell” rating in a research report on Saturday, June 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $63.75.
Tenneco (NYSE:TEN) last issued its quarterly earnings data on Friday, July 27th. The auto parts company reported $1.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.00 by ($0.08). The company had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.55 billion. Tenneco had a net margin of 2.59% and a return on equity of 48.44%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the firm earned $1.90 EPS. equities research analysts expect that Tenneco Inc will post 6.81 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Tuesday, September 4th were issued a $0.25 dividend. The ex-dividend date was Friday, August 31st. This represents a $1.00 annualized dividend and a dividend yield of 2.24%. Tenneco’s dividend payout ratio (DPR) is presently 14.51%.
In related news, Director Thomas C. Freyman acquired 5,000 shares of the firm’s stock in a transaction dated Thursday, August 9th. The stock was acquired at an average price of $44.49 per share, with a total value of $222,450.00. Following the acquisition, the director now directly owns 22,265 shares in the company, valued at approximately $990,569.85. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.95% of the company’s stock.
Tenneco Inc designs, manufactures, and distributes clean air and ride performance products and systems for light vehicle, commercial truck, off-highway, and other vehicle applications worldwide. The company offers various vehicle emission control products and systems, including catalytic converters and diesel oxidation catalysts, diesel particulate filters, burner systems, lean nitrogen oxide (NOx) traps, hydrocarbon vaporizers and injectors, selective catalytic reduction (SCR) systems, SCR-coated diesel particulate filters systems, urea dosing systems, four-way catalysts, alternative NOx reduction technologies, mufflers and resonators, fabricated exhaust manifolds, pipes, hydroformed assemblies, elastomeric hangers and isolators, and after treatment control units.
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