Tenneco (TEN) PT Lowered to $45.00

Tenneco (NYSE:TEN) had its price target lowered by equities researchers at Wells Fargo & Co from $50.00 to $45.00 in a report issued on Wednesday, The Fly reports. The brokerage currently has a “market perform” rating on the auto parts company’s stock. Wells Fargo & Co’s price objective indicates a potential upside of 33.65% from the company’s current price.

A number of other brokerages have also commented on TEN. Morgan Stanley cut their price objective on shares of Tenneco from $41.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, August 13th. Wolfe Research assumed coverage on shares of Tenneco in a report on Tuesday, October 2nd. They issued a “peer perform” rating on the stock. Finally, Royal Bank of Canada cut their price objective on shares of Tenneco to $47.00 and set an “underperform” rating on the stock in a report on Thursday, October 4th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. Tenneco currently has a consensus rating of “Hold” and an average target price of $59.88.

Shares of NYSE:TEN traded down $1.30 during midday trading on Wednesday, hitting $33.67. 1,063,350 shares of the company’s stock traded hands, compared to its average volume of 561,967. The company has a current ratio of 1.22, a quick ratio of 0.85 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 4.97, a PEG ratio of 0.56 and a beta of 1.77. Tenneco has a twelve month low of $33.53 and a twelve month high of $65.59.

Tenneco (NYSE:TEN) last issued its quarterly earnings data on Friday, July 27th. The auto parts company reported $1.92 EPS for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.08). Tenneco had a return on equity of 48.44% and a net margin of 2.59%. The firm had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the firm earned $1.90 EPS. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. On average, analysts predict that Tenneco will post 6.81 earnings per share for the current year.

In related news, Director Thomas C. Freyman bought 5,000 shares of the company’s stock in a transaction dated Thursday, August 9th. The stock was bought at an average price of $44.49 per share, with a total value of $222,450.00. Following the transaction, the director now owns 22,265 shares of the company’s stock, valued at $990,569.85. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 2.95% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in TEN. Fuller & Thaler Asset Management Inc. grew its position in shares of Tenneco by 1,361.6% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 1,793,361 shares of the auto parts company’s stock valued at $78,836,000 after buying an additional 1,670,661 shares during the last quarter. Towle & Co. bought a new stake in shares of Tenneco during the 2nd quarter valued at about $23,464,000. Macquarie Group Ltd. grew its position in shares of Tenneco by 21.6% during the 2nd quarter. Macquarie Group Ltd. now owns 1,941,241 shares of the auto parts company’s stock valued at $85,336,000 after buying an additional 344,869 shares during the last quarter. Royal Bank of Canada grew its position in shares of Tenneco by 428.2% during the 1st quarter. Royal Bank of Canada now owns 295,249 shares of the auto parts company’s stock valued at $16,200,000 after buying an additional 239,351 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in shares of Tenneco by 48.8% during the 2nd quarter. Wells Fargo & Company MN now owns 694,195 shares of the auto parts company’s stock valued at $30,517,000 after buying an additional 227,716 shares during the last quarter. 89.69% of the stock is owned by institutional investors and hedge funds.

Tenneco Company Profile

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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Analyst Recommendations for Tenneco (NYSE:TEN)

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