Tenneco Inc. (NYSE:TEN) released its earnings results on Friday, October 27th. The auto parts company reported $1.67 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.08, Bloomberg Earnings reports. The firm had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Tenneco had a return on equity of 54.13% and a net margin of 1.97%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.53 earnings per share.
Tenneco (NYSE TEN) traded up $0.43 during mid-day trading on Friday, hitting $55.77. 592,100 shares of the stock traded hands, compared to its average volume of 594,438. The stock has a market cap of $2,877.12, a price-to-earnings ratio of 8.24, a PEG ratio of 0.66 and a beta of 1.92. The company has a current ratio of 1.33, a quick ratio of 0.93 and a debt-to-equity ratio of 2.29. Tenneco has a 1 year low of $51.54 and a 1 year high of $70.96.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Monday, December 4th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.79%. The ex-dividend date is Friday, December 1st. Tenneco’s dividend payout ratio (DPR) is 30.21%.
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TEN has been the subject of a number of analyst reports. BidaskClub lowered Tenneco from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. ValuEngine lowered Tenneco from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 22nd. Wells Fargo & Company decreased their price objective on Tenneco from $68.00 to $64.00 and set a “market perform” rating for the company in a report on Monday, October 30th. Jefferies Group LLC reissued a “hold” rating and issued a $62.00 target price (down from $67.00) on shares of Tenneco in a research report on Monday, July 31st. Finally, KeyCorp reissued a “buy” rating and issued a $80.00 target price (up from $73.00) on shares of Tenneco in a research report on Monday, October 30th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Tenneco presently has a consensus rating of “Hold” and a consensus target price of $67.70.
In related news, VP John E. Kunz sold 6,368 shares of Tenneco stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $61.00, for a total value of $388,448.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gregg M. Sherrill sold 27,443 shares of the business’s stock in a transaction on Friday, September 1st. The stock was sold at an average price of $54.67, for a total transaction of $1,500,308.81. Following the completion of the transaction, the insider now owns 229,043 shares of the company’s stock, valued at approximately $12,521,780.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 82,261 shares of company stock worth $4,654,484. Corporate insiders own 2.70% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC grew its stake in shares of Tenneco by 107.4% during the second quarter. Advisory Services Network LLC now owns 2,184 shares of the auto parts company’s stock worth $126,000 after purchasing an additional 1,131 shares in the last quarter. Advisor Group Inc. lifted its position in Tenneco by 83.1% in the third quarter. Advisor Group Inc. now owns 2,364 shares of the auto parts company’s stock valued at $143,000 after acquiring an additional 1,073 shares during the last quarter. Fortaleza Asset Management Inc. lifted its position in Tenneco by 122.5% in the third quarter. Fortaleza Asset Management Inc. now owns 2,670 shares of the auto parts company’s stock valued at $162,000 after acquiring an additional 1,470 shares during the last quarter. Telemus Capital LLC lifted its position in Tenneco by 13.6% in the second quarter. Telemus Capital LLC now owns 3,994 shares of the auto parts company’s stock valued at $231,000 after acquiring an additional 477 shares during the last quarter. Finally, Commonwealth Equity Services Inc purchased a new stake in Tenneco in the third quarter valued at $238,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.
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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