Tenneco (TEN) Lowered to Neutral at Goldman Sachs

Tenneco (NYSE:TEN) was downgraded by stock analysts at Goldman Sachs from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, Marketbeat Ratings reports. They presently have a $62.00 target price on the auto parts company’s stock. Goldman Sachs’ price objective would suggest a potential upside of 19.97% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Guggenheim set a $70.00 target price on shares of Tenneco and gave the company a “buy” rating in a research note on Monday, February 12th. Barclays reaffirmed a “buy” rating and set a $74.00 target price on shares of Tenneco in a research note on Tuesday, January 9th. Deutsche Bank decreased their target price on shares of Tenneco from $66.00 to $61.00 and set a “hold” rating for the company in a research note on Wednesday. Wells Fargo decreased their target price on shares of Tenneco from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, February 12th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $63.00 target price on shares of Tenneco in a research note on Friday, February 9th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $64.40.

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TEN stock opened at $51.68 on Friday. Tenneco has a 1 year low of $50.73 and a 1 year high of $65.59. The stock has a market capitalization of $2,795.69, a P/E ratio of 7.50, a P/E/G ratio of 0.53 and a beta of 1.80. The company has a quick ratio of 0.85, a current ratio of 1.24 and a debt-to-equity ratio of 1.83.

Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, February 9th. The auto parts company reported $1.89 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.64 by $0.25. Tenneco had a net margin of 2.22% and a return on equity of 52.86%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same period in the prior year, the firm earned $1.67 earnings per share. Tenneco’s revenue was up 11.0% on a year-over-year basis. equities analysts anticipate that Tenneco will post 7.57 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in TEN. GSA Capital Partners LLP increased its position in shares of Tenneco by 6.7% during the third quarter. GSA Capital Partners LLP now owns 14,914 shares of the auto parts company’s stock valued at $905,000 after acquiring an additional 939 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Tenneco by 42.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,233 shares of the auto parts company’s stock valued at $189,000 after acquiring an additional 961 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its position in shares of Tenneco by 4.1% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 29,297 shares of the auto parts company’s stock valued at $1,715,000 after acquiring an additional 1,167 shares in the last quarter. Baird Financial Group Inc. increased its position in shares of Tenneco by 3.3% during the fourth quarter. Baird Financial Group Inc. now owns 37,243 shares of the auto parts company’s stock valued at $2,180,000 after acquiring an additional 1,186 shares in the last quarter. Finally, Private Management Group Inc. increased its position in shares of Tenneco by 0.6% during the fourth quarter. Private Management Group Inc. now owns 220,962 shares of the auto parts company’s stock valued at $12,935,000 after acquiring an additional 1,241 shares in the last quarter. 94.33% of the stock is owned by institutional investors and hedge funds.

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About Tenneco

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.

Analyst Recommendations for Tenneco (NYSE:TEN)

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