Gabelli Funds LLC lifted its position in Tenneco (NYSE:TEN) by 15.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 760,713 shares of the auto parts company’s stock after buying an additional 103,400 shares during the period. Gabelli Funds LLC’s holdings in Tenneco were worth $41,740,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Private Management Group Inc. increased its holdings in Tenneco by 0.6% during the 4th quarter. Private Management Group Inc. now owns 220,962 shares of the auto parts company’s stock worth $12,935,000 after purchasing an additional 1,241 shares in the last quarter. Deutsche Bank AG increased its holdings in Tenneco by 6.1% during the 4th quarter. Deutsche Bank AG now owns 260,486 shares of the auto parts company’s stock worth $15,246,000 after purchasing an additional 15,091 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings in Tenneco by 61.8% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 6,809 shares of the auto parts company’s stock worth $399,000 after purchasing an additional 2,600 shares in the last quarter. Algert Global LLC increased its holdings in Tenneco by 9.7% during the 4th quarter. Algert Global LLC now owns 52,429 shares of the auto parts company’s stock worth $3,069,000 after purchasing an additional 4,642 shares in the last quarter. Finally, Cortina Asset Management LLC bought a new position in Tenneco during the 4th quarter worth about $4,222,000. Institutional investors and hedge funds own 93.26% of the company’s stock.
In other news, CEO Brian J. Kesseler bought 21,500 shares of the business’s stock in a transaction that occurred on Friday, May 11th. The stock was acquired at an average cost of $46.63 per share, for a total transaction of $1,002,545.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.95% of the company’s stock.
A number of equities analysts have issued reports on the company. TheStreet cut Tenneco from a “b-” rating to a “c+” rating in a report on Tuesday, May 8th. Morgan Stanley upgraded Tenneco from an “underweight” rating to an “equal weight” rating and set a $41.00 price objective for the company in a report on Wednesday, May 9th. ValuEngine cut Tenneco from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Goldman Sachs cut Tenneco from a “buy” rating to a “neutral” rating and set a $62.00 price objective for the company. in a report on Friday, April 13th. Finally, Deutsche Bank decreased their price objective on Tenneco from $66.00 to $61.00 and set a “hold” rating for the company in a report on Wednesday, April 11th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Tenneco has an average rating of “Hold” and an average target price of $64.10.
Shares of NYSE TEN opened at $47.59 on Wednesday. The stock has a market capitalization of $2.46 billion, a PE ratio of 6.91, a P/E/G ratio of 0.46 and a beta of 1.83. The company has a debt-to-equity ratio of 1.72, a current ratio of 1.25 and a quick ratio of 0.88. Tenneco has a fifty-two week low of $43.48 and a fifty-two week high of $65.59.
Tenneco (NYSE:TEN) last announced its quarterly earnings data on Friday, April 27th. The auto parts company reported $1.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.69 by ($0.11). Tenneco had a net margin of 2.10% and a return on equity of 50.58%. The company had revenue of $2.57 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter in the previous year, the business earned $1.46 EPS. Tenneco’s revenue was up 12.3% on a year-over-year basis. sell-side analysts forecast that Tenneco will post 7.49 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 22nd. Investors of record on Tuesday, June 5th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Monday, June 4th. This represents a $1.00 annualized dividend and a yield of 2.10%. Tenneco’s dividend payout ratio (DPR) is currently 14.51%.
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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