Tenneco (TEN) Bond Prices Fall 0.5%

An issue of Tenneco Inc (NYSE:TEN) bonds fell 0.5% as a percentage of their face value during trading on Wednesday. The debt issue has a 5% coupon and is set to mature on July 15, 2026. The debt is now trading at $92.00 and was trading at $92.75 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its stock price.

TEN has been the subject of several recent analyst reports. TheStreet lowered Tenneco from a “b-” rating to a “c+” rating in a report on Tuesday, May 8th. Morgan Stanley raised 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. Deutsche Bank cut their target price on Tenneco from $66.00 to $61.00 and set a “hold” rating for the company in a research note on Wednesday, April 11th. Goldman Sachs Group lowered Tenneco from a “buy” rating to a “neutral” rating and set a $62.00 target price for the company. in a research note on Friday, April 13th. Finally, ValuEngine lowered Tenneco from a “hold” rating to a “sell” rating in a research note on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $64.10.

TEN traded down $0.36 during midday trading on Friday, hitting $46.09. The stock had a trading volume of 8,986 shares, compared to its average volume of 395,442. The firm has a market cap of $2.36 billion, a P/E ratio of 6.74, a P/E/G ratio of 0.45 and a beta of 1.79. 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 Inc has a 1 year low of $43.48 and a 1 year 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 firm posted $1.46 EPS. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. equities analysts anticipate that Tenneco Inc will post 7.4 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 22nd. Shareholders of record on Tuesday, June 5th will be given a $0.25 dividend. The ex-dividend date is Monday, June 4th. This represents a $1.00 annualized dividend and a yield of 2.17%. Tenneco’s payout ratio is currently 14.51%.

In related news, CEO Brian J. Kesseler acquired 21,500 shares of the stock in a transaction on Friday, May 11th. The stock was purchased at an average price of $46.63 per share, for a total transaction of $1,002,545.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.95% of the company’s stock.

A number of hedge funds have recently made changes to their positions in TEN. BlackRock Inc. raised its holdings in Tenneco by 7.7% in the first quarter. BlackRock Inc. now owns 5,154,105 shares of the auto parts company’s stock worth $282,806,000 after purchasing an additional 370,340 shares in the last quarter. Royal Bank of Canada grew its stake in shares of Tenneco by 428.2% in the first quarter. Royal Bank of Canada now owns 295,249 shares of the auto parts company’s stock worth $16,200,000 after acquiring an additional 239,351 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Tenneco by 79.8% in the fourth quarter. Franklin Resources Inc. now owns 535,994 shares of the auto parts company’s stock worth $31,377,000 after acquiring an additional 237,838 shares during the last quarter. Boston Partners grew its stake in shares of Tenneco by 18.7% in the first quarter. Boston Partners now owns 1,460,389 shares of the auto parts company’s stock worth $80,131,000 after acquiring an additional 229,659 shares during the last quarter. Finally, LSV Asset Management grew its stake in shares of Tenneco by 22.3% in the first quarter. LSV Asset Management now owns 998,853 shares of the auto parts company’s stock worth $54,807,000 after acquiring an additional 182,095 shares during the last quarter. Hedge funds and other institutional investors own 92.45% of the company’s stock.

About Tenneco

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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