Van ECK Associates Corp raised its stake in Tenneco Inc (NYSE:TEN) by 26.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,184 shares of the auto parts company’s stock after purchasing an additional 3,960 shares during the period. Van ECK Associates Corp’s holdings in Tenneco were worth $843,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Renaissance Technologies LLC purchased a new position in Tenneco in the second quarter valued at about $967,000. Envestnet Asset Management Inc. grew its stake in Tenneco by 299.9% in the second quarter. Envestnet Asset Management Inc. now owns 11,489 shares of the auto parts company’s stock valued at $505,000 after purchasing an additional 8,616 shares during the last quarter. NumerixS Investment Technologies Inc purchased a new position in Tenneco in the second quarter valued at about $174,000. Ingalls & Snyder LLC purchased a new position in Tenneco in the second quarter valued at about $355,000. Finally, Private Management Group Inc. grew its stake in Tenneco by 67.8% in the second quarter. Private Management Group Inc. now owns 397,867 shares of the auto parts company’s stock valued at $17,490,000 after purchasing an additional 160,782 shares during the last quarter. Institutional investors own 89.70% of the company’s stock.
TEN has been the topic of several analyst reports. Morgan Stanley cut their target price on Tenneco from $41.00 to $40.00 and set a “hold” rating on the stock in a research note on Monday, August 13th. ValuEngine lowered Tenneco from a “sell” rating to a “strong sell” rating in a research note on Saturday, June 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $63.75.
In other Tenneco news, Director Thomas C. Freyman purchased 5,000 shares of the company’s stock in a transaction dated Thursday, August 9th. The shares were acquired at an average price of $44.49 per share, for a total transaction of $222,450.00. Following the completion of the purchase, 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 accessible through this link. 2.95% of the stock is currently owned by insiders.
Shares of TEN stock opened at $42.91 on Monday. Tenneco Inc has a fifty-two week low of $41.26 and a fifty-two week high of $65.59. The stock has a market cap of $2.15 billion, a PE ratio of 6.23, a price-to-earnings-growth ratio of 0.56 and a beta of 1.80. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.85 and a current ratio of 1.22.
Tenneco (NYSE:TEN) last issued its quarterly earnings results on Friday, July 27th. The auto parts company reported $1.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.00 by ($0.08). Tenneco had a return on equity of 48.44% and a net margin of 2.59%. The business had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the firm posted $1.90 EPS. Tenneco’s revenue was up 9.5% on a year-over-year basis. sell-side analysts predict that Tenneco Inc will post 6.81 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Stockholders of record on Tuesday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, August 31st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.33%. Tenneco’s payout ratio is 14.51%.
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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