Tenneco (NYSE:TEN) had its target price reduced by Wells Fargo & Co from $50.00 to $45.00 in a report published on Wednesday morning, The Fly reports. They currently have a market perform rating on the auto parts company’s stock.
A number of other analysts also recently weighed in on the company. Royal Bank of Canada decreased their price target on Tenneco to $47.00 and set an underperform rating on the stock in a research note on Thursday, October 4th. Wolfe Research began coverage on Tenneco in a report on Tuesday, October 2nd. They set a peer perform rating for the company. Finally, Morgan Stanley reduced their price objective on Tenneco from $41.00 to $40.00 and set a hold rating for the company in a report on Monday, August 13th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $59.88.
Tenneco stock opened at $33.40 on Wednesday. The company has a current ratio of 1.22, a quick ratio of 0.85 and a debt-to-equity ratio of 1.81. Tenneco has a 1-year low of $32.63 and a 1-year high of $65.59. The company has a market capitalization of $1.92 billion, a P/E ratio of 4.85, a price-to-earnings-growth ratio of 0.45 and a beta of 1.77.
Tenneco (NYSE:TEN) last posted 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 net margin of 2.59% and a return on equity of 48.44%. The business had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the firm earned $1.90 earnings per share. The firm’s quarterly revenue was up 9.5% compared to the same quarter last year. On average, equities analysts anticipate that Tenneco will post 6.76 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Investors of record on Tuesday, December 4th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, December 3rd. This represents a $1.00 annualized dividend and a yield of 2.99%. Tenneco’s dividend payout ratio is presently 14.51%.
In other news, Director Thomas C. Freyman acquired 5,000 shares of Tenneco stock in a transaction that occurred on Thursday, August 9th. The stock was purchased at an average cost of $44.49 per share, with a total value of $222,450.00. Following the completion of the acquisition, the director now owns 22,265 shares in the company, valued at approximately $990,569.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.95% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Sei Investments Co. grew its stake in Tenneco by 279.8% during the first quarter. Sei Investments Co. now owns 3,544 shares of the auto parts company’s stock valued at $195,000 after acquiring an additional 2,611 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Tenneco by 92.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 220,294 shares of the auto parts company’s stock worth $12,088,000 after buying an additional 105,880 shares in the last quarter. Element Capital Management LLC purchased a new position in Tenneco in the 1st quarter worth approximately $255,000. Verition Fund Management LLC purchased a new position in Tenneco in the 1st quarter worth approximately $783,000. Finally, Millennium Management LLC grew its stake in Tenneco by 51.6% in the 1st quarter. Millennium Management LLC now owns 468,781 shares of the auto parts company’s stock worth $25,722,000 after buying an additional 159,476 shares in the last quarter. 80.80% of the stock is owned by hedge funds and other institutional investors.
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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