Allianz Asset Management GmbH decreased its position in Tenneco Inc (NYSE:TEN) by 6.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 504,030 shares of the auto parts company’s stock after selling 37,350 shares during the quarter. Allianz Asset Management GmbH’s holdings in Tenneco were worth $21,240,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Van ECK Associates Corp raised its holdings in Tenneco by 26.0% in the second quarter. Van ECK Associates Corp now owns 19,184 shares of the auto parts company’s stock worth $843,000 after purchasing an additional 3,960 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Tenneco by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,405,855 shares of the auto parts company’s stock worth $61,803,000 after purchasing an additional 122,917 shares in the last quarter. Ramsey Quantitative Systems bought a new position in Tenneco in the third quarter worth $356,000. Private Management Group Inc. raised its holdings 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 worth $17,490,000 after purchasing an additional 160,782 shares in the last quarter. Finally, Commonwealth Bank of Australia bought a new position in Tenneco in the third quarter worth $568,000. Institutional investors and hedge funds own 78.15% of the company’s stock.
Shares of NYSE:TEN opened at $31.54 on Friday. Tenneco Inc has a 1-year low of $31.02 and a 1-year high of $65.59. The company has a quick ratio of 0.79, a current ratio of 1.18 and a debt-to-equity ratio of 1.68. The firm has a market cap of $1.81 billion, a PE ratio of 4.58, a P/E/G ratio of 0.44 and a beta of 1.82.
Tenneco (NYSE:TEN) last issued its quarterly earnings results on Friday, October 26th. The auto parts company reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.20. Tenneco had a return on equity of 47.05% and a net margin of 2.39%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.37 billion. During the same period last year, the company earned $1.67 earnings per share. The company’s revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts predict that Tenneco Inc will post 6.57 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Tuesday, December 4th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, December 3rd. This represents a $1.00 annualized dividend and a dividend yield of 3.17%. Tenneco’s payout ratio is presently 14.51%.
A number of equities analysts have issued reports on TEN shares. Wolfe Research started coverage on Tenneco in a report on Tuesday, October 2nd. They issued a “peer perform” rating for the company. Wells Fargo & Co decreased their price objective on Tenneco from $45.00 to $41.00 and set a “market perform” rating for the company in a report on Monday, October 29th. Morgan Stanley downgraded Tenneco from an “equal weight” rating to an “underweight” rating and set a $30.00 price objective for the company. in a report on Wednesday, November 14th. Finally, Royal Bank of Canada decreased their price objective on Tenneco to $47.00 and set an “underperform” rating for the company in a report on Thursday, October 4th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $55.00.
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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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