Strs Ohio grew its position in shares of Tenneco Inc. (NYSE:TEN) by 24.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,400 shares of the auto parts company’s stock after acquiring an additional 2,400 shares during the period. Strs Ohio’s holdings in Tenneco were worth $86,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of TEN. Icahn Carl C raised its stake in Tenneco by 61.7% in the second quarter. Icahn Carl C now owns 9,136,392 shares of the auto parts company’s stock worth $69,071,000 after buying an additional 3,485,215 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in Tenneco by 593.7% in the second quarter. Jacobs Levy Equity Management Inc. now owns 1,152,507 shares of the auto parts company’s stock worth $8,713,000 after purchasing an additional 986,369 shares during the period. Muhlenkamp & Co. Inc. purchased a new stake in Tenneco in the second quarter worth about $4,269,000. Arrowstreet Capital Limited Partnership purchased a new stake in Tenneco in the third quarter worth about $3,719,000. Finally, Voloridge Investment Management LLC grew its holdings in Tenneco by 132.6% in the third quarter. Voloridge Investment Management LLC now owns 304,888 shares of the auto parts company’s stock worth $2,116,000 after purchasing an additional 173,785 shares during the period. 66.58% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently commented on TEN. ValuEngine cut shares of Tenneco from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 1st. JPMorgan Chase & Co. increased their price objective on shares of Tenneco from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Thursday, October 22nd. BidaskClub downgraded shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research report on Friday, December 11th. Finally, Morgan Stanley increased their price objective on shares of Tenneco from $2.00 to $5.00 and gave the company an “underweight” rating in a research report on Monday, November 9th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Tenneco has an average rating of “Hold” and an average target price of $6.00.
In other news, major shareholder Carl C. Icahn sold 46,709 shares of the firm’s stock in a transaction on Monday, November 30th. The shares were sold at an average price of $10.93, for a total transaction of $510,529.37. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Carl C. Icahn sold 8,543 shares of the firm’s stock in a transaction on Monday, December 21st. The shares were sold at an average price of $9.87, for a total transaction of $84,319.41. The disclosure for this sale can be found here. Insiders have sold a total of 1,593,548 shares of company stock worth $17,127,803 over the last 90 days. Insiders own 2.29% of the company’s stock.
TEN opened at $10.60 on Friday. The company has a current ratio of 1.61, a quick ratio of 1.15 and a debt-to-equity ratio of 18.99. Tenneco Inc. has a 1-year low of $2.21 and a 1-year high of $14.04. The company has a market capitalization of $647.90 million, a PE ratio of -0.61 and a beta of 2.91. The firm’s 50 day simple moving average is $10.28 and its two-hundred day simple moving average is $8.62.
Tenneco (NYSE:TEN) last released its quarterly earnings results on Monday, November 2nd. The auto parts company reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.10). The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $3.97 billion. Tenneco had a negative return on equity of 7.09% and a negative net margin of 9.45%. The firm’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.23 earnings per share. Equities analysts forecast that Tenneco Inc. will post -2.04 earnings per share for the current fiscal year.
Tenneco Company Profile
Tenneco Inc designs, manufactures, and sells clean air, powertrain, and ride performance products and systems for light vehicle, commercial truck, off-highway, industrial, and aftermarket customers worldwide. The company operates through Clean Air, Powertrain, Ride Performance, and Motorparts segments.
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