Essex Investment Management Co. LLC raised its position in Tenneco Inc. (NYSE:TEN) by 29.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 28,594 shares of the auto parts company’s stock after buying an additional 6,422 shares during the period. Essex Investment Management Co. LLC owned about 0.05% of Tenneco worth $1,654,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Whittier Trust Co. increased its stake in shares of Tenneco by 5.8% in the first quarter. Whittier Trust Co. now owns 20,546 shares of the auto parts company’s stock worth $1,282,000 after buying an additional 1,129 shares during the period. Breton Hill Capital Ltd. boosted its stake in Tenneco by 7.3% in the first quarter. Breton Hill Capital Ltd. now owns 13,874 shares of the auto parts company’s stock worth $866,000 after buying an additional 949 shares during the period. Janney Montgomery Scott LLC boosted its stake in Tenneco by 13.4% in the first quarter. Janney Montgomery Scott LLC now owns 6,296 shares of the auto parts company’s stock worth $393,000 after buying an additional 744 shares during the period. Nationwide Fund Advisors boosted its stake in Tenneco by 144.6% in the first quarter. Nationwide Fund Advisors now owns 132,569 shares of the auto parts company’s stock worth $8,275,000 after buying an additional 78,363 shares during the period. Finally, James Investment Research Inc. boosted its stake in Tenneco by 31.2% in the first quarter. James Investment Research Inc. now owns 26,861 shares of the auto parts company’s stock worth $1,677,000 after buying an additional 6,391 shares during the period. 94.86% of the stock is owned by institutional investors.
Shares of Tenneco Inc. (NYSE:TEN) opened at 51.74 on Friday. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 10.07 and a beta of 1.79. The company has a 50-day moving average price of $56.56 and a 200-day moving average price of $59.78. Tenneco Inc. has a 1-year low of $51.09 and a 1-year high of $70.96.
Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Tenneco had a net margin of 3.17% and a return on equity of 54.06%. The business had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period last year, the firm earned $1.78 earnings per share. Tenneco’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts expect that Tenneco Inc. will post $6.68 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 26th. Investors of record on Thursday, September 7th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date of this dividend is Wednesday, September 6th. Tenneco’s dividend payout ratio is 19.72%.
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TEN has been the topic of a number of research analyst reports. BidaskClub upgraded Tenneco from a “hold” rating to a “buy” rating in a research report on Thursday, June 29th. CLSA initiated coverage on Tenneco in a research report on Wednesday, June 21st. They set a “buy” rating and a $68.00 target price on the stock. Guggenheim initiated coverage on Tenneco in a research report on Wednesday, June 21st. They set a “buy” rating and a $68.00 target price on the stock. ValuEngine cut Tenneco from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $62.00 price target (down previously from $67.00) on shares of Tenneco in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $66.22.
In other Tenneco news, Director David B. Price, Jr. sold 4,893 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total value of $282,913.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP John E. Kunz sold 4,243 shares of the firm’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $59.75, for a total transaction of $253,519.25. Following the completion of the transaction, the vice president now directly owns 30,373 shares in the company, valued at $1,814,786.75. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company insiders.
Tenneco Company Profile
Tenneco Inc is a producer of clean air and ride performance products and systems for light vehicle, commercial truck, off-highway and other vehicle applications. The Company designs, manufactures and distributes highly engineered products for both original equipment vehicle manufacturers (OEMs) and the repair and replacement markets, or aftermarket, across the world.
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