Diamond Hill Capital Management Inc. increased its position in Tenneco Inc. (NYSE:TEN) by 0.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 533,183 shares of the auto parts company’s stock after buying an additional 170 shares during the period. Diamond Hill Capital Management Inc. owned 0.99% of Tenneco worth $30,834,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Tenneco by 7,263.0% in the first quarter. BlackRock Inc. now owns 4,259,121 shares of the auto parts company’s stock worth $265,853,000 after buying an additional 4,201,276 shares in the last quarter. Wells Fargo & Company MN raised its position in Tenneco by 242.5% in the first quarter. Wells Fargo & Company MN now owns 1,120,481 shares of the auto parts company’s stock worth $69,941,000 after buying an additional 793,370 shares in the last quarter. Norges Bank acquired a new position in Tenneco during the fourth quarter worth about $29,332,000. DnB Asset Management AS raised its position in Tenneco by 27.9% in the second quarter. DnB Asset Management AS now owns 1,097,666 shares of the auto parts company’s stock worth $63,478,000 after buying an additional 239,492 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Tenneco by 5.2% in the first quarter. Vanguard Group Inc. now owns 4,726,512 shares of the auto parts company’s stock worth $295,029,000 after buying an additional 232,847 shares in the last quarter. Institutional investors own 94.86% of the company’s stock.
Shares of Tenneco Inc. (NYSE:TEN) opened at 51.74 on Friday. The firm has a market cap of $2.75 billion, a PE ratio of 10.07 and a beta of 1.79. Tenneco Inc. has a 52 week low of $51.09 and a 52 week high of $70.96. The firm’s 50-day moving average is $56.56 and its 200 day moving average is $59.78.
Tenneco (NYSE:TEN) last posted its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.80 by $0.10. Tenneco had a return on equity of 54.06% and a net margin of 3.17%. 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 company earned $1.78 EPS. The firm’s revenue was up 4.7% on a year-over-year basis. Equities research analysts forecast that Tenneco Inc. will post $6.68 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th will be given a $0.25 dividend. The ex-dividend date is Wednesday, September 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.93%. Tenneco’s dividend payout ratio is currently 19.72%.
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A number of equities analysts have issued reports on TEN shares. Jefferies Group LLC reissued a “hold” rating and set a $67.00 price target on shares of Tenneco in a research report on Tuesday, April 25th. Royal Bank Of Canada lifted their target price on shares of Tenneco from $67.00 to $71.00 and gave the company a “sector perform” rating in a report on Tuesday, May 2nd. ValuEngine lowered shares of Tenneco from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley cut their target price on shares of Tenneco from $45.00 to $44.00 and set an “underweight” rating for the company in a report on Friday, June 9th. Finally, Guggenheim assumed coverage on shares of Tenneco in a report on Wednesday, June 21st. They set a “buy” rating and a $68.00 target price for the company. One research analyst has rated the stock with a sell rating, four have issued 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 news, VP John E. Kunz sold 4,243 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $59.75, for a total value of $253,519.25. Following the transaction, the vice president now directly owns 30,373 shares in the company, valued at approximately $1,814,786.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David B. Price, Jr. sold 4,893 shares of the firm’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $57.82, for a total value of $282,913.26. The disclosure for this sale can be found here. 2.70% of the stock is owned by company insiders.
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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