American International Group Inc. lifted its stake in shares of Tenneco Inc. (NYSE:TEN) by 8.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,804 shares of the auto parts company’s stock after acquiring an additional 2,677 shares during the quarter. American International Group Inc. owned about 0.07% of Tenneco worth $2,172,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of TEN. Advisory Services Network LLC increased its stake in shares of Tenneco by 107.4% during the second quarter. Advisory Services Network LLC now owns 2,184 shares of the auto parts company’s stock valued at $126,000 after acquiring an additional 1,131 shares during the period. Advisor Group Inc. increased its stake in shares of Tenneco by 83.1% during the third quarter. Advisor Group Inc. now owns 2,364 shares of the auto parts company’s stock valued at $143,000 after acquiring an additional 1,073 shares during the period. Fortaleza Asset Management Inc. increased its stake in shares of Tenneco by 122.5% during the third quarter. Fortaleza Asset Management Inc. now owns 2,670 shares of the auto parts company’s stock valued at $162,000 after acquiring an additional 1,470 shares during the period. Commonwealth Equity Services Inc acquired a new position in shares of Tenneco during the third quarter valued at approximately $238,000. Finally, Cim Investment Mangement Inc. bought a new stake in Tenneco during the second quarter worth approximately $270,000. Institutional investors and hedge funds own 94.99% of the company’s stock.
In related news, VP John E. Kunz sold 9,573 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The shares were sold at an average price of $57.00, for a total value of $545,661.00. Following the completion of the transaction, the vice president now owns 19,878 shares of the company’s stock, valued at approximately $1,133,046. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John E. Kunz sold 11,500 shares of the firm’s stock in a transaction that occurred on Friday, September 22nd. The stock was sold at an average price of $59.00, for a total transaction of $678,500.00. Following the completion of the transaction, the vice president now directly owns 6,368 shares of the company’s stock, valued at approximately $375,712. The disclosure for this sale can be found here. Insiders sold a total of 54,818 shares of company stock valued at $3,154,175 in the last ninety days. Company insiders own 2.70% of the company’s stock.
Shares of Tenneco Inc. (NYSE:TEN) traded up $0.79 during trading hours on Monday, reaching $57.64. 330,000 shares of the company were exchanged, compared to its average volume of 553,373. The company has a market capitalization of $2,973.56, a PE ratio of 8.51, a price-to-earnings-growth ratio of 0.68 and a beta of 1.92. Tenneco Inc. has a 1 year low of $51.54 and a 1 year high of $70.96. The company has a quick ratio of 0.93, a current ratio of 1.33 and a debt-to-equity ratio of 2.29.
Tenneco (NYSE:TEN) last issued its earnings results on Friday, October 27th. The auto parts company reported $1.67 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.59 by $0.08. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Tenneco had a net margin of 1.97% and a return on equity of 54.13%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period last year, the firm posted $1.53 earnings per share. research analysts predict that Tenneco Inc. will post 6.72 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Monday, December 4th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Friday, December 1st. Tenneco’s payout ratio is 30.21%.
A number of analysts recently weighed in on the stock. Wells Fargo & Company reduced their target price on shares of Tenneco from $68.00 to $64.00 and set a “market perform” rating for the company in a report on Monday, October 30th. KeyCorp restated a “buy” rating and set a $80.00 target price (up from $73.00) on shares of Tenneco in a report on Monday, October 30th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $67.70.
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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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