Evanston Investments Inc. dba Evanston Advisors raised its stake in Tenneco (NYSE:TEN) by 19.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,014 shares of the auto parts company’s stock after acquiring an additional 10,431 shares during the period. Evanston Investments Inc. dba Evanston Advisors owned 0.12% of Tenneco worth $3,512,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of TEN. Bank of Montreal Can boosted its stake in Tenneco by 11.2% in the fourth quarter. Bank of Montreal Can now owns 129,564 shares of the auto parts company’s stock valued at $7,585,000 after acquiring an additional 13,079 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of Tenneco by 9.7% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 362,135 shares of the auto parts company’s stock worth $21,200,000 after buying an additional 31,924 shares during the period. James Investment Research Inc. boosted its position in shares of Tenneco by 26.0% during the fourth quarter. James Investment Research Inc. now owns 65,038 shares of the auto parts company’s stock worth $3,807,000 after buying an additional 13,439 shares during the period. Cerebellum GP LLC acquired a new position in shares of Tenneco during the fourth quarter worth approximately $129,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Tenneco during the fourth quarter worth approximately $4,960,000. Institutional investors own 95.34% of the company’s stock.
In other news, CEO Brian J. Kesseler bought 21,500 shares of the company’s stock in a transaction that occurred on Friday, May 11th. The shares were purchased at an average price of $46.63 per share, with a total value of $1,002,545.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.95% of the stock is owned by insiders.
Several equities analysts have recently issued reports on the company. Morgan Stanley upgraded Tenneco from an “underweight” rating to an “equal weight” rating and set a $41.00 price objective for the company in a research report on Wednesday, May 9th. ValuEngine downgraded Tenneco from a “buy” rating to a “hold” rating in a research report on Saturday, February 3rd. Wells Fargo reduced their price objective on Tenneco from $64.00 to $60.00 and set a “market perform” rating for the company in a research report on Monday, February 12th. TheStreet downgraded Tenneco from a “b-” rating to a “c+” rating in a research report on Tuesday, May 8th. Finally, Guggenheim set a $70.00 price objective on Tenneco and gave the stock a “buy” rating in a research report on Monday, February 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $64.10.
Shares of NYSE:TEN opened at $48.12 on Friday. Tenneco has a 12 month low of $46.69 and a 12 month high of $47.27. The company has a market cap of $2.46 billion, a P/E ratio of 6.80, a PEG ratio of 0.46 and a beta of 1.83. The company has a current ratio of 1.25, a quick ratio of 0.88 and a debt-to-equity ratio of 1.72.
Tenneco (NYSE:TEN) last announced its earnings results on Friday, April 27th. The auto parts company reported $1.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.69 by ($0.11). Tenneco had a return on equity of 50.58% and a net margin of 2.10%. The firm had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.42 billion. During the same period in the previous year, the firm earned $1.46 EPS. Tenneco’s revenue for the quarter was up 12.3% on a year-over-year basis. analysts anticipate that Tenneco will post 7.49 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, June 22nd. Investors of record on Tuesday, June 5th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, June 4th. This represents a $1.00 annualized dividend and a yield of 2.08%. Tenneco’s payout ratio is 14.51%.
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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