State Board of Administration of Florida Retirement System boosted its holdings in Tenneco Inc. (NYSE:TEN) by 8.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,297 shares of the auto parts company’s stock after buying an additional 2,617 shares during the quarter. State Board of Administration of Florida Retirement System owned approximately 0.07% of Tenneco worth $2,041,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in TEN. BlackRock Inc. boosted its stake 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 valued at $265,853,000 after buying an additional 4,201,276 shares in the last quarter. Cooke & Bieler LP boosted its stake in Tenneco by 129.8% in the second quarter. Cooke & Bieler LP now owns 613,569 shares of the auto parts company’s stock valued at $35,483,000 after buying an additional 346,564 shares in the last quarter. DnB Asset Management AS boosted its stake 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 valued at $63,478,000 after buying an additional 239,492 shares in the last quarter. Vanguard Group Inc. boosted its stake 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 valued at $295,029,000 after buying an additional 232,847 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Tenneco by 13.9% in the first quarter. Alliancebernstein L.P. now owns 1,747,350 shares of the auto parts company’s stock valued at $109,070,000 after buying an additional 213,666 shares in the last quarter. 96.72% of the stock is currently owned by institutional investors and hedge funds.
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TEN has been the topic of several research analyst reports. BidaskClub raised Tenneco from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. CLSA assumed coverage on Tenneco in a research note on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price objective on the stock. Guggenheim assumed coverage on Tenneco in a research note on Wednesday, June 21st. They set a “buy” rating and a $68.00 price target on the stock. ValuEngine lowered Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 22nd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $62.00 price target (down from $67.00) on shares of Tenneco in a research note on Monday, July 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $66.22.
Shares of Tenneco Inc. (NYSE TEN) opened at 55.41 on Wednesday. The stock’s 50 day moving average price is $54.27 and its 200-day moving average price is $58.27. The firm has a market capitalization of $2.95 billion, a price-to-earnings ratio of 10.78 and a beta of 1.79. Tenneco Inc. has a 52 week low of $51.09 and a 52 week high of $70.96.
Tenneco (NYSE:TEN) last posted its quarterly earnings data on Friday, July 28th. The auto parts company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Tenneco had a return on equity of 54.06% and a net margin of 3.17%. The firm had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the prior year, the business earned $1.78 EPS. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. Equities analysts predict that Tenneco Inc. will post $6.68 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend is Wednesday, September 6th. Tenneco’s payout ratio is currently 19.72%.
In other news, insider Gregg M. Sherrill sold 27,443 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $54.67, for a total value of $1,500,308.81. Following the completion of the transaction, the insider now directly owns 229,043 shares in the company, valued at approximately $12,521,780.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John E. Kunz sold 4,243 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $59.75, for a total value of $253,519.25. Following the completion of the transaction, the vice president now owns 30,373 shares of the company’s stock, valued at $1,814,786.75. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by corporate 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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