Boston Partners lowered its stake in Tenneco Inc. (NYSE:TEN) by 31.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,185,234 shares of the auto parts company’s stock after selling 537,305 shares during the period. Boston Partners owned 2.23% of Tenneco worth $71,908,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Gofen & Glossberg LLC IL increased its stake in shares of Tenneco by 0.5% in the second quarter. Gofen & Glossberg LLC IL now owns 7,125 shares of the auto parts company’s stock worth $412,000 after acquiring an additional 33 shares during the period. Jennison Associates LLC increased its stake in shares of Tenneco by 0.5% in the second quarter. Jennison Associates LLC now owns 32,589 shares of the auto parts company’s stock worth $1,885,000 after acquiring an additional 149 shares during the period. Ameritas Investment Partners Inc. increased its stake in shares of Tenneco by 4.3% in the second quarter. Ameritas Investment Partners Inc. now owns 4,688 shares of the auto parts company’s stock worth $271,000 after acquiring an additional 192 shares during the period. Amalgamated Bank increased its stake in shares of Tenneco by 4.9% in the second quarter. Amalgamated Bank now owns 7,017 shares of the auto parts company’s stock worth $406,000 after acquiring an additional 328 shares during the period. Finally, Whittier Trust Co. increased its stake in shares of Tenneco by 2.0% in the second quarter. Whittier Trust Co. now owns 20,949 shares of the auto parts company’s stock worth $1,211,000 after acquiring an additional 403 shares during the period. 94.21% of the stock is owned by institutional investors and hedge funds.
In other Tenneco news, insider Gregg M. Sherrill sold 27,443 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $54.67, for a total transaction of $1,500,308.81. Following the transaction, the insider now directly owns 229,043 shares of the company’s stock, valued at $12,521,780.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP John E. Kunz sold 11,602 shares of the stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $55.35, for a total transaction of $642,170.70. Following the transaction, the vice president now directly owns 31,915 shares in the company, valued at $1,766,495.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,261 shares of company stock worth $4,654,484. Insiders own 2.70% of the company’s stock.
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A number of analysts have recently weighed in on the stock. KeyCorp reiterated a “buy” rating and issued a $80.00 price objective (up previously from $73.00) on shares of Tenneco in a research note on Monday, October 30th. They noted that the move was a valuation call. BidaskClub upgraded shares of Tenneco from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. Jefferies Group LLC reiterated a “hold” rating and issued a $62.00 price objective (down previously from $67.00) on shares of Tenneco in a research note on Monday, July 31st. Wells Fargo & Company cut their price objective on shares of Tenneco from $68.00 to $64.00 and set a “market perform” rating on the stock in a research note on Monday, October 30th. Finally, ValuEngine lowered shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. Tenneco has a consensus rating of “Hold” and an average price target of $67.70.
Shares of Tenneco Inc. (NYSE:TEN) opened at $55.77 on Friday. The company has a market cap of $2,877.12, a price-to-earnings ratio of 8.24, a P/E/G ratio of 0.66 and a beta of 1.92. The company has a current ratio of 1.33, a quick ratio of 0.93 and a debt-to-equity ratio of 2.29. Tenneco Inc. has a 52-week low of $51.54 and a 52-week high of $70.96.
Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, October 27th. The auto parts company reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.59 by $0.08. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.24 billion. Tenneco had a net margin of 1.97% and a return on equity of 54.13%. The firm’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned $1.53 earnings per share. equities analysts expect that Tenneco Inc. will post 6.72 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Monday, December 4th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, December 1st. This represents a $1.00 annualized dividend and a yield of 1.79%. Tenneco’s dividend payout ratio is presently 30.21%.
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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