Royal Bank of Canada Cuts Tenneco (TEN) Price Target to $47.00

Tenneco (NYSE:TEN) had its price target decreased by Royal Bank of Canada to $47.00 in a report issued on Thursday, The Fly reports. Royal Bank of Canada currently has an underperform rating on the auto parts company’s stock.

Other research analysts also recently issued research reports about the stock. Morgan Stanley reduced their price target on shares of Tenneco from $41.00 to $40.00 and set a hold rating on the stock in a research note on Monday, August 13th. Wolfe Research started coverage on shares of Tenneco in a research report on Tuesday, October 2nd. They set a peer perform rating on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $61.75.

TEN stock opened at $39.84 on Thursday. The stock has a market capitalization of $2.17 billion, a P/E ratio of 5.78, a P/E/G ratio of 0.56 and a beta of 1.77. Tenneco has a 12 month low of $39.81 and a 12 month high of $65.59. The company has a current ratio of 1.22, a quick ratio of 0.85 and a debt-to-equity ratio of 1.81.

Tenneco (NYSE:TEN) last posted its quarterly earnings results on Friday, July 27th. The auto parts company reported $1.92 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $2.00 by ($0.08). The company had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Tenneco had a return on equity of 48.44% and a net margin of 2.59%. The company’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the business earned $1.90 EPS. On average, equities research analysts expect that Tenneco will post 6.81 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, September 21st. Investors of record on Tuesday, September 4th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend was Friday, August 31st. Tenneco’s dividend payout ratio (DPR) is presently 14.51%.

In related news, Director Thomas C. Freyman bought 5,000 shares of the stock in a transaction that occurred on Thursday, August 9th. The stock was bought at an average cost of $44.49 per share, for a total transaction of $222,450.00. Following the purchase, the director now directly owns 22,265 shares of the company’s stock, valued at $990,569.85. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.95% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp boosted its stake in Tenneco by 1.5% in the 2nd quarter. Northern Trust Corp now owns 671,528 shares of the auto parts company’s stock worth $29,522,000 after purchasing an additional 9,972 shares in the last quarter. Schroder Investment Management Group boosted its stake in Tenneco by 10.2% in the 2nd quarter. Schroder Investment Management Group now owns 29,010 shares of the auto parts company’s stock worth $1,294,000 after purchasing an additional 2,685 shares in the last quarter. California Public Employees Retirement System boosted its stake in Tenneco by 7.5% in the 2nd quarter. California Public Employees Retirement System now owns 194,269 shares of the auto parts company’s stock worth $8,540,000 after purchasing an additional 13,626 shares in the last quarter. Dean Capital Management boosted its stake in Tenneco by 4.8% in the 2nd quarter. Dean Capital Management now owns 61,795 shares of the auto parts company’s stock worth $2,717,000 after purchasing an additional 2,805 shares in the last quarter. Finally, Mutual Advisors LLC acquired a new stake in Tenneco in the 2nd quarter worth approximately $862,000. Institutional investors own 89.69% of the company’s stock.

Tenneco Company Profile

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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The Fly

Analyst Recommendations for Tenneco (NYSE:TEN)

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