Axa purchased a new position in Tenneco Inc. (NYSE:TEN) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 18,400 shares of the auto parts company’s stock, valued at approximately $1,149,000.
Several other large investors have also recently modified their holdings of TEN. Wells Fargo & Company MN increased its stake in shares of Tenneco by 242.5% in the first quarter. Wells Fargo & Company MN now owns 1,120,481 shares of the auto parts company’s stock worth $69,941,000 after buying an additional 793,370 shares during the period. Norges Bank purchased a new stake in shares of Tenneco during the fourth quarter worth approximately $29,332,000. Alliancebernstein L.P. increased its stake in shares of Tenneco by 13.9% in the first quarter. Alliancebernstein L.P. now owns 1,747,350 shares of the auto parts company’s stock worth $109,070,000 after buying an additional 213,666 shares during the period. UBS Asset Management Americas Inc. increased its stake in shares of Tenneco by 36.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 804,342 shares of the auto parts company’s stock worth $50,247,000 after buying an additional 213,413 shares during the period. Finally, Russell Investments Group Ltd. purchased a new stake in shares of Tenneco during the fourth quarter worth approximately $10,092,000. Institutional investors and hedge funds own 96.35% of the company’s stock.
Tenneco Inc. (NYSE:TEN) traded down 5.60% during midday trading on Friday, reaching $54.65. 1,015,302 shares of the company were exchanged. Tenneco Inc. has a 52-week low of $44.55 and a 52-week high of $70.96. The firm’s 50-day moving average price is $57.35 and its 200 day moving average price is $62.34. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of 8.23 and a beta of 1.76.
Tenneco (NYSE:TEN) last posted its quarterly earnings results on Monday, May 1st. The auto parts company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.10. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.24 billion. Tenneco had a net margin of 4.21% and a return on equity of 55.31%. The firm’s revenue was up 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.17 earnings per share. Equities analysts predict that Tenneco Inc. will post $6.56 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 23rd. Stockholders of record on Wednesday, June 7th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.83%. The ex-dividend date of this dividend is Monday, June 5th. Tenneco’s dividend payout ratio (DPR) is 15.17%.
TEN has been the subject of a number of recent research reports. Deutsche Bank AG lifted their price target on shares of Tenneco from $75.00 to $78.00 and gave the stock a “hold” rating in a report on Wednesday, March 22nd. Morgan Stanley reiterated an “overweight” rating and set a $140.00 price target (up from $130.00) on shares of Tenneco in a report on Monday, February 27th. Jefferies Group LLC reiterated a “hold” rating and set a $67.00 price target on shares of Tenneco in a report on Tuesday, April 25th. Royal Bank Of Canada reiterated a “hold” rating and set a $67.00 price target on shares of Tenneco in a report on Tuesday, April 4th. Finally, Goldman Sachs Group, Inc. (The) initiated coverage on shares of Tenneco in a report on Monday, April 3rd. They set a “buy” rating and a $71.00 price target for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $66.43.
In other news, Director David B. Price, Jr. sold 4,893 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total value of $282,913.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is owned by corporate insiders.
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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