First Mercantile Trust Co. cut its position in Tenneco Inc. (NYSE:TEN) by 64.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,130 shares of the auto parts company’s stock after selling 10,934 shares during the period. First Mercantile Trust Co.’s holdings in Tenneco were worth $355,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quantbot Technologies LP raised its position in Tenneco by 8.4% in the first quarter. Quantbot Technologies LP now owns 2,410 shares of the auto parts company’s stock worth $150,000 after buying an additional 187 shares during the period. Telemus Capital LLC acquired a new position in Tenneco during the first quarter worth $220,000. 1st Global Advisors Inc. acquired a new position in Tenneco during the first quarter worth $267,000. Campbell & CO Investment Adviser LLC acquired a new position in Tenneco during the first quarter worth $275,000. Finally, Tudor Investment Corp ET AL acquired a new position in Tenneco during the first quarter worth $287,000. 94.86% of the stock is currently owned by institutional investors and hedge funds.
Shares of Tenneco Inc. (NYSE TEN) opened at 52.17 on Friday. Tenneco Inc. has a 52-week low of $51.09 and a 52-week high of $70.96. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 10.15 and a beta of 1.79. The stock’s 50 day moving average is $56.71 and its 200 day moving average is $59.88.
Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, beating the consensus estimate of $1.80 by $0.10. The business had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.26 billion. Tenneco had a net margin of 3.17% and a return on equity of 54.06%. The company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.78 earnings per share. On average, equities analysts expect that Tenneco Inc. will post $6.68 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 26th. Investors of record on Thursday, September 7th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 6th. This represents a $1.00 dividend on an annualized basis and a yield of 1.92%. Tenneco’s dividend payout ratio (DPR) is currently 19.72%.
A number of research firms have weighed in on TEN. BidaskClub raised shares of Tenneco from a “hold” rating to a “buy” rating in a research note on Tuesday, August 1st. ValuEngine lowered shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Guggenheim began coverage on shares of Tenneco in a research note on Wednesday, June 21st. They issued a “buy” rating and a $68.00 target price on the stock. Jefferies Group LLC reissued a “hold” rating and issued a $62.00 target price (down from $67.00) on shares of Tenneco in a research note on Monday, July 31st. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $71.00 target price on shares of Tenneco in a research note on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $66.22.
In related news, Director David B. Price, Jr. sold 4,893 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total transaction of $282,913.26. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP John E. Kunz sold 4,243 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $59.75, for a total transaction of $253,519.25. Following the sale, the vice president now owns 30,373 shares in the company, valued at approximately $1,814,786.75. The disclosure for this sale can be found here. 2.70% of the stock is currently owned by company 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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