KeyCorp reaffirmed their buy rating on shares of Tenneco Inc. (NYSE:TEN) in a report published on Monday morning. They currently have a $80.00 target price on the auto parts company’s stock, up from their prior target price of $73.00. KeyCorp also issued estimates for Tenneco’s Q4 2017 earnings at $1.57 EPS, FY2018 earnings at $7.64 EPS and FY2019 earnings at $8.77 EPS. The analysts noted that the move was a valuation call.
Other equities analysts also recently issued reports about the company. ValuEngine downgraded Tenneco from a strong-buy rating to a buy rating in a research note on Saturday, July 22nd. BidaskClub raised Tenneco from a hold rating to a buy rating in a research note on Tuesday, August 1st. Royal Bank Of Canada reaffirmed a hold rating and issued a $71.00 price objective on shares of Tenneco in a research note on Thursday, July 6th. Finally, Jefferies Group LLC reaffirmed a hold rating and issued a $62.00 price objective (down from $67.00) on shares of Tenneco in a research note on Monday, July 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $67.70.
Tenneco (NYSE:TEN) last released its quarterly earnings data on Friday, October 27th. The auto parts company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.08. Tenneco had a return on equity of 54.45% and a net margin of 1.97%. The firm had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period last year, the business posted $1.53 EPS. Tenneco’s quarterly revenue was up 8.5% on a year-over-year basis.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Monday, December 4th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Friday, December 1st. Tenneco’s dividend payout ratio (DPR) is presently 30.21%.
In other Tenneco news, VP John E. Kunz sold 6,368 shares of the stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $61.00, for a total transaction of $388,448.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 value of $1,500,308.81. Following the sale, the insider now owns 229,043 shares in the company, valued at approximately $12,521,780.81. The disclosure for this sale can be found here. In the last quarter, insiders have sold 82,261 shares of company stock worth $4,654,484. 2.70% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the business. Voya Investment Management LLC grew its holdings in Tenneco by 10.8% during the 2nd quarter. Voya Investment Management LLC now owns 24,308 shares of the auto parts company’s stock valued at $1,406,000 after buying an additional 2,365 shares during the last quarter. First Trust Advisors LP grew its holdings in Tenneco by 9.1% during the 2nd quarter. First Trust Advisors LP now owns 49,706 shares of the auto parts company’s stock valued at $2,874,000 after buying an additional 4,166 shares during the last quarter. LSV Asset Management grew its holdings in Tenneco by 20.5% during the 2nd quarter. LSV Asset Management now owns 368,054 shares of the auto parts company’s stock valued at $21,284,000 after buying an additional 62,700 shares during the last quarter. Chicago Equity Partners LLC grew its holdings in Tenneco by 54.3% during the 2nd quarter. Chicago Equity Partners LLC now owns 54,660 shares of the auto parts company’s stock valued at $3,161,000 after buying an additional 19,230 shares during the last quarter. Finally, Rational Advisors LLC acquired a new stake in Tenneco during the 2nd quarter valued at $289,000. Hedge funds and other institutional investors own 94.47% of the company’s stock.
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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