Tenneco (TEN) Shares Down 5.8%

Tenneco Inc (NYSE:TEN) shares were down 5.8% on Wednesday . The stock traded as low as $24.42 and last traded at $24.48. Approximately 2,147,230 shares traded hands during trading, an increase of 223% from the average daily volume of 664,098 shares. The stock had previously closed at $25.99.

Several research analysts recently weighed in on TEN shares. KeyCorp started coverage on Tenneco in a research note on Monday, December 10th. They set a “sector weight” rating for the company. Deutsche Bank started coverage on Tenneco in a research note on Thursday, December 13th. They set a “hold” rating for the company. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $34.00 target price on shares of Tenneco in a research note on Wednesday, December 19th. Two research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $45.00.

The firm has a market cap of $1.48 billion, a P/E ratio of 3.90, a price-to-earnings-growth ratio of 0.36 and a beta of 2.04. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.18 and a quick ratio of 0.79.

Tenneco (NYSE:TEN) last announced its earnings results on Thursday, March 14th. The auto parts company reported $1.30 EPS for the quarter, missing the consensus estimate of $1.46 by ($0.16). Tenneco had a net margin of 0.50% and a return on equity of 47.40%. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.27 billion. During the same period in the prior year, the company earned $1.89 earnings per share. The company’s revenue for the quarter was up 78.9% on a year-over-year basis. Sell-side analysts predict that Tenneco Inc will post 6.71 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 21st. Stockholders of record on Tuesday, March 5th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Monday, March 4th. Tenneco’s dividend payout ratio is 15.92%.

Several hedge funds and other institutional investors have recently made changes to their positions in TEN. First Trust Advisors LP lifted its holdings in shares of Tenneco by 76.7% during the third quarter. First Trust Advisors LP now owns 69,968 shares of the auto parts company’s stock valued at $2,948,000 after purchasing an additional 30,375 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Tenneco by 1,589.8% in the 3rd quarter. Victory Capital Management Inc. now owns 23,302 shares of the auto parts company’s stock worth $982,000 after acquiring an additional 21,923 shares in the last quarter. Comerica Bank lifted its stake in Tenneco by 69.4% in the 3rd quarter. Comerica Bank now owns 16,559 shares of the auto parts company’s stock worth $576,000 after acquiring an additional 6,785 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. lifted its stake in Tenneco by 33.0% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 12,690 shares of the auto parts company’s stock worth $535,000 after acquiring an additional 3,150 shares in the last quarter. Finally, Stone Ridge Asset Management LLC lifted its stake in Tenneco by 89.2% in the 3rd quarter. Stone Ridge Asset Management LLC now owns 15,099 shares of the auto parts company’s stock worth $636,000 after acquiring an additional 7,120 shares in the last quarter. 87.45% of the stock is owned by institutional investors and hedge funds.

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Tenneco Company Profile (NYSE:TEN)

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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