Short Interest in Tenneco Inc (NYSE:TEN) Increases By 5.9%

Tenneco Inc (NYSE:TEN) saw a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 5,780,000 shares, a growth of 5.9% from the September 30th total of 5,460,000 shares. Based on an average daily volume of 1,360,000 shares, the days-to-cover ratio is currently 4.3 days. Currently, 10.4% of the shares of the stock are short sold.

A number of institutional investors and hedge funds have recently bought and sold shares of TEN. FMR LLC grew its holdings in Tenneco by 26.5% during the 1st quarter. FMR LLC now owns 194,232 shares of the auto parts company’s stock worth $4,304,000 after acquiring an additional 40,678 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Tenneco by 14.5% in the 1st quarter. First Trust Advisors LP now owns 47,908 shares of the auto parts company’s stock worth $1,062,000 after purchasing an additional 6,059 shares during the period. DNB Asset Management AS lifted its position in shares of Tenneco by 229.6% in the 2nd quarter. DNB Asset Management AS now owns 247,777 shares of the auto parts company’s stock worth $2,750,000 after purchasing an additional 172,600 shares during the period. CWM Advisors LLC acquired a new position in shares of Tenneco in the 2nd quarter worth approximately $174,000. Finally, Callahan Advisors LLC acquired a new position in shares of Tenneco in the 2nd quarter worth approximately $277,000. 87.76% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages recently issued reports on TEN. Royal Bank of Canada set a $11.00 price target on shares of Tenneco and gave the company a “hold” rating in a report on Friday, November 1st. Morgan Stanley raised shares of Tenneco from an “underweight” rating to an “equal weight” rating and set a $9.00 target price on the stock in a report on Wednesday, August 14th. Cfra lowered shares of Tenneco from a “buy” rating to a “hold” rating in a report on Thursday, October 31st. ValuEngine raised shares of Tenneco from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Finally, UBS Group reduced their target price on shares of Tenneco from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $11.67.

TEN traded down $0.42 during trading on Friday, reaching $12.67. 1,068,995 shares of the company’s stock were exchanged, compared to its average volume of 1,331,358. Tenneco has a one year low of $7.62 and a one year high of $37.27. The company has a current ratio of 1.37, a quick ratio of 0.87 and a debt-to-equity ratio of 2.94. The stock has a market capitalization of $775.31 million, a PE ratio of 2.02 and a beta of 2.37. The firm has a fifty day moving average price of $13.04 and a two-hundred day moving average price of $11.66.

Tenneco (NYSE:TEN) last posted its earnings results on Thursday, October 31st. The auto parts company reported $1.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.26. Tenneco had a negative net margin of 0.74% and a positive return on equity of 18.48%. The firm had revenue of $4.32 billion for the quarter, compared to analyst estimates of $4.26 billion. During the same period in the previous year, the firm posted $1.70 EPS. The company’s revenue for the quarter was up 82.2% compared to the same quarter last year. Sell-side analysts expect that Tenneco will post 3.56 earnings per share for the current year.

About Tenneco

Tenneco Inc designs, manufactures, and sells clean air, powertrain, and ride performance products and systems for light vehicle, commercial truck, off-highway, industrial, and aftermarket customers worldwide. The company offers clean air 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 aftertreatment control units.

Further Reading: What are convertible shares? 

Receive News & Ratings for Tenneco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tenneco and related companies with MarketBeat.com's FREE daily email newsletter.