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Tenneco Inc. (NYSE:TEN) Given Average Recommendation of “Buy” by Brokerages

Tenneco logoTenneco Inc. (NYSE:TEN) has received an average rating of “Buy” from the twelve research firms that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating on the company. The average 1-year target price among brokerages that have covered the stock in the last year is $66.22.

A number of brokerages have recently commented on TEN. BidaskClub lowered Tenneco from a “buy” rating to a “hold” rating in a report on Tuesday, July 25th. Jefferies Group LLC reiterated a “hold” rating and set a $62.00 price target (down from $67.00) on shares of Tenneco in a report on Monday. ValuEngine lowered Tenneco from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 22nd. Royal Bank Of Canada upped their price target on Tenneco from $67.00 to $71.00 and gave the stock a “sector perform” rating in a report on Tuesday, May 2nd. Finally, Goldman Sachs Group, Inc. (The) began coverage on Tenneco in a report on Monday, April 3rd. They set a “buy” rating and a $71.00 price target for the company.

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In other Tenneco news, VP John E. Kunz sold 4,243 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $59.75, for a total value of $253,519.25. Following the sale, the vice president now directly owns 30,373 shares in the company, valued at $1,814,786.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David B. Price, Jr. sold 4,893 shares of the company’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total value of $282,913.26. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. HGK Asset Management Inc. boosted its stake in shares of Tenneco by 0.3% in the first quarter. HGK Asset Management Inc. now owns 12,095 shares of the auto parts company’s stock worth $755,000 after buying an additional 31 shares during the period. Prescott Group Capital Management L.L.C. boosted its stake in shares of Tenneco by 0.3% in the first quarter. Prescott Group Capital Management L.L.C. now owns 20,649 shares of the auto parts company’s stock worth $1,289,000 after buying an additional 52 shares during the period. Horrell Capital Management Inc. boosted its stake in shares of Tenneco by 0.4% in the first quarter. Horrell Capital Management Inc. now owns 27,260 shares of the auto parts company’s stock valued at $1,702,000 after buying an additional 100 shares during the last quarter. New York State Teachers Retirement System boosted its stake in shares of Tenneco by 2.0% in the fourth quarter. New York State Teachers Retirement System now owns 5,000 shares of the auto parts company’s stock valued at $312,000 after buying an additional 100 shares during the last quarter. Finally, Quantbot Technologies LP boosted its stake in shares of Tenneco by 8.4% in the first quarter. Quantbot Technologies LP now owns 2,410 shares of the auto parts company’s stock valued at $150,000 after buying an additional 187 shares during the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.

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Tenneco (TEN) traded down 1.97% during mid-day trading on Monday, hitting $54.21. 997,112 shares of the stock were exchanged. The company has a 50-day moving average price of $57.41 and a 200-day moving average price of $60.97. The company has a market cap of $2.93 billion, a P/E ratio of 8.20 and a beta of 1.81. Tenneco has a one year low of $51.09 and a one year high of $70.96.

Tenneco (NYSE:TEN) last issued its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.80 by $0.10. Tenneco had a return on equity of 53.67% and a net margin of 3.17%. The company had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the company earned $1.78 earnings per share. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, analysts predict that Tenneco will post $6.57 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date is Wednesday, September 6th. Tenneco’s dividend payout ratio is presently 19.72%.

About Tenneco

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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