Tenneco Inc. (TEN) Stake Reduced by Gargoyle Investment Advisor L.L.C.
Gargoyle Investment Advisor L.L.C. decreased its position in Tenneco Inc. (NYSE:TEN) by 29.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,300 shares of the company’s stock after selling 7,641 shares during the period. Gargoyle Investment Advisor L.L.C.’s holdings in Tenneco were worth $853,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in TEN. Acadian Asset Management LLC raised its stake in Tenneco by 336.7% in the first quarter. Acadian Asset Management LLC now owns 13,659 shares of the company’s stock worth $703,000 after buying an additional 10,531 shares during the last quarter. Teachers Advisors Inc. raised its stake in Tenneco by 8.7% in the first quarter. Teachers Advisors Inc. now owns 399,415 shares of the company’s stock worth $20,574,000 after buying an additional 31,817 shares during the last quarter. Bancorpsouth Inc. bought a new position in shares of Tenneco during the first quarter valued at approximately $234,000. Algert Global LLC bought a new position in shares of Tenneco during the first quarter valued at approximately $382,000. Finally, Franklin Resources Inc. raised its position in shares of Tenneco by 1.2% in the first quarter. Franklin Resources Inc. now owns 667,677 shares of the company’s stock valued at $34,392,000 after buying an additional 7,710 shares in the last quarter. Hedge funds and other institutional investors own 91.99% of the company’s stock.
Shares of Tenneco Inc. (NYSE:TEN) traded down 0.31% during midday trading on Tuesday, hitting $57.63. The company had a trading volume of 524,114 shares. The stock’s 50-day moving average price is $56.61 and its 200-day moving average price is $52.85. The company has a market cap of $3.26 billion, a price-to-earnings ratio of 12.71 and a beta of 2.05. Tenneco Inc. has a 12 month low of $34.45 and a 12 month high of $58.97.
Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, July 29th. The company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.61 by $0.17. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.24 billion. Tenneco had a return on equity of 61.10% and a net margin of 3.13%. Tenneco’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.39 EPS. On average, equities research analysts forecast that Tenneco Inc. will post $5.89 EPS for the current year.
TEN has been the topic of several recent analyst reports. Barclays PLC reiterated an “overweight” rating and issued a $58.00 price target (down from $60.00) on shares of Tenneco in a research note on Tuesday, July 19th. Deutsche Bank AG increased their price target on shares of Tenneco from $67.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, August 1st. Finally, Zacks Investment Research upgraded shares of Tenneco from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Tuesday, September 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $62.17.
In other Tenneco news, insider Peng Guo sold 3,186 shares of Tenneco stock in a transaction that occurred on Wednesday, September 14th. The stock was sold at an average price of $56.14, for a total transaction of $178,862.04. Following the sale, the insider now directly owns 89,828 shares in the company, valued at approximately $5,042,943.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David B. Price, Jr. sold 30,000 shares of Tenneco stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $55.86, for a total value of $1,675,800.00. Following the sale, the director now owns 2,757 shares in the company, valued at $154,006.02. The disclosure for this sale can be found here. Corporate insiders own 4.30% of the company’s stock.
Tenneco Inc (Tenneco) 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 operates in six segments: North America Clean Air; North America Ride Performance; Europe, South America and India Clean Air; Europe, South America and India Ride Performance; Asia Pacific Clean Air, and Asia Pacific Ride Performance.
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