Whittier Trust Co. Raises Stake in Tenneco Inc. (TEN)
Whittier Trust Co. boosted its stake in Tenneco Inc. (NYSE:TEN) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,276 shares of the company’s stock after buying an additional 223 shares during the period. Whittier Trust Co.’s holdings in Tenneco were worth $898,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TEN. New York State Teachers Retirement System bought a new position in Tenneco during the second quarter worth about $177,000. Creative Planning boosted its stake in Tenneco by 134.7% in the second quarter. Creative Planning now owns 4,784 shares of the company’s stock worth $223,000 after buying an additional 2,746 shares in the last quarter. Bank of Montreal Can acquired a new stake in Tenneco during the second quarter worth $230,000. Invictus RG acquired a new stake in Tenneco during the first quarter worth $349,000. Finally, BlackRock Inc. boosted its stake in Tenneco by 122.6% in the first quarter. BlackRock Inc. now owns 9,256 shares of the company’s stock worth $477,000 after buying an additional 5,098 shares in the last quarter. Institutional investors and hedge funds own 91.99% of the company’s stock.
Shares of Tenneco Inc. (NYSE:TEN) traded up 1.021% during trading on Monday, reaching $57.885. The company had a trading volume of 254,561 shares. The stock has a 50 day moving average of $56.82 and a 200 day moving average of $52.98. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 12.767 and a beta of 2.05. Tenneco Inc. has a 52-week low of $34.45 and a 52-week high of $59.88.
Tenneco (NYSE:TEN) last announced its quarterly earnings results on Friday, July 29th. The company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.61 by $0.17. Tenneco had a net margin of 3.13% and a return on equity of 61.10%. The firm earned $2.20 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the company earned $1.39 EPS. The firm’s revenue was up 3.8% on a year-over-year basis. Equities research analysts forecast that Tenneco Inc. will post $5.89 EPS for the current year.
A number of research firms have weighed in on TEN. Deutsche Bank AG raised their price target on Tenneco from $67.00 to $70.00 and gave the company a “hold” rating in a research note on Monday, August 1st. Barclays PLC restated 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. Finally, Zacks Investment Research upgraded 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 research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $62.17.
In other Tenneco news, VP John E. Kunz sold 4,322 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of $56.96, for a total value of $246,181.12. Following the completion of the transaction, the vice president now directly owns 32,523 shares of the company’s stock, valued at approximately $1,852,510.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David B. Price, Jr. sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $55.86, for a total transaction of $1,675,800.00. Following the completion of the transaction, the director now directly owns 2,757 shares of the company’s stock, 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 Company Profile
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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