Sit Investment Associates Inc. Continues to Hold Stake in Tenneco Inc. (TEN)
Sit Investment Associates Inc. maintained its position in Tenneco Inc. (NYSE:TEN) during the second quarter, Holdings Channel reports. The fund owned 21,100 shares of the company’s stock at the end of the second quarter. Sit Investment Associates Inc.’s holdings in Tenneco were worth $983,000 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 the stock. Whittier Trust Co. raised its position in Tenneco by 1.2% in the second quarter. Whittier Trust Co. now owns 19,276 shares of the company’s stock worth $898,000 after buying an additional 223 shares during the period. American Century Companies Inc. raised its position in Tenneco by 0.3% in the second quarter. American Century Companies Inc. now owns 324,208 shares of the company’s stock worth $15,111,000 after buying an additional 1,081 shares during the period. Boston Advisors LLC raised its position in Tenneco by 15.2% in the second quarter. Boston Advisors LLC now owns 12,295 shares of the company’s stock worth $573,000 after buying an additional 1,620 shares during the period. Creative Planning raised its position 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 during the period. Finally, New York State Teachers Retirement System purchased a new position in Tenneco during the second quarter worth approximately $177,000. Hedge funds and other institutional investors own 91.99% of the company’s stock.
Tenneco Inc. (NYSE:TEN) traded up 1.14% during mid-day trading on Wednesday, reaching $57.55. 257,098 shares of the company’s stock traded hands. The stock has a 50-day moving average price of $56.88 and a 200-day moving average price of $53.10. The stock has a market capitalization of $3.26 billion, a PE ratio of 12.69 and a beta of 2.05. Tenneco Inc. has a 12-month low of $34.45 and a 12-month high of $59.88.
Tenneco (NYSE:TEN) last announced its quarterly earnings data on Friday, July 29th. The company reported $1.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.17. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.24 billion. Tenneco had a net margin of 3.13% and a return on equity of 61.10%. The company’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm earned $1.39 EPS. Equities research analysts expect that Tenneco Inc. will post $5.89 EPS for the current year.
TEN has been the subject of several research reports. Zacks Investment Research upgraded shares of Tenneco from a “hold” rating to a “buy” rating and set a $63.00 target price for the company in a research report on Tuesday, September 13th. Deutsche Bank AG upped their target price on shares of Tenneco from $67.00 to $70.00 and gave the stock a “hold” rating in a research report on Monday, August 1st. Finally, Barclays PLC reiterated an “overweight” rating and issued a $58.00 target price (down from $60.00) on shares of Tenneco in a research report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $62.17.
In related news, Director David B. Price, Jr. sold 30,000 shares of the firm’s stock in a transaction on 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Josep Fornos sold 11,030 shares of the firm’s stock in a transaction on Wednesday, October 5th. The shares were sold at an average price of $59.00, for a total transaction of $650,770.00. Following the transaction, the insider now directly owns 30,865 shares of the company’s stock, valued at $1,821,035. 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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