Strs Ohio Lowers Stake in Tenneco Inc. (TEN)
Strs Ohio decreased its position in shares of Tenneco Inc. (NYSE:TEN) by 1.4% during the third quarter, Holdings Channel reports. The firm owned 107,400 shares of the company’s stock after selling 1,500 shares during the period. Strs Ohio’s holdings in Tenneco were worth $6,258,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Prudential Financial Inc. raised its stake in Tenneco by 21.5% in the second quarter. Prudential Financial Inc. now owns 192,476 shares of the company’s stock valued at $8,971,000 after buying an additional 34,100 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Tenneco by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,177,391 shares of the company’s stock valued at $54,877,000 after buying an additional 87,678 shares during the last quarter. Teacher Retirement System of Texas raised its stake in Tenneco by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 8,064 shares of the company’s stock valued at $376,000 after buying an additional 979 shares during the last quarter. Nationwide Fund Advisors raised its stake in Tenneco by 2.1% in the second quarter. Nationwide Fund Advisors now owns 56,534 shares of the company’s stock valued at $2,635,000 after buying an additional 1,157 shares during the last quarter. Finally, Bailard Inc. purchased a new stake in Tenneco during the second quarter valued at about $2,571,000. Institutional investors and hedge funds own 96.96% of the company’s stock.
Shares of Tenneco Inc. (NYSE:TEN) opened at 65.75 on Friday. The firm’s 50-day moving average is $63.59 and its 200 day moving average is $56.88. Tenneco Inc. has a 12-month low of $34.45 and a 12-month high of $67.72. The stock has a market capitalization of $3.62 billion, a P/E ratio of 9.62 and a beta of 1.92.
Tenneco (NYSE:TEN) last issued its quarterly earnings results on Friday, October 28th. The company reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.04. Tenneco had a return on equity of 58.26% and a net margin of 4.61%. The firm earned $2.10 billion during the quarter, compared to the consensus estimate of $1.40 billion. During the same period last year, the company earned $1.22 earnings per share. The company’s revenue was up 3.7% on a year-over-year basis. On average, equities research analysts forecast that Tenneco Inc. will post $5.91 EPS for the current fiscal year.
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A number of equities analysts recently weighed in on the stock. RBC Capital Markets reissued a “hold” rating and issued a $67.00 price target on shares of Tenneco in a report on Tuesday, January 3rd. Jefferies Group assumed coverage on shares of Tenneco in a report on Wednesday, November 30th. They issued a “hold” rating and a $62.00 price target on the stock. Finally, Barclays PLC boosted their price target on shares of Tenneco from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. Tenneco presently has a consensus rating of “Hold” and an average price target of $63.06.
In other news, insider Josep Fornos sold 21,077 shares of the firm’s stock in a transaction on Friday, December 9th. The stock was sold at an average price of $66.39, for a total transaction of $1,399,302.03. Following the completion of the transaction, the insider now directly owns 37,158 shares in the company, valued at $2,466,919.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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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