Tenneco Inc. (TEN) Shares Up 3.1%
Shares of Tenneco Inc. (NYSE:TEN) shot up 3.1% on Thursday . The stock traded as high as $54.69 and last traded at $53.44, with a volume of 532,337 shares changing hands. The stock had previously closed at $51.85.
Several brokerages have weighed in on TEN. Royal Bank Of Canada lifted their target price on Tenneco from $47.00 to $58.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 27th. Wells Fargo & Co. downgraded Tenneco from an “outperform” rating to a “market perform” rating and lifted their target price for the company from $54.50 to $57.50 in a research note on Wednesday, April 27th. Zacks Investment Research raised Tenneco from a “hold” rating to a “buy” rating and set a $61.00 target price on the stock in a research note on Thursday, April 28th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $57.00 target price (up previously from $46.00) on shares of Tenneco in a research note on Tuesday, May 3rd. Finally, Morgan Stanley reaffirmed a “sell” rating on shares of Tenneco in a research note on Sunday, May 22nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Tenneco presently has an average rating of “Hold” and an average price target of $61.83.
The stock has a 50-day moving average price of $50.90 and a 200 day moving average price of $47.87. The company has a market cap of $3.06 billion and a price-to-earnings ratio of 12.40.
Tenneco (NYSE:TEN) last released its quarterly earnings data on Tuesday, April 26th. The company reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.06. The company earned $2.14 billion during the quarter, compared to the consensus estimate of $2.08 billion. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 earnings per share. On average, equities analysts anticipate that Tenneco Inc. will post $5.59 earnings per share for the current fiscal year.
In other news, CEO Gregg M. Sherrill sold 80,672 shares of the company’s stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $53.20, for a total value of $4,291,750.40. Following the sale, the chief executive officer now directly owns 469,256 shares in the company, valued at approximately $24,964,419.20. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Timothy E. Jackson sold 13,811 shares of the company’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $52.38, for a total value of $723,420.18. Following the completion of the sale, the executive vice president now owns 92,112 shares in the company, valued at $4,824,826.56. The disclosure for this sale can be found here.
Other large investors recently added to or reduced their stakes in the company. Rhumbline Advisers raised its stake in Tenneco by 5.9% in the fourth quarter. Rhumbline Advisers now owns 65,501 shares of the company’s stock valued at $3,007,000 after buying an additional 3,660 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Tenneco during the fourth quarter valued at $1,151,000. Morgan Stanley raised its stake in Tenneco by 1,922.3% in the fourth quarter. Morgan Stanley now owns 192,722 shares of the company’s stock valued at $8,850,000 after buying an additional 183,192 shares in the last quarter. Wells Fargo & Company MN raised its stake in Tenneco by 3.9% in the fourth quarter. Wells Fargo & Company MN now owns 193,035 shares of the company’s stock valued at $8,863,000 after buying an additional 7,244 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in Tenneco by 144.0% in the fourth quarter. Marshall Wace LLP now owns 64,155 shares of the company’s stock valued at $2,945,000 after buying an additional 37,863 shares in the last quarter.
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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