5,600 Shares in Tenneco Inc. (TEN) Acquired by Legato Capital Management LLC
Legato Capital Management LLC acquired a new stake in shares of Tenneco Inc. (NYSE:TEN) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 5,600 shares of the auto parts company’s stock, valued at approximately $324,000.
Other hedge funds have also added to or reduced their stakes in the company. Nationwide Fund Advisors raised its stake in Tenneco by 144.6% in the first quarter. Nationwide Fund Advisors now owns 132,569 shares of the auto parts company’s stock valued at $8,275,000 after buying an additional 78,363 shares in the last quarter. James Investment Research Inc. raised its stake in Tenneco by 31.2% in the first quarter. James Investment Research Inc. now owns 26,861 shares of the auto parts company’s stock valued at $1,677,000 after buying an additional 6,391 shares in the last quarter. Telemus Capital LLC acquired a new stake in Tenneco during the first quarter valued at about $220,000. Howe & Rusling Inc. raised its stake in Tenneco by 6.8% in the first quarter. Howe & Rusling Inc. now owns 5,959 shares of the auto parts company’s stock valued at $372,000 after buying an additional 377 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in Tenneco during the first quarter valued at about $437,000. Hedge funds and other institutional investors own 96.94% of the company’s stock.
Shares of Tenneco Inc. (NYSE TEN) opened at 57.86 on Monday. Tenneco Inc. has a 12 month low of $51.09 and a 12 month high of $70.96. The firm has a market cap of $3.13 billion, a P/E ratio of 8.71 and a beta of 1.81. The company’s 50-day moving average price is $57.35 and its 200-day moving average price is $61.40.
Tenneco (NYSE:TEN) last posted its quarterly earnings results on Monday, May 1st. The auto parts company reported $1.53 EPS for the quarter, topping analysts’ consensus estimates of $1.43 by $0.10. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Tenneco had a net margin of 4.21% and a return on equity of 55.31%. Tenneco’s revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.17 EPS. On average, analysts predict that Tenneco Inc. will post $6.58 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 26th. Investors of record on Thursday, September 7th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.73%. Tenneco’s dividend payout ratio (DPR) is presently 15.17%.
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Several research firms have issued reports on TEN. Goldman Sachs Group, Inc. (The) began coverage on Tenneco in a research note on Monday, April 3rd. They issued a “buy” rating and a $71.00 price objective on the stock. Jefferies Group LLC restated a “hold” rating and issued a $67.00 price objective on shares of Tenneco in a research note on Tuesday, April 25th. Royal Bank Of Canada upped their price objective on Tenneco from $67.00 to $71.00 and gave the company a “sector perform” rating in a research note on Tuesday, May 2nd. ValuEngine lowered Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, BidaskClub upgraded Tenneco from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $66.78.
In other Tenneco news, Director David B. Price, Jr. sold 4,893 shares of the business’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total transaction of $282,913.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP John E. Kunz sold 4,243 shares of the business’s stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $59.75, for a total transaction of $253,519.25. Following the sale, the vice president now directly owns 30,373 shares in the company, valued at approximately $1,814,786.75. The disclosure for this sale can be found here. Insiders own 2.70% of the company’s stock.
Tenneco Company Profile
Tenneco Inc 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 designs, manufactures and distributes highly engineered products for both original equipment vehicle manufacturers (OEMs) and the repair and replacement markets, or aftermarket, across the world.
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