Boston Partners Has $99.62 Million Stake in Tenneco Inc. (NYSE:TEN)
Boston Partners reduced its stake in Tenneco Inc. (NYSE:TEN) by 13.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,722,539 shares of the auto parts company’s stock after selling 269,696 shares during the period. Boston Partners’ holdings in Tenneco were worth $99,615,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Tenneco by 5.2% in the first quarter. Vanguard Group Inc. now owns 4,726,512 shares of the auto parts company’s stock valued at $295,029,000 after buying an additional 232,847 shares during the last quarter. BlackRock Inc. increased its stake in shares of Tenneco by 7,263.0% in the first quarter. BlackRock Inc. now owns 4,259,121 shares of the auto parts company’s stock valued at $265,853,000 after buying an additional 4,201,276 shares during the last quarter. Alliancebernstein L.P. increased its stake in Tenneco by 13.9% in the first quarter. Alliancebernstein L.P. now owns 1,747,350 shares of the auto parts company’s stock valued at $109,070,000 after buying an additional 213,666 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Tenneco by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,240,582 shares of the auto parts company’s stock valued at $77,437,000 after buying an additional 8,788 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in Tenneco by 242.5% in the first quarter. Wells Fargo & Company MN now owns 1,120,481 shares of the auto parts company’s stock valued at $69,941,000 after buying an additional 793,370 shares in the last quarter. 96.54% of the stock is owned by institutional investors and hedge funds.
Tenneco Inc. (NYSE TEN) opened at 53.42 on Friday. The company’s 50-day moving average is $56.98 and its 200 day moving average is $60.30. Tenneco Inc. has a one year low of $51.09 and a one year high of $70.96. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of 10.40 and a beta of 1.79.
Tenneco (NYSE:TEN) last issued its quarterly earnings data on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.80 by $0.10. Tenneco had a net margin of 3.17% and a return on equity of 54.06%. The firm had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the prior year, the business posted $1.78 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. Equities analysts expect that Tenneco Inc. will post $6.68 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 26th. Shareholders of record on Thursday, September 7th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. Tenneco’s dividend payout ratio (DPR) is presently 19.72%.
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TEN has been the subject of several research analyst reports. BidaskClub raised shares of Tenneco from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. CLSA initiated coverage on shares of Tenneco in a research note on Wednesday, June 21st. They set a “buy” rating and a $68.00 price target for the company. Guggenheim initiated coverage on shares of Tenneco in a research note on Wednesday, June 21st. They set a “buy” rating and a $68.00 price target for the company. ValuEngine downgraded shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $62.00 price target (down previously from $67.00) on shares of Tenneco in a research note on Monday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Tenneco has a consensus rating of “Buy” and a consensus price target of $66.22.
In other Tenneco news, Director David B. Price, Jr. sold 4,893 shares of the stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total transaction of $282,913.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP John E. Kunz sold 4,243 shares of the stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $59.75, for a total transaction of $253,519.25. Following the sale, the vice president now owns 30,373 shares in the company, valued at $1,814,786.75. The disclosure for this sale can be found here. 2.70% of the stock is owned by corporate insiders.
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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