Tenneco Inc. (TEN) Shares Sold by Legal & General Group Plc
Legal & General Group Plc reduced its stake in Tenneco Inc. (NYSE:TEN) by 0.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 62,674 shares of the auto parts company’s stock after selling 329 shares during the period. Legal & General Group Plc owned 0.12% of Tenneco worth $3,620,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently modified their holdings of TEN. Quantbot Technologies LP lifted its stake in shares of Tenneco by 8.4% in the 1st quarter. Quantbot Technologies LP now owns 2,410 shares of the auto parts company’s stock worth $150,000 after acquiring an additional 187 shares during the period. Telemus Capital LLC lifted its stake in shares of Tenneco by 13.6% in the 2nd quarter. Telemus Capital LLC now owns 3,994 shares of the auto parts company’s stock worth $231,000 after acquiring an additional 477 shares during the period. 1st Global Advisors Inc. acquired a new stake in shares of Tenneco in the 1st quarter worth approximately $267,000. Tudor Investment Corp ET AL acquired a new stake in shares of Tenneco in the 1st quarter worth approximately $287,000. Finally, Rational Advisors LLC acquired a new stake in shares of Tenneco in the 2nd quarter worth approximately $289,000. 96.72% of the stock is owned by institutional investors.
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In other news, insider Gregg M. Sherrill sold 27,443 shares of the firm’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $54.67, for a total value of $1,500,308.81. Following the transaction, the insider now owns 229,043 shares of the company’s stock, valued at approximately $12,521,780.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John E. Kunz sold 11,602 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $55.35, for a total transaction of $642,170.70. Following the completion of the transaction, the vice president now directly owns 31,915 shares in the company, valued at approximately $1,766,495.25. The disclosure for this sale can be found here. Insiders sold a total of 43,288 shares of company stock valued at $2,395,999 in the last 90 days. Corporate insiders own 2.70% of the company’s stock.
A number of analysts have recently weighed in on TEN shares. BidaskClub lowered shares of Tenneco from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. ValuEngine lowered shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 22nd. Guggenheim started coverage on shares of Tenneco in a research note on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price target for the company. Morgan Stanley reduced their price target on shares of Tenneco from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, June 9th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $71.00 price target on shares of Tenneco in a research note on Thursday, July 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $66.63.
Shares of Tenneco Inc. (TEN) opened at 56.59 on Friday. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 11.01 and a beta of 1.79. The company’s 50-day moving average is $54.06 and its 200 day moving average is $58.17. Tenneco Inc. has a 1-year low of $51.09 and a 1-year high of $70.96.
Tenneco (NYSE:TEN) last posted its quarterly earnings data on Friday, July 28th. The auto parts company reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.10. The firm had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Tenneco had a net margin of 3.17% and a return on equity of 54.06%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.78 EPS. On average, analysts expect that Tenneco Inc. will post $6.68 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 26th. Shareholders of record on Thursday, September 7th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend is Wednesday, September 6th. Tenneco’s payout ratio is presently 19.72%.
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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