Stock Traders Purchase High Volume of Tenneco Put Options (TEN)
Tenneco Inc (NYSE:TEN) was the target of unusually large options trading on Monday. Investors purchased 808 put options on the stock. This represents an increase of approximately 1,071% compared to the typical daily volume of 69 put options.
Several hedge funds have recently bought and sold shares of TEN. Cerebellum GP LLC bought a new position in shares of Tenneco in the fourth quarter valued at approximately $129,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Tenneco by 42.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,233 shares of the auto parts company’s stock worth $189,000 after acquiring an additional 961 shares during the period. Trilogy Capital Inc. bought a new stake in Tenneco during the fourth quarter worth $206,000. Xact Kapitalforvaltning AB bought a new stake in Tenneco during the fourth quarter worth $287,000. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Tenneco by 61.8% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 6,809 shares of the auto parts company’s stock worth $399,000 after acquiring an additional 2,600 shares during the period. Institutional investors own 94.33% of the company’s stock.
Several research analysts have issued reports on the company. Goldman Sachs lowered Tenneco from a “buy” rating to a “neutral” rating and set a $62.00 price target on the stock. in a report on Friday. Guggenheim set a $70.00 price target on Tenneco and gave the stock a “buy” rating in a report on Monday, February 12th. Barclays reiterated a “buy” rating and issued a $74.00 price target on shares of Tenneco in a report on Tuesday, January 9th. Deutsche Bank cut their price target on Tenneco from $66.00 to $61.00 and set a “hold” rating on the stock in a report on Wednesday, April 11th. Finally, Wells Fargo cut their price target on Tenneco from $64.00 to $60.00 and set a “market perform” rating on the stock in a report on Monday, February 12th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $64.40.
Tenneco (NYSE:TEN) last posted its earnings results on Friday, February 9th. The auto parts company reported $1.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.25. Tenneco had a return on equity of 52.86% and a net margin of 2.22%. The company had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.30 billion. During the same quarter last year, the company earned $1.67 earnings per share. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. equities research analysts anticipate that Tenneco will post 7.57 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, March 22nd. Stockholders of record on Tuesday, March 6th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.90%. Tenneco’s dividend payout ratio is presently 14.51%.
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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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