Billings Capital Management LLC reduced its stake in Tenneco Inc. (NYSE:TEN) by 6.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 263,772 shares of the auto parts company’s stock after selling 19,034 shares during the period. Tenneco makes up about 10.3% of Billings Capital Management LLC’s holdings, making the stock its 5th largest holding. Billings Capital Management LLC owned 0.51% of Tenneco worth $16,003,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of the stock. Dean Investment Associates LLC purchased a new stake in shares of Tenneco in the third quarter worth $7,816,000. California Public Employees Retirement System raised its position in shares of Tenneco by 4.2% in the third quarter. California Public Employees Retirement System now owns 176,146 shares of the auto parts company’s stock worth $10,687,000 after buying an additional 7,146 shares in the last quarter. Point72 Asset Management L.P. raised its position in shares of Tenneco by 131.0% in the third quarter. Point72 Asset Management L.P. now owns 72,500 shares of the auto parts company’s stock worth $4,399,000 after buying an additional 41,111 shares in the last quarter. Boothbay Fund Management LLC purchased a new stake in shares of Tenneco in the third quarter worth $223,000. Finally, Pinnacle Associates Ltd. raised its position in shares of Tenneco by 4.3% in the third quarter. Pinnacle Associates Ltd. now owns 120,445 shares of the auto parts company’s stock worth $7,307,000 after buying an additional 4,945 shares in the last quarter. Institutional investors own 94.99% of the company’s stock.
Tenneco Inc. (NYSE:TEN) traded down $0.01 on Wednesday, hitting $57.17. The stock had a trading volume of 286,200 shares, compared to its average volume of 552,177. The stock has a market capitalization of $2,949.83, a P/E ratio of 8.45, a P/E/G ratio of 0.68 and a beta of 1.92. The company has a debt-to-equity ratio of 2.29, a quick ratio of 0.93 and a current ratio of 1.33. Tenneco Inc. has a 1 year low of $51.54 and a 1 year high of $70.96.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Monday, December 4th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 1st. This represents a $1.00 annualized dividend and a dividend yield of 1.75%. Tenneco’s dividend payout ratio is currently 30.21%.
TEN has been the topic of a number of recent analyst reports. Wells Fargo & Company lowered their price objective on Tenneco from $68.00 to $64.00 and set a “market perform” rating on the stock in a research report on Monday, October 30th. KeyCorp restated a “buy” rating and set a $80.00 price target (up previously from $73.00) on shares of Tenneco in a research report on Monday, October 30th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. Tenneco presently has an average rating of “Hold” and a consensus price target of $67.70.
In related news, insider James D. Harrington sold 13,765 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $56.87, for a total value of $782,815.55. Following the sale, the insider now directly owns 1,207 shares of the company’s stock, valued at $68,642.09. The transaction 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 9,573 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $57.00, for a total value of $545,661.00. Following the completion of the sale, the vice president now directly owns 19,878 shares in the company, valued at $1,133,046. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,216 shares of company stock worth $2,512,005. Company insiders own 2.70% of the company’s stock.
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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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