Wells Fargo & Co Cuts Tenneco (TEN) Price Target to $41.00

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Tenneco (NYSE:TEN) had its target price trimmed by Wells Fargo & Co from $45.00 to $41.00 in a research note published on Monday morning. The firm currently has a market perform rating on the auto parts company’s stock.

TEN has been the topic of several other research reports. Wolfe Research began coverage on shares of Tenneco in a research note on Tuesday, October 2nd. They issued a peer perform rating on the stock. Morgan Stanley dropped their price objective on shares of Tenneco from $41.00 to $40.00 and set a hold rating on the stock in a research note on Monday, August 13th. Finally, Royal Bank of Canada dropped their price objective on shares of Tenneco to $47.00 and set an underperform rating on the stock in a research note on Thursday, October 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $56.43.

Tenneco stock opened at $34.43 on Monday. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 5.00, a P/E/G ratio of 0.46 and a beta of 1.77. The company has a current ratio of 1.22, a quick ratio of 0.85 and a debt-to-equity ratio of 1.81. Tenneco has a twelve month low of $32.62 and a twelve month high of $65.59.

Tenneco (NYSE:TEN) last released its quarterly earnings data on Friday, October 26th. The auto parts company reported $1.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.20. The firm had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Tenneco had a net margin of 2.39% and a return on equity of 47.04%. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.67 EPS. Equities research analysts forecast that Tenneco will post 6.68 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 21st. Shareholders of record on Tuesday, December 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.90%. The ex-dividend date of this dividend is Monday, December 3rd. Tenneco’s dividend payout ratio is 14.51%.

In other Tenneco news, Director Thomas C. Freyman bought 5,000 shares of the firm’s stock in a transaction on Thursday, August 9th. The stock was bought at an average cost of $44.49 per share, with a total value of $222,450.00. Following the completion of the transaction, the director now directly owns 22,265 shares of the company’s stock, valued at approximately $990,569.85. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 2.95% of the company’s stock.

A number of hedge funds have recently bought and sold shares of TEN. Fuller & Thaler Asset Management Inc. grew its position in Tenneco by 1,361.6% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 1,793,361 shares of the auto parts company’s stock worth $78,836,000 after acquiring an additional 1,670,661 shares in the last quarter. Towle & Co. bought a new stake in Tenneco in the second quarter worth approximately $23,464,000. Macquarie Group Ltd. grew its position in Tenneco by 21.6% in the second quarter. Macquarie Group Ltd. now owns 1,941,241 shares of the auto parts company’s stock worth $85,336,000 after acquiring an additional 344,869 shares in the last quarter. Royal Bank of Canada grew its position in Tenneco by 428.2% in the first quarter. Royal Bank of Canada now owns 295,249 shares of the auto parts company’s stock worth $16,200,000 after acquiring an additional 239,351 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Tenneco by 48.8% in the second quarter. Wells Fargo & Company MN now owns 694,195 shares of the auto parts company’s stock worth $30,517,000 after acquiring an additional 227,716 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Tenneco Company Profile

Tenneco Inc designs, manufactures, and distributes clean air and ride performance products and systems for light vehicle, commercial truck, off-highway, and other vehicle applications worldwide. The company offers various vehicle emission control products and systems, including catalytic converters and diesel oxidation catalysts, diesel particulate filters, burner systems, lean nitrogen oxide (NOx) traps, hydrocarbon vaporizers and injectors, selective catalytic reduction (SCR) systems, SCR-coated diesel particulate filters systems, urea dosing systems, four-way catalysts, alternative NOx reduction technologies, mufflers and resonators, fabricated exhaust manifolds, pipes, hydroformed assemblies, elastomeric hangers and isolators, and after treatment control units.

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Analyst Recommendations for Tenneco (NYSE:TEN)

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