Towle & Co. Boosts Position in Tenneco Inc (NYSE:TEN)

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Towle & Co. boosted its position in shares of Tenneco Inc (NYSE:TEN) by 91.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,388,549 shares of the auto parts company’s stock after acquiring an additional 1,138,503 shares during the quarter. Tenneco accounts for 3.1% of Towle & Co.’s portfolio, making the stock its 15th biggest holding. Towle & Co. owned 4.18% of Tenneco worth $26,489,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Tenneco by 14.0% during the first quarter. JPMorgan Chase & Co. now owns 1,519,740 shares of the auto parts company’s stock valued at $33,677,000 after purchasing an additional 186,114 shares during the period. Dimensional Fund Advisors LP grew its holdings in Tenneco by 2.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,514,796 shares of the auto parts company’s stock valued at $41,490,000 after purchasing an additional 40,430 shares during the period. Renaissance Technologies LLC grew its holdings in Tenneco by 482.4% during the second quarter. Renaissance Technologies LLC now owns 1,303,600 shares of the auto parts company’s stock valued at $14,457,000 after purchasing an additional 1,079,777 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Tenneco by 7.5% during the second quarter. Charles Schwab Investment Management Inc. now owns 865,089 shares of the auto parts company’s stock valued at $9,594,000 after purchasing an additional 60,640 shares during the period. Finally, Fort Pitt Capital Group LLC grew its holdings in Tenneco by 394.2% during the first quarter. Fort Pitt Capital Group LLC now owns 766,397 shares of the auto parts company’s stock valued at $16,983,000 after purchasing an additional 611,324 shares during the period. Institutional investors own 88.26% of the company’s stock.

Several research firms have issued reports on TEN. UBS Group cut their price target on Tenneco from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday. Morgan Stanley raised Tenneco from an “underweight” rating to an “equal weight” rating and set a $9.00 price target for the company in a report on Wednesday, August 14th. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $24.00.

NYSE:TEN traded down $0.07 during mid-day trading on Friday, hitting $14.04. 1,603,091 shares of the company traded hands, compared to its average volume of 1,476,988. The stock’s fifty day moving average price is $9.36 and its 200-day moving average price is $16.04. Tenneco Inc has a one year low of $7.62 and a one year high of $47.22. The company has a quick ratio of 0.88, a current ratio of 1.39 and a debt-to-equity ratio of 2.99. The firm has a market cap of $798.63 million, a price-to-earnings ratio of 2.24 and a beta of 2.35.

Tenneco (NYSE:TEN) last released its quarterly earnings data on Tuesday, August 6th. The auto parts company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.27. The firm had revenue of $4.48 billion during the quarter, compared to analyst estimates of $4.47 billion. Tenneco had a positive return on equity of 20.87% and a negative net margin of 0.90%. The business’s quarterly revenue was up 76.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.92 earnings per share. Equities analysts predict that Tenneco Inc will post 4.03 EPS for the current year.

In other Tenneco news, insider Jason M. Hollar acquired 60,000 shares of the company’s stock in a transaction dated Thursday, August 8th. The stock was purchased at an average price of $9.44 per share, with a total value of $566,400.00. Following the completion of the purchase, the insider now directly owns 64,623 shares in the company, valued at approximately $610,041.12. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Brandon B. Smith acquired 20,000 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was acquired at an average cost of $9.48 per share, with a total value of $189,600.00. Following the purchase, the senior vice president now owns 25,129 shares of the company’s stock, valued at $238,222.92. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 90,000 shares of company stock valued at $848,600. Corporate insiders own 3.30% of the company’s stock.

About Tenneco

Tenneco Inc designs, manufactures, and sells clean air, powertrain, and ride performance products and systems for light vehicle, commercial truck, off-highway, industrial, and aftermarket customers worldwide. The company offers clean air 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 aftertreatment control units.

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Institutional Ownership by Quarter for Tenneco (NYSE:TEN)

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