Tenneco Inc. (NYSE:TEN – Get Rating) was the target of a large decrease in short interest in February. As of February 28th, there was short interest totalling 1,900,000 shares, a decrease of 32.6% from the February 13th total of 2,820,000 shares. Approximately 2.4% of the company’s stock are short sold. Based on an average daily volume of 1,910,000 shares, the short-interest ratio is presently 1.0 days.
TEN has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft increased their target price on shares of Tenneco from $17.00 to $18.00 in a report on Thursday, January 13th. Morgan Stanley upgraded shares of Tenneco from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $8.00 to $20.00 in a research note on Thursday, February 24th. Jefferies Financial Group downgraded Tenneco from a “buy” rating to a “hold” rating and increased their target price for the company from $15.00 to $20.00 in a report on Thursday, February 24th. Finally, Wells Fargo & Company lowered Tenneco from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $22.00 to $20.00 in a research note on Thursday, February 24th. Four investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $19.50.
NYSE TEN opened at $18.18 on Monday. Tenneco has a 1 year low of $9.51 and a 1 year high of $22.75. The company has a market cap of $1.51 billion, a price-to-earnings ratio of 43.29 and a beta of 2.09. The company has a debt-to-equity ratio of 12.67, a current ratio of 1.24 and a quick ratio of 0.85. The stock’s fifty day moving average price is $13.18 and its 200 day moving average price is $13.08.
Tenneco (NYSE:TEN – Get Rating) last posted its earnings results on Wednesday, February 23rd. The auto parts company reported ($0.11) EPS for the quarter, missing the Zacks’ consensus estimate of $0.16 by ($0.27). Tenneco had a net margin of 0.19% and a return on equity of 59.64%. The business had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.18 billion. During the same quarter last year, the business earned $1.68 earnings per share. Tenneco’s revenue was down 5.6% on a year-over-year basis. Research analysts expect that Tenneco will post 4.51 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fuller & Thaler Asset Management Inc. boosted its stake in Tenneco by 49.0% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 5,339,325 shares of the auto parts company’s stock valued at $60,334,000 after acquiring an additional 1,756,752 shares in the last quarter. BlackRock Inc. increased its holdings in Tenneco by 5.5% during the 4th quarter. BlackRock Inc. now owns 4,841,576 shares of the auto parts company’s stock valued at $54,712,000 after acquiring an additional 254,371 shares in the last quarter. JPMorgan Chase & Co. increased its position in Tenneco by 13,512.4% during the fourth quarter. JPMorgan Chase & Co. now owns 4,552,809 shares of the auto parts company’s stock worth $51,446,000 after buying an additional 4,519,363 shares in the last quarter. Bank of America Corp DE lifted its holdings in Tenneco by 4.3% in the 4th quarter. Bank of America Corp DE now owns 3,765,284 shares of the auto parts company’s stock valued at $42,547,000 after purchasing an additional 155,434 shares in the last quarter. Finally, Towle & Co. boosted its position in Tenneco by 72.6% during the third quarter. Towle & Co. now owns 1,937,138 shares of the auto parts company’s stock worth $27,643,000 after acquiring an additional 814,750 shares during the last quarter. Institutional investors own 71.81% of the company’s stock.
Tenneco Company Profile
Tenneco, Inc engages in the design, manufacture, market and sale of innovative clean air, powertrain and ride performance products and systems. It operates through the following segments: Clean Air, Powertrain, Ride Performance, and Motorparts. The Clean Air segment offers products and systems designed to reduce pollution and optimize engine performance, acoustic tuning, and weight on a vehicle for light vehicle, commercial truck, and off-highway original equipment customers.
