Wells Fargo & Co Cuts Tenneco (TEN) Price Target to $45.00

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Tenneco (NYSE:TEN) had its target price decreased by Wells Fargo & Co from $50.00 to $45.00 in a research note issued to investors on Wednesday morning, The Fly reports. Wells Fargo & Co currently has a market perform rating on the auto parts company’s stock.

Other equities research analysts also recently issued reports about the company. Royal Bank of Canada lowered their price target on Tenneco to $47.00 and set an underperform rating for the company in a report on Thursday, October 4th. Morgan Stanley lowered their price target on Tenneco from $41.00 to $40.00 and set a hold rating for the company in a report on Monday, August 13th. Finally, Wolfe Research began coverage on Tenneco in a report on Tuesday, October 2nd. They issued a peer perform rating for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $59.88.

Tenneco stock opened at $33.40 on Wednesday. Tenneco has a 12-month low of $32.63 and a 12-month high of $65.59. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.22 and a quick ratio of 0.85. The stock has a market capitalization of $1.92 billion, a PE ratio of 4.85, a PEG ratio of 0.45 and a beta of 1.77.

Tenneco (NYSE:TEN) last issued its quarterly earnings results on Friday, July 27th. The auto parts company reported $1.92 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.00 by ($0.08). Tenneco had a net margin of 2.59% and a return on equity of 48.44%. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the firm posted $1.90 earnings per share. Tenneco’s revenue was up 9.5% compared to the same quarter last year. Research analysts forecast that Tenneco will post 6.76 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 21st. Investors of record on Tuesday, December 4th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, December 3rd. This represents a $1.00 dividend on an annualized basis and a yield of 2.99%. Tenneco’s payout ratio is currently 14.51%.

In related news, Director Thomas C. Freyman acquired 5,000 shares of the stock in a transaction that occurred on Thursday, August 9th. The stock was purchased at an average cost of $44.49 per share, for a total transaction of $222,450.00. Following the purchase, the director now directly owns 22,265 shares in the company, valued at $990,569.85. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.95% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Macquarie Group Ltd. grew its stake in Tenneco by 21.6% during the 2nd quarter. Macquarie Group Ltd. now owns 1,941,241 shares of the auto parts company’s stock worth $85,336,000 after buying an additional 344,869 shares during the last quarter. Fuller & Thaler Asset Management Inc. grew its stake in Tenneco by 1,361.6% during the 2nd quarter. Fuller & Thaler Asset Management Inc. now owns 1,793,361 shares of the auto parts company’s stock worth $78,836,000 after buying an additional 1,670,661 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Tenneco by 9.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,405,855 shares of the auto parts company’s stock worth $61,803,000 after buying an additional 122,917 shares during the last quarter. LSV Asset Management grew its stake in Tenneco by 0.9% during the 2nd quarter. LSV Asset Management now owns 1,007,653 shares of the auto parts company’s stock worth $44,296,000 after buying an additional 8,800 shares during the last quarter. Finally, Wells Fargo & Company MN grew its stake in Tenneco by 48.8% during the 2nd quarter. Wells Fargo & Company MN now owns 694,195 shares of the auto parts company’s stock worth $30,517,000 after buying an additional 227,716 shares during the last quarter. Hedge funds and other institutional investors own 80.80% of the company’s stock.

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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The Fly

Analyst Recommendations for Tenneco (NYSE:TEN)

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