Shares of Tenneco Inc (NYSE:TEN) have been given an average rating of “Hold” by the nine research firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation and five have assigned a hold recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $41.75.
TEN has been the subject of several recent analyst reports. Royal Bank of Canada reissued a “hold” rating and issued a $34.00 price target on shares of Tenneco in a report on Wednesday, December 19th. Deutsche Bank initiated coverage on Tenneco in a report on Thursday, December 13th. They issued a “hold” rating for the company. Wells Fargo & Co lowered their price target on Tenneco from $45.00 to $41.00 and set a “market perform” rating for the company in a report on Monday, October 29th. KeyCorp initiated coverage on Tenneco in a report on Monday, December 10th. They issued a “sector weight” rating for the company. Finally, Morgan Stanley downgraded Tenneco from an “equal weight” rating to an “underweight” rating and set a $30.00 price target for the company. in a report on Wednesday, November 14th.
Several institutional investors have recently added to or reduced their stakes in TEN. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Tenneco by 67.3% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 3,000,997 shares of the auto parts company’s stock worth $126,462,000 after purchasing an additional 1,207,636 shares during the period. Fort Pitt Capital Group LLC lifted its holdings in shares of Tenneco by 294.0% during the third quarter. Fort Pitt Capital Group LLC now owns 511,412 shares of the auto parts company’s stock worth $21,551,000 after purchasing an additional 381,612 shares during the period. Towle & Co. lifted its holdings in shares of Tenneco by 70.2% during the third quarter. Towle & Co. now owns 908,550 shares of the auto parts company’s stock worth $38,286,000 after purchasing an additional 374,800 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Tenneco by 69.1% during the fourth quarter. Bank of New York Mellon Corp now owns 773,326 shares of the auto parts company’s stock worth $21,182,000 after purchasing an additional 316,115 shares during the period. Finally, Two Sigma Investments LP acquired a new stake in shares of Tenneco during the fourth quarter worth about $6,443,000. 77.19% of the stock is owned by hedge funds and other institutional investors.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 21st. Investors of record on Tuesday, March 5th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date is Monday, March 4th. Tenneco’s dividend payout ratio (DPR) is 14.51%.
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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