Tenneco (TEN) Shares Gap Down After Earnings Miss

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Tenneco Inc (NYSE:TEN)’s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $24.25, but opened at $28.10. Tenneco shares last traded at $26.83, with a volume of 1843615 shares.

The auto parts company reported $1.30 earnings per share for the quarter, missing the consensus estimate of $1.46 by ($0.16). Tenneco had a net margin of 2.39% and a return on equity of 47.05%. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.27 billion. During the same period in the prior year, the company posted $1.89 earnings per share. The firm’s revenue was up 78.9% compared to the same quarter last year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 21st. Stockholders of record on Tuesday, March 5th will be given a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 4th. This represents a $1.00 annualized dividend and a dividend yield of 3.69%. Tenneco’s dividend payout ratio is 14.51%.

Several research firms have recently weighed in on TEN. KeyCorp began coverage on Tenneco in a research report on Monday, December 10th. They issued a “sector weight” rating for the company. Royal Bank of Canada reissued a “hold” rating and issued a $34.00 price objective on shares of Tenneco in a research report on Wednesday, December 19th. Finally, Deutsche Bank began coverage on Tenneco in a research report on Thursday, December 13th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. Tenneco currently has an average rating of “Hold” and a consensus target price of $45.00.

A number of hedge funds have recently modified their holdings of the stock. ARP Americas LP lifted its position in Tenneco by 5.8% in the fourth quarter. ARP Americas LP now owns 11,000 shares of the auto parts company’s stock worth $301,000 after purchasing an additional 600 shares during the period. Advisors Asset Management Inc. bought a new position in Tenneco in the fourth quarter worth $27,000. Ingalls & Snyder LLC lifted its position in Tenneco by 12.6% in the fourth quarter. Ingalls & Snyder LLC now owns 9,194 shares of the auto parts company’s stock worth $252,000 after purchasing an additional 1,026 shares during the period. IndexIQ Advisors LLC lifted its position in Tenneco by 3.9% in the third quarter. IndexIQ Advisors LLC now owns 41,430 shares of the auto parts company’s stock worth $1,746,000 after purchasing an additional 1,564 shares during the period. Finally, Legal & General Group Plc lifted its position in Tenneco by 3.0% in the third quarter. Legal & General Group Plc now owns 55,593 shares of the auto parts company’s stock worth $2,343,000 after purchasing an additional 1,608 shares during the period. 87.51% of the stock is owned by hedge funds and other institutional investors.

The stock has a market capitalization of $1.89 billion, a P/E ratio of 3.93, a price-to-earnings-growth ratio of 0.44 and a beta of 2.04. The company has a quick ratio of 0.79, a current ratio of 1.18 and a debt-to-equity ratio of 1.68.

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Tenneco Company Profile (NYSE:TEN)

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.

See Also: Liquidity

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