Tenneco Inc. (TEN) Stake Boosted by BlackRock Fund Advisors
BlackRock Fund Advisors increased its stake in shares of Tenneco Inc. (NYSE:TEN) by 6.1% during the third quarter, Holdings Channel reports. The fund owned 1,465,062 shares of the company’s stock after buying an additional 84,847 shares during the period. BlackRock Fund Advisors’ holdings in Tenneco were worth $85,369,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in TEN. Vanguard Group Inc. raised its stake in shares of Tenneco by 2.7% in the second quarter. Vanguard Group Inc. now owns 4,130,386 shares of the company’s stock valued at $192,516,000 after buying an additional 109,715 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Tenneco by 8.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,569,170 shares of the company’s stock valued at $73,139,000 after buying an additional 118,469 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Tenneco by 11.4% in the second quarter. Alliancebernstein L.P. now owns 1,507,524 shares of the company’s stock valued at $70,266,000 after buying an additional 153,870 shares during the last quarter. Columbia Wanger Asset Management LLC raised its stake in shares of Tenneco by 18.4% in the second quarter. Columbia Wanger Asset Management LLC now owns 1,258,953 shares of the company’s stock valued at $58,680,000 after buying an additional 195,633 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Tenneco by 8.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,177,391 shares of the company’s stock valued at $54,877,000 after buying an additional 87,678 shares during the last quarter. Institutional investors and hedge funds own 96.96% of the company’s stock.
Shares of Tenneco Inc. (NYSE:TEN) opened at 65.75 on Friday. The stock has a 50 day moving average of $63.59 and a 200-day moving average of $56.88. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of 9.62 and a beta of 1.92. Tenneco Inc. has a one year low of $34.45 and a one year high of $67.72.
Tenneco (NYSE:TEN) last released its earnings results on Friday, October 28th. The company reported $1.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.49 by $0.04. The company earned $2.10 billion during the quarter, compared to analyst estimates of $1.40 billion. Tenneco had a net margin of 4.61% and a return on equity of 58.26%. The firm’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.22 EPS. On average, equities analysts expect that Tenneco Inc. will post $5.91 earnings per share for the current year.
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TEN has been the subject of several research analyst reports. Barclays PLC lifted their target price on shares of Tenneco from $68.00 to $70.00 and gave the company an “overweight” rating in a research report on Thursday. Jefferies Group initiated coverage on shares of Tenneco in a research report on Wednesday, November 30th. They set a “hold” rating and a $62.00 target price for the company. Finally, RBC Capital Markets reiterated a “hold” rating and set a $67.00 target price on shares of Tenneco in a research report on Tuesday, January 3rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Tenneco has an average rating of “Hold” and a consensus target price of $63.06.
In related news, insider Josep Fornos sold 21,077 shares of the stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $66.39, for a total value of $1,399,302.03. Following the completion of the sale, the insider now directly owns 37,158 shares of the company’s stock, valued at approximately $2,466,919.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.30% of the stock is currently owned by corporate insiders.
Tenneco Company Profile
Tenneco Inc (Tenneco) is a producer of clean air and ride performance products and systems for light vehicle, commercial truck, off-highway and other vehicle applications. The Company operates in six segments: North America Clean Air; North America Ride Performance; Europe, South America and India Clean Air; Europe, South America and India Ride Performance; Asia Pacific Clean Air, and Asia Pacific Ride Performance.
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