$2.24 Billion in Sales Expected for Tenneco Inc. (TEN) This Quarter
Equities research analysts forecast that Tenneco Inc. (NYSE:TEN) will post sales of $2.24 billion for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for Tenneco’s earnings, with the lowest sales estimate coming in at $2.21 billion and the highest estimate coming in at $2.25 billion. Tenneco reported sales of $2.10 billion in the same quarter last year, which indicates a positive year-over-year growth rate of 6.7%. The business is scheduled to issue its next earnings report on Friday, October 27th.
On average, analysts expect that Tenneco will report full year sales of $2.24 billion for the current year, with estimates ranging from $8.98 billion to $9.16 billion. For the next financial year, analysts anticipate that the firm will post sales of $9.40 billion per share, with estimates ranging from $9.01 billion to $9.80 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Tenneco.
Tenneco (NYSE:TEN) last issued its quarterly earnings data on Friday, July 28th. The auto parts company reported $1.90 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. Tenneco had a net margin of 3.17% and a return on equity of 53.67%. The business had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the business earned $1.78 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis.
A number of equities analysts have commented on TEN shares. BidaskClub lowered Tenneco from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. ValuEngine lowered Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 22nd. Guggenheim started coverage on Tenneco in a research note on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price objective on the stock. Morgan Stanley reduced their price objective on Tenneco from $45.00 to $44.00 and set an “underweight” rating on the stock in a research note on Friday, June 9th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $71.00 price objective on shares of Tenneco in a research note on Thursday, July 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. Tenneco currently has an average rating of “Buy” and a consensus price target of $66.22.
Shares of Tenneco (NYSE:TEN) traded up 0.23% during midday trading on Friday, hitting $53.29. 237,567 shares of the company were exchanged. The firm has a market cap of $2.85 billion, a P/E ratio of 10.34 and a beta of 1.79. Tenneco has a one year low of $51.09 and a one year high of $70.96. The company’s 50 day moving average price is $56.99 and its 200 day moving average price is $60.39.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Wednesday, September 6th. Tenneco’s dividend payout ratio (DPR) is presently 19.72%.
In other news, VP John E. Kunz sold 4,243 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $59.75, for a total transaction of $253,519.25. Following the transaction, the vice president now owns 30,373 shares of the company’s stock, valued at $1,814,786.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David B. Price, Jr. sold 4,893 shares of the company’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $57.82, for a total value of $282,913.26. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in TEN. Winslow Evans & Crocker Inc. raised its position in Tenneco by 39,760.0% in the first quarter. Winslow Evans & Crocker Inc. now owns 3,986 shares of the auto parts company’s stock valued at $249,000 after buying an additional 3,976 shares during the last quarter. Renaissance Group LLC bought a new position in Tenneco during the first quarter valued at $303,000. Clinton Group Inc. bought a new position in Tenneco during the first quarter valued at $1,350,000. Karp Capital Management Corp bought a new position in Tenneco during the first quarter valued at $1,332,000. Finally, Fox Run Management L.L.C. bought a new position in Tenneco during the first quarter valued at $437,000. 96.54% of the stock is currently owned by hedge funds and other institutional investors.
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Tenneco Inc 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 designs, manufactures and distributes highly engineered products for both original equipment vehicle manufacturers (OEMs) and the repair and replacement markets, or aftermarket, across the world.
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