Tenneco Inc. (TEN) Shares Bought by Amalgamated Bank
Amalgamated Bank increased its holdings in Tenneco Inc. (NYSE:TEN) by 4.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,017 shares of the auto parts company’s stock after acquiring an additional 328 shares during the period. Amalgamated Bank’s holdings in Tenneco were worth $406,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in TEN. Quantbot Technologies LP lifted its stake in Tenneco by 8.4% in the 1st quarter. Quantbot Technologies LP now owns 2,410 shares of the auto parts company’s stock worth $150,000 after acquiring an additional 187 shares in the last quarter. Telemus Capital LLC lifted its stake in Tenneco by 13.6% in the 2nd quarter. Telemus Capital LLC now owns 3,994 shares of the auto parts company’s stock worth $231,000 after acquiring an additional 477 shares in the last quarter. Cim Investment Mangement Inc. purchased a new stake in Tenneco in the 2nd quarter worth about $270,000. Tudor Investment Corp ET AL purchased a new stake in Tenneco in the 1st quarter worth about $287,000. Finally, Rational Advisors LLC purchased a new stake in Tenneco in the 2nd quarter worth about $289,000. 94.44% of the stock is owned by hedge funds and other institutional investors.
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Shares of Tenneco Inc. (TEN) opened at 62.34 on Friday. The stock’s 50 day moving average price is $56.72 and its 200-day moving average price is $57.55. Tenneco Inc. has a 1-year low of $51.09 and a 1-year high of $70.96. The stock has a market capitalization of $3.32 billion, a P/E ratio of 12.13 and a beta of 1.85.
Tenneco (NYSE:TEN) last issued its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.10. The company had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.26 billion. Tenneco had a return on equity of 54.06% and a net margin of 3.17%. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.78 earnings per share. Equities research analysts anticipate that Tenneco Inc. will post $6.68 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 26th. Stockholders of record on Thursday, September 7th were issued a $0.25 dividend. The ex-dividend date was Wednesday, September 6th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.60%. Tenneco’s dividend payout ratio (DPR) is 19.72%.
TEN has been the subject of several research analyst reports. BidaskClub downgraded Tenneco from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. ValuEngine downgraded Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 22nd. Guggenheim initiated coverage on Tenneco in a research note on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price objective for the company. Morgan Stanley reduced their price objective on Tenneco from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, June 9th. Finally, CLSA initiated coverage on Tenneco in a research note on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $66.63.
In other news, insider Gregg M. Sherrill sold 27,443 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $54.67, for a total value of $1,500,308.81. Following the sale, the insider now directly owns 229,043 shares in the company, valued at $12,521,780.81. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP John E. Kunz sold 6,368 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $61.00, for a total value of $388,448.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 82,261 shares of company stock worth $4,654,484. Corporate insiders own 2.70% of the company’s stock.
Tenneco Company Profile
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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