Tenneco Inc. to Post FY2017 Earnings of $6.75 Per Share, Gabelli Forecasts (TEN)
Tenneco Inc. (NYSE:TEN) – Stock analysts at Gabelli lowered their FY2017 earnings per share estimates for shares of Tenneco in a research note issued to investors on Monday. Gabelli analyst B. Sponheimer now forecasts that the auto parts company will post earnings of $6.75 per share for the year, down from their prior forecast of $6.85.
Tenneco (NYSE:TEN) last posted its earnings results on Friday, October 27th. The auto parts company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.59 by $0.08. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.24 billion. Tenneco had a net margin of 1.97% and a return on equity of 54.45%. Tenneco’s revenue was up 8.5% on a year-over-year basis. During the same period in the previous year, the business posted $1.53 EPS.
A number of other equities research analysts also recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Tenneco from $68.00 to $64.00 and set a “market perform” rating for the company in a report on Monday. KeyCorp reiterated a “buy” rating and set a $80.00 price target (up from $73.00) on shares of Tenneco in a report on Monday. They noted that the move was a valuation call. BidaskClub upgraded shares of Tenneco from a “hold” rating to a “buy” rating in a report on Tuesday, August 1st. Jefferies Group LLC reiterated a “hold” rating and set a $62.00 price target (down from $67.00) on shares of Tenneco in a report on Monday, July 31st. Finally, ValuEngine downgraded shares of Tenneco from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the company. Tenneco currently has an average rating of “Hold” and a consensus price target of $67.70.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Investors of record on Monday, December 4th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, December 1st. This represents a $1.00 annualized dividend and a dividend yield of 1.72%. Tenneco’s dividend payout ratio is presently 30.21%.
In related news, VP John E. Kunz sold 6,368 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $61.00, for a total value of $388,448.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gregg M. Sherrill sold 27,443 shares of the firm’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $54.67, for a total transaction of $1,500,308.81. Following the completion of the sale, the insider now directly owns 229,043 shares in the company, valued at $12,521,780.81. The disclosure for this sale can be found here. Insiders sold 82,261 shares of company stock worth $4,654,484 over the last three months. Corporate insiders own 2.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the business. Gofen & Glossberg LLC IL lifted its position in Tenneco by 0.5% during the second quarter. Gofen & Glossberg LLC IL now owns 7,125 shares of the auto parts company’s stock valued at $412,000 after buying an additional 33 shares in the last quarter. Jennison Associates LLC lifted its position in Tenneco by 0.5% during the second quarter. Jennison Associates LLC now owns 32,589 shares of the auto parts company’s stock valued at $1,885,000 after buying an additional 149 shares in the last quarter. Ameritas Investment Partners Inc. lifted its position in Tenneco by 4.3% during the second quarter. Ameritas Investment Partners Inc. now owns 4,688 shares of the auto parts company’s stock valued at $271,000 after buying an additional 192 shares in the last quarter. Legal & General Group Plc lifted its position in Tenneco by 0.4% during the first quarter. Legal & General Group Plc now owns 63,003 shares of the auto parts company’s stock valued at $3,936,000 after buying an additional 264 shares in the last quarter. Finally, Amalgamated Bank lifted its position in Tenneco by 4.9% during the second quarter. Amalgamated Bank now owns 7,017 shares of the auto parts company’s stock valued at $406,000 after buying an additional 328 shares in the last quarter. 94.47% of the stock is currently owned by hedge funds and other institutional investors.
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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