FY2017 EPS Estimates for Tenneco Inc. (TEN) Lifted by Analyst
Tenneco Inc. (NYSE:TEN) – Equities research analysts at Jefferies Group increased their FY2017 earnings estimates for Tenneco in a research report issued to clients and investors on Monday. Jefferies Group analyst D. Kelley now anticipates that the auto parts company will earn $6.72 per share for the year, up from their previous forecast of $6.58. Jefferies Group has a “Hold” rating and a $62.00 price target on the stock. Jefferies Group also issued estimates for Tenneco’s Q4 2017 earnings at $1.61 EPS, Q1 2018 earnings at $1.60 EPS, Q4 2018 earnings at $1.84 EPS and FY2020 earnings at $8.35 EPS.
Other equities analysts also recently issued reports about the stock. Wells Fargo & Company dropped their target price 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 restated a “buy” rating and issued a $80.00 target price (up from $73.00) on shares of Tenneco in a report on Monday. They noted that the move was a valuation call. Royal Bank Of Canada restated a “hold” rating and issued a $71.00 target price on shares of Tenneco in a report on Thursday, July 6th. ValuEngine upgraded shares of Tenneco from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. Finally, BidaskClub raised shares of Tenneco from a “hold” rating to a “buy” rating in a research report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $67.70.
Shares of Tenneco (NYSE:TEN) opened at 57.20 on Tuesday. The stock has a market cap of $3.04 billion, a PE ratio of 11.13 and a beta of 1.85. Tenneco has a 1-year low of $51.09 and a 1-year high of $70.96. The stock’s 50 day moving average is $60.60 and its 200-day moving average is $57.69.
Tenneco (NYSE:TEN) last released its earnings results on Friday, October 27th. The auto parts company reported $1.67 EPS for the quarter, topping analysts’ consensus estimates of $1.59 by $0.08. The business had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Tenneco had a net margin of 1.97% and a return on equity of 54.45%. The company’s quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.53 earnings per share.
Institutional investors have recently made changes to their positions in the business. Advisory Services Network LLC boosted its position in Tenneco by 107.4% during the second quarter. Advisory Services Network LLC now owns 2,184 shares of the auto parts company’s stock worth $126,000 after purchasing an additional 1,131 shares during the period. Fortaleza Asset Management Inc. boosted its position in shares of Tenneco by 122.5% in the third quarter. Fortaleza Asset Management Inc. now owns 2,670 shares of the auto parts company’s stock valued at $162,000 after acquiring an additional 1,470 shares during the period. Telemus Capital LLC boosted its position in shares of Tenneco by 13.6% in the second quarter. Telemus Capital LLC now owns 3,994 shares of the auto parts company’s stock valued at $231,000 after acquiring an additional 477 shares during the period. Cim Investment Mangement Inc. bought a new stake in shares of Tenneco in the second quarter valued at approximately $270,000. Finally, Ameritas Investment Partners Inc. boosted its position in shares of Tenneco by 4.3% in the second quarter. Ameritas Investment Partners Inc. now owns 4,688 shares of the auto parts company’s stock valued at $271,000 after acquiring an additional 192 shares during the period. 94.47% of the stock is owned by hedge funds and other institutional investors.
In related news, insider James D. Harrington sold 13,765 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $56.87, for a total value of $782,815.55. Following the transaction, the insider now owns 1,207 shares in the company, valued at $68,642.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Gregg M. Sherrill sold 27,443 shares of the stock in a transaction that occurred on 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 completion of the transaction, the insider now owns 229,043 shares in the company, valued at approximately $12,521,780.81. The disclosure for this sale can be found here. Insiders sold a total of 82,261 shares of company stock worth $4,654,484 in the last quarter. 2.70% of the stock is owned by corporate insiders.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Monday, December 4th will be issued a $0.25 dividend. The ex-dividend date is Friday, December 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.75%. Tenneco’s dividend payout ratio is 30.21%.
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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