Bank of New York Mellon Corp lifted its stake in shares of Tenneco Inc (NYSE:TEN) by 69.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 773,326 shares of the auto parts company’s stock after purchasing an additional 316,115 shares during the period. Bank of New York Mellon Corp owned 1.35% of Tenneco worth $21,182,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of TEN. JPMorgan Chase & Co. boosted its holdings in Tenneco by 14.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 22,679 shares of the auto parts company’s stock worth $956,000 after buying an additional 2,864 shares during the period. Vanguard Group Inc boosted its holdings in Tenneco by 3.0% in the 3rd quarter. Vanguard Group Inc now owns 4,607,555 shares of the auto parts company’s stock valued at $194,162,000 after purchasing an additional 132,904 shares during the period. Victory Capital Management Inc. boosted its holdings in Tenneco by 7.4% in the 4th quarter. Victory Capital Management Inc. now owns 25,027 shares of the auto parts company’s stock valued at $685,000 after purchasing an additional 1,725 shares during the period. Rhumbline Advisers boosted its holdings in Tenneco by 42.2% in the 4th quarter. Rhumbline Advisers now owns 73,183 shares of the auto parts company’s stock valued at $2,004,000 after purchasing an additional 21,726 shares during the period. Finally, Baird Financial Group Inc. boosted its holdings in Tenneco by 5.6% in the 3rd quarter. Baird Financial Group Inc. now owns 42,490 shares of the auto parts company’s stock valued at $1,784,000 after purchasing an additional 2,238 shares during the period. Institutional investors own 90.62% of the company’s stock.
Several research analysts have commented on TEN shares. UBS Group cut their price target on shares of Tenneco from $39.00 to $28.00 and set a “buy” rating for the company in a report on Monday, April 1st. Morgan Stanley lowered their price objective on shares of Tenneco from $30.00 to $17.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 16th. Finally, Royal Bank of Canada lowered their price objective on shares of Tenneco to $31.00 and set a “sector perform” rating on the stock in a research report on Friday, March 15th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $29.25.
Tenneco (NYSE:TEN) last issued its earnings results on Thursday, March 14th. The auto parts company reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.16). The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.27 billion. Tenneco had a return on equity of 34.88% and a net margin of 0.50%. Tenneco’s revenue for the quarter was up 78.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.89 EPS. Sell-side analysts anticipate that Tenneco Inc will post 5.16 EPS for the current year.
Tenneco Company Profile
Tenneco Inc designs, manufactures, and sells clean air, powertrain, and ride performance products and systems for light vehicle, commercial truck, off-highway, industrial, and aftermarket customers worldwide. The company offers clean air products and systems, including catalytic converters and diesel oxidation catalysts, diesel particulate filters, burner systems, lean nitrogen oxide (NOx) traps, hydrocarbon vaporizers and injectors, selective catalytic reduction (SCR) systems, SCR-coated diesel particulate filters systems, urea dosing systems, four-way catalysts, alternative NOx reduction technologies, mufflers and resonators, fabricated exhaust manifolds, pipes, hydroformed assemblies, elastomeric hangers and isolators, and aftertreatment control units.
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