Tenneco Inc (TEN) Shares Bought by Water Island Capital LLC

Water Island Capital LLC raised its position in Tenneco Inc (NYSE:TEN) by 77.2% in the 1st quarter, HoldingsChannel reports. The fund owned 22,077 shares of the auto parts company’s stock after acquiring an additional 9,615 shares during the quarter. Water Island Capital LLC’s holdings in Tenneco were worth $489,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its holdings in Tenneco by 10.1% in the first quarter. Victory Capital Management Inc. now owns 27,557 shares of the auto parts company’s stock valued at $611,000 after purchasing an additional 2,530 shares in the last quarter. New Amsterdam Partners LLC NY boosted its holdings in Tenneco by 50.3% in the first quarter. New Amsterdam Partners LLC NY now owns 194,159 shares of the auto parts company’s stock valued at $4,303,000 after purchasing an additional 64,957 shares in the last quarter. Comerica Bank boosted its holdings in Tenneco by 17.3% in the first quarter. Comerica Bank now owns 24,651 shares of the auto parts company’s stock valued at $611,000 after purchasing an additional 3,632 shares in the last quarter. Pearl River Capital LLC boosted its holdings in Tenneco by 2,074.9% in the first quarter. Pearl River Capital LLC now owns 10,918 shares of the auto parts company’s stock valued at $242,000 after purchasing an additional 10,416 shares in the last quarter. Finally, Convergence Investment Partners LLC acquired a new position in Tenneco in the first quarter valued at approximately $143,000. 91.27% of the stock is owned by institutional investors.

NYSE TEN traded up $0.22 on Friday, reaching $12.81. The stock had a trading volume of 1,500,838 shares, compared to its average volume of 905,065. The company has a current ratio of 1.41, a quick ratio of 0.89 and a debt-to-equity ratio of 2.79. Tenneco Inc has a 12-month low of $12.51 and a 12-month high of $48.63. The stock has a market cap of $1.23 billion, a P/E ratio of 2.04, a P/E/G ratio of 0.53 and a beta of 1.94.

Tenneco (NYSE:TEN) last issued its quarterly earnings data on Thursday, May 9th. The auto parts company reported $0.52 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.94 by ($0.42). Tenneco had a net margin of 0.50% and a return on equity of 34.88%. The firm had revenue of $4.48 billion during the quarter, compared to analysts’ expectations of $4.49 billion. During the same quarter in the prior year, the firm posted $1.56 EPS. Tenneco’s quarterly revenue was up 73.7% compared to the same quarter last year. As a group, research analysts predict that Tenneco Inc will post 5.06 earnings per share for the current year.

A number of equities research analysts have weighed in on the company. Royal Bank of Canada reduced their price objective on Tenneco to $31.00 and set a “sector perform” rating for the company in a research note on Friday, March 15th. They noted that the move was a valuation call. Morgan Stanley reduced their price objective on Tenneco from $30.00 to $17.00 and set an “underweight” rating for the company in a research note on Tuesday, April 16th. Finally, UBS Group reduced their price objective on Tenneco from $39.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 1st. Two research 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 company has a consensus rating of “Hold” and an average price target of $26.25.

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Tenneco 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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Institutional Ownership by Quarter for Tenneco (NYSE:TEN)

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