Tenneco (NYSE:TEN) Upgraded at Morgan Stanley

Morgan Stanley upgraded shares of Tenneco (NYSE:TEN) from an underweight rating to an equal weight rating in a research report released on Wednesday, BenzingaRatingsTable reports. Morgan Stanley currently has $9.00 price objective on the auto parts company’s stock.

Separately, UBS Group lowered their target price on shares of Tenneco from $28.00 to $16.00 and set a buy rating for the company in a report on Friday, May 10th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $24.25.

TEN stock opened at $9.45 on Wednesday. Tenneco has a 52 week low of $7.62 and a 52 week high of $47.22. The company has a quick ratio of 0.88, a current ratio of 1.39 and a debt-to-equity ratio of 2.99. The company has a fifty day simple moving average of $9.49 and a two-hundred day simple moving average of $19.18. The firm has a market capitalization of $542.13 million, a P/E ratio of 1.50 and a beta of 2.34.

Tenneco (NYSE:TEN) last released its quarterly earnings data on Tuesday, August 6th. The auto parts company reported $1.20 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.27. Tenneco had a negative net margin of 0.90% and a positive return on equity of 20.87%. The business had revenue of $4.48 billion during the quarter, compared to analyst estimates of $4.47 billion. During the same quarter last year, the business earned $1.92 earnings per share. Tenneco’s quarterly revenue was up 76.7% compared to the same quarter last year. As a group, analysts anticipate that Tenneco will post 4.05 EPS for the current year.

In other news, SVP Brandon B. Smith bought 20,000 shares of the stock in a transaction dated Friday, August 9th. The stock was purchased at an average price of $9.48 per share, for a total transaction of $189,600.00. Following the acquisition, the senior vice president now owns 25,129 shares of the company’s stock, valued at $238,222.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Dennis J. Letham bought 10,000 shares of the stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average price of $9.26 per share, with a total value of $92,600.00. Following the acquisition, the director now directly owns 47,233 shares in the company, valued at approximately $437,377.58. The disclosure for this purchase can be found here. Insiders bought a total of 90,000 shares of company stock valued at $848,600 in the last 90 days. Company insiders own 3.30% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Investors Research Corp bought a new stake in Tenneco during the 1st quarter valued at about $30,000. Bartlett & Co. LLC bought a new stake in Tenneco during the 1st quarter valued at about $44,000. Huntington National Bank lifted its holdings in Tenneco by 56.0% during the 1st quarter. Huntington National Bank now owns 3,508 shares of the auto parts company’s stock valued at $78,000 after buying an additional 1,259 shares in the last quarter. Synovus Financial Corp bought a new stake in Tenneco during the 2nd quarter valued at about $61,000. Finally, Point72 Hong Kong Ltd bought a new stake in Tenneco during the 2nd quarter valued at about $66,000. Hedge funds and other institutional investors own 87.97% of the company’s stock.

About Tenneco

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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Analyst Recommendations for Tenneco (NYSE:TEN)

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