Virginia Retirement Systems ET AL Cuts Holdings in Tenneco Inc (TEN)

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Virginia Retirement Systems ET AL decreased its position in Tenneco Inc (NYSE:TEN) by 9.1% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 30,100 shares of the auto parts company’s stock after selling 3,000 shares during the period. Virginia Retirement Systems ET AL’s holdings in Tenneco were worth $1,323,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Diamond Hill Capital Management Inc. increased its holdings in Tenneco by 0.3% during the first quarter. Diamond Hill Capital Management Inc. now owns 505,224 shares of the auto parts company’s stock valued at $27,722,000 after buying an additional 1,310 shares during the period. Wells Fargo & Company MN increased its holdings in Tenneco by 39.3% during the first quarter. Wells Fargo & Company MN now owns 466,479 shares of the auto parts company’s stock valued at $25,596,000 after buying an additional 131,501 shares during the period. ARP Americas LP purchased a new position in Tenneco during the first quarter valued at approximately $576,000. New York State Teachers Retirement System purchased a new position in Tenneco during the first quarter valued at approximately $252,000. Finally, Algert Global LLC increased its holdings in Tenneco by 70.2% during the first quarter. Algert Global LLC now owns 89,246 shares of the auto parts company’s stock valued at $4,897,000 after buying an additional 36,817 shares during the period. Hedge funds and other institutional investors own 86.31% of the company’s stock.

NYSE TEN opened at $43.26 on Friday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.85 and a current ratio of 1.22. Tenneco Inc has a 12-month low of $41.64 and a 12-month high of $65.59. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 6.28, a PEG ratio of 0.49 and a beta of 1.83.

Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, July 27th. The auto parts company reported $1.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.00 by ($0.08). Tenneco had a return on equity of 48.44% and a net margin of 2.59%. The firm had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the prior year, the firm posted $1.90 earnings per share. Tenneco’s revenue for the quarter was up 9.5% compared to the same quarter last year. sell-side analysts anticipate that Tenneco Inc will post 6.99 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 21st. Shareholders of record on Tuesday, September 4th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.31%. The ex-dividend date of this dividend is Friday, August 31st. Tenneco’s dividend payout ratio is currently 14.51%.

In other news, Director Thomas C. Freyman purchased 5,000 shares of the business’s stock in a transaction on Thursday, August 9th. The shares were acquired at an average cost of $44.49 per share, with a total value of $222,450.00. Following the completion of the acquisition, the director now owns 22,265 shares of the company’s stock, valued at $990,569.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 2.95% of the stock is currently owned by insiders.

Several equities analysts recently issued reports on TEN shares. ValuEngine lowered shares of Tenneco from a “hold” rating to a “sell” rating in a report on Wednesday, May 2nd. Morgan Stanley raised shares of Tenneco from an “underweight” rating to an “equal weight” rating and set a $41.00 price objective on the stock in a report on Wednesday, May 9th. Finally, TheStreet lowered shares of Tenneco from a “b-” rating to a “c+” rating in a report on Tuesday, May 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. Tenneco has a consensus rating of “Hold” and a consensus target price of $63.75.

Tenneco Profile

Tenneco Inc designs, manufactures, and distributes clean air and ride performance products and systems for light vehicle, commercial truck, off-highway, and other vehicle applications worldwide. The company offers various vehicle emission control 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 after treatment control units.

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Institutional Ownership by Quarter for Tenneco (NYSE:TEN)

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