Tenneco (TEN) Trading Down 15.3% After Earnings Miss

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Shares of Tenneco Inc (NYSE:TEN) traded down 15.3% during trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $27.91 and last traded at $28.10. 2,589,017 shares were traded during trading, an increase of 380% from the average session volume of 539,450 shares. The stock had previously closed at $33.19.

The auto parts company reported $1.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.46 by ($0.16). Tenneco had a net margin of 2.39% and a return on equity of 47.05%. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.27 billion. During the same quarter in the prior year, the company earned $1.89 earnings per share. The company’s quarterly revenue was up 78.9% on a year-over-year basis.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 21st. Investors of record on Tuesday, March 5th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, March 4th. This represents a $1.00 annualized dividend and a yield of 3.56%. Tenneco’s dividend payout ratio is currently 14.51%.

Several equities analysts recently weighed in on the stock. KeyCorp assumed coverage on shares of Tenneco in a report on Monday, December 10th. They issued a “sector weight” rating on the stock. Deutsche Bank assumed coverage on shares of Tenneco in a report on Thursday, December 13th. They issued a “hold” rating on the stock. Finally, Royal Bank of Canada restated a “hold” rating and issued a $34.00 price objective on shares of Tenneco in a report on Wednesday, December 19th. Two analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. Tenneco presently has a consensus rating of “Hold” and an average price target of $45.60.

A number of institutional investors and hedge funds have recently bought and sold shares of TEN. Norges Bank acquired a new stake in Tenneco in the fourth quarter worth $47,219,000. Fuller & Thaler Asset Management Inc. raised its holdings in Tenneco by 67.3% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 3,000,997 shares of the auto parts company’s stock worth $126,462,000 after purchasing an additional 1,207,636 shares during the period. Towle & Co. raised its holdings in Tenneco by 37.0% in the fourth quarter. Towle & Co. now owns 1,245,100 shares of the auto parts company’s stock worth $34,103,000 after purchasing an additional 336,550 shares during the period. Bank of New York Mellon Corp raised its holdings in Tenneco by 69.1% in the fourth quarter. Bank of New York Mellon Corp now owns 773,326 shares of the auto parts company’s stock worth $21,182,000 after purchasing an additional 316,115 shares during the period. Finally, Two Sigma Investments LP acquired a new stake in Tenneco in the fourth quarter worth $6,443,000. Institutional investors own 87.51% of the company’s stock.

The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.79 and a current ratio of 1.18. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 4.08, a price-to-earnings-growth ratio of 0.44 and a beta of 2.04.

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About Tenneco (NYSE:TEN)

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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