First Quadrant L P CA Has $264,000 Position in Tenneco Inc (TEN)

First Quadrant L P CA cut its holdings in Tenneco Inc (NYSE:TEN) by 47.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 6,263 shares of the auto parts company’s stock after selling 5,722 shares during the period. First Quadrant L P CA’s holdings in Tenneco were worth $264,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Horrell Capital Management Inc. lifted its position in Tenneco by 4.1% in the 2nd quarter. Horrell Capital Management Inc. now owns 30,610 shares of the auto parts company’s stock valued at $1,346,000 after acquiring an additional 1,205 shares in the last quarter. BancorpSouth Bank lifted its position in Tenneco by 11.1% in the 2nd quarter. BancorpSouth Bank now owns 12,685 shares of the auto parts company’s stock valued at $558,000 after acquiring an additional 1,264 shares in the last quarter. Xact Kapitalforvaltning AB lifted its position in Tenneco by 18.3% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 8,409 shares of the auto parts company’s stock valued at $370,000 after acquiring an additional 1,300 shares in the last quarter. Rhumbline Advisers lifted its position in Tenneco by 3.1% in the 2nd quarter. Rhumbline Advisers now owns 54,010 shares of the auto parts company’s stock valued at $2,374,000 after acquiring an additional 1,638 shares in the last quarter. Finally, HGK Asset Management Inc. lifted its position in Tenneco by 17.5% in the 2nd quarter. HGK Asset Management Inc. now owns 11,590 shares of the auto parts company’s stock valued at $509,000 after acquiring an additional 1,729 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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



Several research firms recently issued reports on TEN. Wolfe Research started coverage on Tenneco in a research report on Tuesday, October 2nd. They issued a “peer perform” rating on the stock. Wells Fargo & Co lowered their price target on Tenneco from $50.00 to $45.00 and set a “market perform” rating on the stock in a report on Wednesday, October 17th. Morgan Stanley lowered their price target on Tenneco from $41.00 to $40.00 and set a “hold” rating on the stock in a report on Monday, August 13th. Finally, Royal Bank of Canada lowered their price target on Tenneco to $47.00 and set an “underperform” rating on the stock in a report on Thursday, October 4th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. Tenneco currently has a consensus rating of “Hold” and an average price target of $56.43.

NYSE TEN opened at $34.61 on Wednesday. The firm has a market cap of $2.10 billion, a PE ratio of 5.02, a PEG ratio of 0.50 and a beta of 1.77. The company has a current ratio of 1.22, a quick ratio of 0.85 and a debt-to-equity ratio of 1.81. Tenneco Inc has a 1-year low of $32.62 and a 1-year high of $65.59.

Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, October 26th. The auto parts company reported $1.70 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.20. The firm had revenue of $2.37 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Tenneco had a return on equity of 47.04% and a net margin of 2.39%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.67 EPS. As a group, analysts forecast that Tenneco Inc will post 6.68 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 21st. Stockholders of record on Tuesday, December 4th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, December 3rd. This represents a $1.00 annualized dividend and a dividend yield of 2.89%. Tenneco’s payout ratio is 14.51%.

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.

See Also: What are Institutional Investors?

Want to see what other hedge funds are holding TEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tenneco Inc (NYSE:TEN).

Institutional Ownership by Quarter for Tenneco (NYSE:TEN)

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