Synovus Financial Corp raised its holdings in Tenneco Inc (NYSE:TEN) by 276.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 20,688 shares of the auto parts company’s stock after acquiring an additional 15,188 shares during the quarter. Synovus Financial Corp’s holdings in Tenneco were worth $261,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Cerebellum GP LLC acquired a new stake in Tenneco in the third quarter valued at approximately $129,000. Oppenheimer Asset Management Inc. lifted its stake in Tenneco by 32.1% in the third quarter. Oppenheimer Asset Management Inc. now owns 3,542 shares of the auto parts company’s stock valued at $44,000 after acquiring an additional 860 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Tenneco in the second quarter valued at approximately $66,000. Bank of Montreal Can lifted its stake in Tenneco by 455.6% in the second quarter. Bank of Montreal Can now owns 6,167 shares of the auto parts company’s stock valued at $69,000 after acquiring an additional 5,057 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. lifted its stake in Tenneco by 914.3% in the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,070 shares of the auto parts company’s stock valued at $78,000 after acquiring an additional 6,373 shares during the last quarter. Hedge funds and other institutional investors own 87.56% of the company’s stock.
A number of research firms have issued reports on TEN. Morgan Stanley upgraded shares of Tenneco from an “underweight” rating to an “equal weight” rating and set a $9.00 target price for the company in a research note on Wednesday, August 14th. ValuEngine upgraded shares of Tenneco from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada set a $11.00 target price on shares of Tenneco and gave the company a “hold” rating in a research note on Friday, November 1st. UBS Group reduced their target price on shares of Tenneco from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Finally, Cfra cut shares of Tenneco from a “buy” rating to a “hold” rating in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $11.67.
Tenneco (NYSE:TEN) last released its quarterly earnings results on Thursday, October 31st. The auto parts company reported $1.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.97 by $0.26. Tenneco had a negative net margin of 0.74% and a positive return on equity of 18.48%. The company had revenue of $4.32 billion for the quarter, compared to analyst estimates of $4.26 billion. During the same quarter last year, the firm posted $1.70 earnings per share. The company’s quarterly revenue was up 82.2% compared to the same quarter last year. On average, analysts forecast that Tenneco Inc will post 3.63 EPS for the current year.
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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