Insider Selling: Tenneco Inc. (NYSE:TEN) Major Shareholder Sells 251,913 Shares of Stock


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Tenneco Inc. (NYSE:TEN) major shareholder Carl C. Icahn sold 251,913 shares of Tenneco stock in a transaction on Tuesday, April 6th. The stock was sold at an average price of $10.86, for a total transaction of $2,735,775.18. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Shares of TEN stock traded down $0.10 during trading hours on Wednesday, hitting $10.58. 624,871 shares of the company were exchanged, compared to its average volume of 1,323,278. The stock has a market capitalization of $702.89 million, a price-to-earnings ratio of -0.43 and a beta of 2.68. Tenneco Inc. has a one year low of $2.94 and a one year high of $13.12. The business’s 50-day simple moving average is $11.12 and its two-hundred day simple moving average is $10.02. The company has a debt-to-equity ratio of 18.99, a quick ratio of 0.91 and a current ratio of 1.28.

Tenneco (NYSE:TEN) last announced its quarterly earnings data on Wednesday, February 24th. The auto parts company reported $1.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.66. The firm had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.32 billion. Tenneco had a negative return on equity of 24.05% and a negative net margin of 13.32%. As a group, analysts anticipate that Tenneco Inc. will post -1.24 EPS for the current fiscal year.

A number of equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Tenneco from $13.00 to $15.00 and gave the company a “hold” rating in a research report on Thursday, February 25th. Wells Fargo & Company assumed coverage on Tenneco in a report on Wednesday, March 31st. They issued an “overweight” rating and a $13.00 price target for the company. Finally, Jefferies Financial Group started coverage on Tenneco in a report on Thursday, April 1st. They set a “buy” rating and a $13.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $9.67.

Several hedge funds have recently bought and sold shares of TEN. Arrowstreet Capital Limited Partnership acquired a new position in Tenneco in the third quarter worth $3,719,000. Morgan Stanley boosted its holdings in shares of Tenneco by 347.6% in the 4th quarter. Morgan Stanley now owns 569,587 shares of the auto parts company’s stock valued at $6,038,000 after buying an additional 442,346 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Tenneco during the 4th quarter valued at about $2,488,000. Voloridge Investment Management LLC raised its stake in Tenneco by 132.6% during the third quarter. Voloridge Investment Management LLC now owns 304,888 shares of the auto parts company’s stock worth $2,116,000 after acquiring an additional 173,785 shares during the period. Finally, BlackRock Inc. lifted its holdings in Tenneco by 2.9% in the fourth quarter. BlackRock Inc. now owns 3,693,983 shares of the auto parts company’s stock worth $39,157,000 after acquiring an additional 103,412 shares during the last quarter. 66.33% of the stock is currently owned by institutional investors and hedge funds.

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 operates through Clean Air, Powertrain, Ride Performance, and Motorparts segments.

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Insider Buying and Selling by Quarter for Tenneco (NYSE:TEN)

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