Balyasny Asset Management LLC Takes $2.69 Million Position in Tenneco Inc. (TEN)

Balyasny Asset Management LLC purchased a new stake in Tenneco Inc. (NYSE:TEN) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 46,526 shares of the auto parts company’s stock, valued at approximately $2,691,000. Balyasny Asset Management LLC owned approximately 0.09% of Tenneco as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Telemus Capital LLC boosted its stake in shares of Tenneco by 13.6% during the second quarter. Telemus Capital LLC now owns 3,994 shares of the auto parts company’s stock valued at $231,000 after acquiring an additional 477 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in Tenneco in the 1st quarter worth about $287,000. Cim Investment Mangement Inc. acquired a new stake in Tenneco in the 2nd quarter worth about $270,000. Ramsey Quantitative Systems acquired a new stake in Tenneco in the 2nd quarter worth about $285,000. Finally, Rational Advisors LLC acquired a new stake in Tenneco in the 2nd quarter worth about $289,000. Institutional investors and hedge funds own 94.44% of the company’s stock.

TEN has been the topic of a number of research analyst reports. Guggenheim assumed coverage on Tenneco in a research note on Wednesday, June 21st. They issued a “buy” rating and a $68.00 price target on the stock. CLSA assumed coverage on Tenneco in a report on Wednesday, June 21st. They set a “buy” rating and a $68.00 target price on the stock. BidaskClub upgraded Tenneco from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. Royal Bank Of Canada reiterated a “hold” rating and set a $71.00 target price on shares of Tenneco in a report on Thursday, July 6th. Finally, ValuEngine upgraded Tenneco from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $66.63.

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Tenneco Inc. (NYSE:TEN) opened at 61.09 on Thursday. The company’s 50-day moving average price is $57.56 and its 200 day moving average price is $57.51. Tenneco Inc. has a 52-week low of $51.09 and a 52-week high of $70.96. The firm has a market capitalization of $3.25 billion, a price-to-earnings ratio of 11.89 and a beta of 1.85.

Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, July 28th. The auto parts company reported $1.90 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.80 by $0.10. Tenneco had a return on equity of 54.06% and a net margin of 3.17%. The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter last year, the business posted $1.78 EPS. The company’s revenue for the quarter was up 4.7% on a year-over-year basis. Equities analysts predict that Tenneco Inc. will post $6.68 earnings per share for the current fiscal year.

In related news, VP John E. Kunz sold 11,602 shares of Tenneco stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $55.35, for a total transaction of $642,170.70. Following the completion of the transaction, the vice president now owns 31,915 shares in the company, valued at $1,766,495.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP John E. Kunz sold 6,368 shares of Tenneco stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $61.00, for a total value of $388,448.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 82,261 shares of company stock worth $4,654,484. 2.70% of the stock is owned by company insiders.

Tenneco Profile

Tenneco Inc is a producer of clean air and ride performance products and systems for light vehicle, commercial truck, off-highway and other vehicle applications. The Company designs, manufactures and distributes highly engineered products for both original equipment vehicle manufacturers (OEMs) and the repair and replacement markets, or aftermarket, across the world.

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Institutional Ownership by Quarter for Tenneco (NYSE:TEN)

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