OLD National Bancorp IN Acquires New Position in Tenneco Inc. (TEN)

OLD National Bancorp IN acquired a new stake in shares of Tenneco Inc. (NYSE:TEN) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 7,204 shares of the auto parts company’s stock, valued at approximately $437,000.

A number of other hedge funds have also recently bought and sold shares of TEN. Advisory Services Network LLC lifted its stake in Tenneco by 107.4% during the second quarter. Advisory Services Network LLC now owns 2,184 shares of the auto parts company’s stock valued at $126,000 after buying an additional 1,131 shares in the last quarter. Telemus Capital LLC lifted its stake in 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 buying an additional 477 shares in the last quarter. Cim Investment Mangement Inc. purchased a new stake in Tenneco during the second quarter valued at about $270,000. Ameritas Investment Partners Inc. lifted its stake in Tenneco by 4.3% during the second quarter. Ameritas Investment Partners Inc. now owns 4,688 shares of the auto parts company’s stock valued at $271,000 after buying an additional 192 shares in the last quarter. Finally, Ramsey Quantitative Systems purchased a new stake in Tenneco during the second quarter valued at about $285,000. 94.47% of the stock is owned by institutional investors.

In other news, VP John E. Kunz sold 6,368 shares of the stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $61.00, for a total transaction of $388,448.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Gregg M. Sherrill sold 27,443 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $54.67, for a total value of $1,500,308.81. Following the sale, the insider now directly owns 229,043 shares in the company, valued at $12,521,780.81. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 82,261 shares of company stock worth $4,654,484. Insiders own 2.70% of the company’s stock.

A number of analysts have commented on TEN shares. BidaskClub lowered shares of Tenneco from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. ValuEngine lowered shares of Tenneco from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 22nd. Wells Fargo & Company reduced their price objective on shares of Tenneco from $68.00 to $64.00 and set a “market perform” rating for the company in a research note on Monday. KeyCorp reaffirmed a “buy” rating and set a $80.00 price objective (up from $73.00) on shares of Tenneco in a research note on Monday. They noted that the move was a valuation call. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $71.00 price objective on shares of Tenneco in a research note on Thursday, July 6th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $67.70.

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Tenneco (NYSE:TEN) last released its earnings results on Friday, October 27th. The auto parts company reported $1.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.59 by $0.08. The firm had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Tenneco had a return on equity of 54.45% and a net margin of 1.97%. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.53 EPS.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 20th. Shareholders of record on Monday, December 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date of this dividend is Friday, December 1st. Tenneco’s dividend payout ratio is 30.21%.

Tenneco Company 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.

Institutional Ownership by Quarter for Tenneco (NYSE:TEN)

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