Morgan Stanley Trims Tenneco (TEN) Target Price to $17.00

Tenneco (NYSE:TEN) had its price objective decreased by research analysts at Morgan Stanley from $30.00 to $17.00 in a note issued to investors on Tuesday, BenzingaRatingsTable reports. The brokerage currently has an “underweight” rating on the auto parts company’s stock. Morgan Stanley’s price objective indicates a potential downside of 31.31% from the company’s previous close.

Other equities research analysts have also recently issued reports about the stock. UBS Group dropped their target price on shares of Tenneco from $39.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, April 1st. Royal Bank of Canada reiterated a “hold” rating and issued a $34.00 price target on shares of Tenneco in a research note on Wednesday, December 19th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Tenneco has an average rating of “Hold” and a consensus target price of $29.25.

Shares of TEN stock traded up $0.09 on Tuesday, reaching $24.75. The stock had a trading volume of 1,869 shares, compared to its average volume of 1,301,133. The company has a debt-to-equity ratio of 2.79, a quick ratio of 0.89 and a current ratio of 1.41. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 3.93, a PEG ratio of 0.58 and a beta of 1.98. Tenneco has a 12 month low of $21.55 and a 12 month high of $53.55.

Tenneco (NYSE:TEN) last issued its earnings results on Thursday, March 14th. The auto parts company reported $1.30 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.46 by ($0.16). The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.27 billion. Tenneco had a net margin of 0.50% and a return on equity of 34.88%. The firm’s revenue for the quarter was up 78.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.89 earnings per share. Sell-side analysts predict that Tenneco will post 5.55 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Tenneco by 3.0% in the 3rd quarter. Vanguard Group Inc. now owns 4,607,555 shares of the auto parts company’s stock valued at $194,162,000 after buying an additional 132,904 shares during the last quarter. Vanguard Group Inc grew its stake in Tenneco by 3.0% in the 3rd quarter. Vanguard Group Inc now owns 4,607,555 shares of the auto parts company’s stock valued at $194,162,000 after buying an additional 132,904 shares during the last quarter. BlackRock Inc. grew its stake in Tenneco by 3.4% in the 4th quarter. BlackRock Inc. now owns 3,947,746 shares of the auto parts company’s stock valued at $108,128,000 after buying an additional 128,811 shares during the last quarter. Macquarie Group Ltd. grew its position in shares of Tenneco by 11.3% during the 3rd quarter. Macquarie Group Ltd. now owns 2,159,894 shares of the auto parts company’s stock worth $91,018,000 after purchasing an additional 218,653 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Tenneco during the 4th quarter worth approximately $47,219,000. Institutional investors and hedge funds own 90.62% of the company’s stock.

About Tenneco

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.

Further Reading: Quiet Period Expirations

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