Traders Buy High Volume of Call Options on Tenneco (TEN)

Tenneco Inc (NYSE:TEN) was the target of unusually large options trading activity on Monday. Stock investors bought 745 call options on the company. This is an increase of 921% compared to the typical volume of 73 call options.

Several hedge funds have recently added to or reduced their stakes in TEN. Legal & General Group Plc boosted its stake in shares of Tenneco by 6.2% during the 3rd quarter. Legal & General Group Plc now owns 66,546 shares of the auto parts company’s stock worth $4,034,000 after purchasing an additional 3,872 shares during the period. Schwab Charles Investment Management Inc. boosted its position in Tenneco by 4.0% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 330,211 shares of the auto parts company’s stock valued at $20,034,000 after buying an additional 12,587 shares during the period. Dimensional Fund Advisors LP boosted its position in Tenneco by 1.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,293,032 shares of the auto parts company’s stock valued at $78,449,000 after buying an additional 12,930 shares during the period. Point72 Asset Management L.P. boosted its position in Tenneco by 131.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 72,500 shares of the auto parts company’s stock valued at $4,399,000 after buying an additional 41,111 shares during the period. Finally, California Public Employees Retirement System boosted its position in Tenneco by 4.2% in the 3rd quarter. California Public Employees Retirement System now owns 176,146 shares of the auto parts company’s stock valued at $10,687,000 after buying an additional 7,146 shares during the period. 94.33% of the stock is owned by hedge funds and other institutional investors.

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TEN stock opened at $52.65 on Tuesday. Tenneco has a 12 month low of $50.73 and a 12 month high of $65.59. The company has a debt-to-equity ratio of 1.83, a current ratio of 1.24 and a quick ratio of 0.85. The stock has a market cap of $2,657.86, a P/E ratio of 7.39, a PEG ratio of 0.51 and a beta of 1.79.

Tenneco (NYSE:TEN) last released its quarterly earnings results on Friday, February 9th. The auto parts company reported $1.89 EPS for the quarter, topping analysts’ consensus estimates of $1.64 by $0.25. Tenneco had a net margin of 2.22% and a return on equity of 52.86%. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the previous year, the company earned $1.67 EPS. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. research analysts expect that Tenneco will post 7.57 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 22nd. Investors of record on Tuesday, March 6th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, March 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.90%. Tenneco’s dividend payout ratio is presently 14.51%.

A number of equities analysts have commented on TEN shares. Royal Bank of Canada reissued a “hold” rating and issued a $64.00 price objective on shares of Tenneco in a research note on Wednesday, December 20th. Barclays reissued a “buy” rating and issued a $74.00 price objective on shares of Tenneco in a research note on Tuesday, January 9th. ValuEngine cut shares of Tenneco from a “buy” rating to a “hold” rating in a research note on Saturday, February 3rd. Wells Fargo dropped their price objective on shares of Tenneco from $64.00 to $60.00 and set a “market perform” rating for the company in a research note on Monday, February 12th. Finally, Guggenheim set a $70.00 price objective on shares of Tenneco and gave the stock a “buy” rating in a research note on Monday, February 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. Tenneco currently has an average rating of “Hold” and a consensus target price of $64.40.

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About Tenneco

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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