Tenneco Inc. (NYSE:TEN) Sees Large Growth in Short Interest

Posted by on Jun 17th, 2022

Tenneco Inc. (NYSE:TEN – Get Rating) saw a large growth in short interest in May. As of May 31st, there was short interest totalling 9,390,000 shares, a growth of 35.1% from the May 15th total of 6,950,000 shares. Based on an average trading volume of 1,410,000 shares, the short-interest ratio is presently 6.7 days. Currently, 11.6% of the company’s stock are sold short.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TEN. FMR LLC raised its position in shares of Tenneco by 26.5% in the first quarter. FMR LLC now owns 194,232 shares of the auto parts company’s stock valued at $4,304,000 after buying an additional 40,678 shares in the last quarter. First Trust Advisors LP increased its stake in Tenneco by 14.5% in the first quarter. First Trust Advisors LP now owns 47,908 shares of the auto parts company’s stock valued at $1,062,000 after acquiring an additional 6,059 shares during the last quarter. Morgan Stanley increased its stake in Tenneco by 21.7% in the second quarter. Morgan Stanley now owns 808,565 shares of the auto parts company’s stock valued at $15,621,000 after acquiring an additional 144,056 shares during the last quarter. Geode Capital Management LLC increased its stake in Tenneco by 7.5% in the third quarter. Geode Capital Management LLC now owns 1,186,739 shares of the auto parts company’s stock valued at $16,934,000 after acquiring an additional 83,120 shares during the last quarter. Finally, Credit Suisse AG increased its stake in Tenneco by 49.0% in the third quarter. Credit Suisse AG now owns 55,393 shares of the auto parts company’s stock valued at $790,000 after acquiring an additional 18,210 shares during the last quarter. Institutional investors own 65.90% of the company’s stock.

TEN stock traded up $0.53 during mid-day trading on Friday, hitting $15.34. 69,622 shares of the company were exchanged, compared to its average volume of 1,356,977. The business has a 50 day simple moving average of $16.84 and a 200-day simple moving average of $14.73. The company has a current ratio of 1.23, a quick ratio of 0.81 and a debt-to-equity ratio of 13.94. The stock has a market capitalization of $1.28 billion, a PE ratio of -18.27 and a beta of 1.96. Tenneco has a 1-year low of $9.51 and a 1-year high of $22.75.

Tenneco (NYSE:TEN – Get Rating) last issued its quarterly earnings data on Thursday, May 5th. The auto parts company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.78). Tenneco had a positive return on equity of 20.83% and a negative net margin of 0.38%. The company had revenue of $4.65 billion for the quarter, compared to analyst estimates of $4.52 billion. During the same quarter last year, the business earned $1.09 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. Equities research analysts expect that Tenneco will post 3.18 earnings per share for the current year.

Several equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Tenneco from $18.00 to $20.00 and gave the company a “hold” rating in a report on Wednesday, March 16th. Jefferies Financial Group downgraded shares of Tenneco from a “buy” rating to a “hold” rating and raised their target price for the company from $15.00 to $20.00 in a research note on Thursday, February 24th. Morgan Stanley upgraded shares of Tenneco from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $8.00 to $20.00 in a research note on Thursday, February 24th. StockNews.com started coverage on shares of Tenneco in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Wells Fargo & Company downgraded shares of Tenneco from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $22.00 to $20.00 in a research note on Thursday, February 24th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $20.00.

Tenneco Company Profile (Get Rating)

Tenneco Inc designs, manufactures, and sells clean air, and powertrain products and systems for light vehicle, commercial truck, off-highway, industrial, motorsport, and aftermarket customers worldwide. It operates through four segments: Motorparts, Performance Solutions, Clean Air, and Powertrain. The Motorparts segment offers shock and strut, steering and suspension, braking, sealing, emissions control, engine, and maintenance products under the Monroe, Champion, Öhlins, MOOG, Walker, Fel-Pro, Wagner, Ferodo, Rancho, Thrush, National, Sealed Power, and other brands.

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