Tenneco (NYSE:TEN) Receives a Downgrade
In an analyst note made public on 15 December, RBC Capital Mkts cut Tenneco (NYSE:TEN) shares to a “Sector Perform” rating from the previous “Outperform”. RBC Capital Mkts now has a $55.0 target price per share on the stock. This target price per share would now indicate a possible upside, according to the firm, of 17.32% from previous stock close of the stock.
From a total of 11 analysts covering Tenneco Inc (NYSE:TEN) stock, 9 rate it a ”Buy”, 1 a “Sell”, and 4 a ”Hold”. This means that 64% of the ratings are positive. The highest target price is $76 while the lowest target price is $40. The mean of all analyst targets is $62.18 with a 31.04% above today’s ($46.88) stock price. Tenneco Inc was the topic of 11 analyst reports since July 30, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on October 26 with “Outperform” rating.
The stock decreased 1.01% or $0.48 during the last trading session, striking $46.88. Approximately shares of stock traded hands. Tenneco Inc (NYSE:TEN) has declined 21.29% since May 12, 2015 and is downtrending. It has underperformed by 17.61% the S&P500.
The overall sentiment of institutions has decreased to 0.83 in Q2 2015. Its down 0.12, from 0.95 in 2015Q2. The ratio worsened, as 46 institutions have sold all the shares of Tenneco Inc that they owned while 86 funds have taken shares off the table. 35 funds have purchased shares for the first time while 75 added to their positions. These institutions now hold 48.05 million shares or 12.89% less than the 55.17 million shares they owned in 2015Q2.
The Fund Archer Capital Management L.P. currently is holding shares equating to 5.25% of its total portfolio in Tenneco Inc representing a total of 830,070 shares. Another fund,Moon Capital Management Lp, is holding a total of 143,602 shares equating to 3.78% of their holdings. Additionally, Lyrical Asset Management Lp has a 1.94 million share stake in Tenneco Inc which represents 2.61% of their total portfolio. The Fund, Southernsun Asset Management Llc, based out of Tennessee, has also built up a stake in the stock, which represents a total of 1.86% of their total portfolio. Finally Icm Asset Management Inc Wa, a fund which is based in the state of Washington reported a total holdings of 19,005 shares.
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 has a market cap of $2.74 billion. The Firm serves both original equipment vehicle manufacturers (OEMs) and the repair and replacement markets, or aftermarket, across the world. It has 14.33 P/E ratio. The Firm operates in six divisions: North America Clean Air; North America Ride Performance; Europe, South America and India Clean Air; Europe, South America and India Ride Performance; Asia Pacific Clean Air, and Asia Pacific Ride Performance.
According to Zacks Investment Research, “Tenneco is one of the world’s largest designers, manufacturers and marketers of emission control and ride control products and systems for the automotive original equipment market and the aftermarket. Tenneco markets its products principally under the Monroe, Walker, Gillet and CleviteElastomer brand names. Among its products are Sensa-Trac and Monroe Reflex shocks and struts, Rancho shock absorbers, Walker Quiet-Flow mufflers, Dynomax performance exhaust products, and Clevite?Elastomer noise, vibration and harshness control components.”