Stock News in Focus: Tenneco Inc. (NYSE:TEN)

Tenneco Inc. (NYSE:TEN) stock observed trading -62.81% off 52-week high price. On the other end, the stock has been noted 81.89% away from low price over the last 52-weeks. The stock disclosed a move of 2.56% away from 50 day moving average and 2.84% away from 200 day moving average. Moving closer, we can see that shares have been trading 2.27% off 20-day moving average. It has market cap of $1.15B and dividend yield of 7.22%.

On Jan. 7, 2020, Tenneco Inc. (NYSE:TEN) disclosed plans to streamline its leadership structure and reinforced its commitment to the planned spin-off of its Aftermarket and Ride Performance business (DRiV) from the remaining Powertrain Technology business (New Tenneco). This action is part of a broader plan to accelerate the reduction of operational costs, improve cash flow performance and reduce leverage.

The Company announced that Brian Kesseler, Tenneco’s Co-Chief Executive Officer and a member of the Board of Directors, will assume the newly consolidated role of Chief Executive Officer of Tenneco. Kesseler will oversee the operations of the New Tenneco business, in addition to continuing to oversee the DRiV business. Roger Wood will no longer serve as Tenneco’s Co-Chief Executive Officer and is stepping down as a Director of the Company, effective immediately.

Jason Hollar will continue to serve as Executive Vice President and Chief Financial Officer of Tenneco overseeing the financial organizations of both DRiV and New Tenneco.

On behalf of the Board of Directors, I would like to thank Roger for his dedication to Tenneco during a critical time for our company, said Gregg M. Sherrill, Chairman of the Tenneco Board. We appreciate his service and contributions in leading the New Tenneco business as we began the integration of the Federal-Mogul acquisition. As we pursue the separation of our businesses, the Board determined that consolidating our leadership structure now will help improve Tenneco’s operational efficiency and achieve our near-term financial performance objectives. We wish Roger the very best in his future endeavors.

The USA based company Tenneco Inc. moved with change of 2.36% to $13.86 with the total traded volume of 985088 shares in Tuesday session versus to an average volume of 1.15M. The stock was observed in the 5 days activity at 7.61%. The one month performance of stock was 14.36%. TEN’s shares are at 31.00% for the quarter and driving a -51.21% return over the course of the past year and is now at 5.80% since this point in 2018.  Right now the stock beta is 2.38. The average volatility for the week and month was at 4.58% and 5.27% respectively. There are 83.24M shares outstanding and 32.08M shares are floated in market.

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