|Bid||10.76 x 800|
|Ask||10.77 x 1000|
|Day's Range||10.58 - 10.88|
|52 Week Range||7.62 - 37.27|
|Beta (5Y Monthly)||2.38|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 11, 2020 - Mar 15, 2020|
|Forward Dividend & Yield||1.00 (11.36%)|
|Ex-Dividend Date||Mar 02, 2019|
|1y Target Est||13.20|
Chris Gabehart, rookie crew chief for Denny Hamlin and the Joe Gibbs Racing (JGR) No. 11 Toyota Camry in the Monster Energy NASCAR® Cup Series, captured the 2019 MOOG® "Problem Solver of the Year" Award by winning his series-best fourth weekly MOOG award during the season-ending Ford EcoBoost 400 at Homestead-Miami (Fla.) Speedway. Gabehart received a $100,000 Problem Solver of the Year check and handcrafted MOOG ball joint trophy during NASCAR Champions Week in Nashville, Tenn. MOOG, the "Official Steering and Suspension Partner of NASCAR," has been involved in NASCAR competition for 54 consecutive years.
(Bloomberg) -- Auto supplier Tenneco Inc. is facing the threat of a proxy battle with an activist investor who has sent a sharply worded letter to directors urging them to sell part or all of the company.Dan Ninivaggi, who used to run Icahn Automotive Group for billionaire Carl Icahn, outlined his demands in a letter to Tenneco’s board on Jan. 6. He calls for half of Tenneco’s 10 directors to be replaced at the company’s next annual meeting. And he pressed for the supplier to either raise cash for debt payments by auctioning off its aftermarket-parts unit, or put the entire company up for sale.It’s unclear how much sway the letter will have with Tenneco, which declined to comment. Ninivaggi won’t say how much stock he holds and acknowledged in a phone interview that he and his investment firm, Protean Services LLC, will need other shareholders with larger positions to band together for a proxy battle. Icahn, who couldn’t immediately be reached for comment, is the top holder with a 9.9% stake.Tenneco shares fell 8% to $10.16 as of 1:53 p.m. Thursday in New York and have plunged more than 22% so far this year.Ninivaggi’s letter is dated Jan. 6. The following day, Tenneco announced the departure of Roger Wood as co-chief executive officer and warned of ongoing challenges affecting plans to break up the business into two standalone companies. Shares in the maker of shocks, struts and mufflers plunged 20% at the close Wednesday, their biggest drop since May 9. The stock fell 52% last year.“Tenneco is one of those few companies that, over its entire history, has never created a penny of shareholder value,” Ninivaggi wrote in the letter, a copy of which he shared with Bloomberg News. “I believe there would be strong shareholder support were I or another shareholder to launch a proxy contest.”Building SupportNinivaggi, who wants a seat on the board for himself, has spoken with multiple Tenneco shareholders and has some backing for his initiatives, he said in an interview. He hasn’t yet talked to Icahn’s camp because he said the billionaire has agreed to a standstill until April. Icahn can sell shares but can’t take action against the board, Ninivaggi said.Icahn sold parts maker Federal-Mogul LLC to Tenneco in April 2018 for $5.4 billion. When the deal was done, the plan was to combine the two companies to gain size and scale in its powertrain unit and separately in DRiV, its business that sells replacement components including shocks, struts, brake and emissions parts. The merger was expected to unlock value by taking steps such as a spinoff of DRiV.But that hasn’t happened, and Ninivaggi complained in the letter that management hasn’t been clear what other options it’s exploring to enhance shareholder value and pay down its $5.6 billion debt load. He said the time is right for DRiV to be split out so it can consolidate other aftermarket parts businesses and gain more scale.‘Serial Underperformer’Icahn disclosed owning about 5.7 million shares in October 2018, when the stock traded around $42, making his initial investment worth roughly $237 million. The value of Icahn’s stake of Class A stock has dropped by $175 million based on Tenneco’s closing share price of $11.05 on Wednesday. He also owns about 20.7 million Class B shares, which are priced the same. Based on that Jan. 8 closing price, Icahn’s total investment in Tenneco is now worth about $292 million, a decline of $816 million.Ninivaggi has a history in Tenneco’s business. He was CEO of Icahn Enterprises from 2010 to 2014, then led Federal-Mogul until 2017, when he left to manage Icahn Automotive, which runs auto-repair chains including Pep Boys and AutoPlus.He supported the plan Tenneco had when the company acquired Federal-Mogul, but said current management has run the company poorly. “Tenneco has been a serial underperformer for many years,” Ninivaggi wrote. “Alternatives must be aggressively pursued.”(Updates from fourth paragraph with shares in trading Thursday)To contact the reporter on this story: David Welch in Southfield at email@example.comTo contact the editors responsible for this story: Craig Trudell at firstname.lastname@example.org, Chester Dawson, Kevin MillerFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
While Tesla (TSLA) reports solid fourth-quarter 2019 deliveries on rising Model 3 demand, General Motors (GM) posts double-digit decline in China sales in 2019.
Monroe® Shocks and Struts, a leading global brand from DRiV, has completed a record expansion of the RoadMatic™ strut assembly range, with nearly 100 new part numbers extending coverage to approximately 30.4 million additional applications. An offering designed to help extend vehicle life for millions of passenger cars, light trucks and SUVs, RoadMatic strut assemblies include all the components required for a complete repair in a single, fully assembled unit.
(Bloomberg) -- Shares of Tenneco Inc., the auto-parts maker backed by billionaire Carl Icahn, plunged after the company lost one of its co-chief executive officers and warned of ongoing challenges affecting plans for a breakup of its businesses.Roger Wood, who was named co-CEO in July 2018 after Tenneco announced plans for a spinoff of two separate companies, is stepping down both from that job and as a director, the Lake Forest, Illinois-based company announced after the close of trading Tuesday. The shares fell as much as 11% on Wednesday, their biggest intraday drop since Oct. 31.When Tenneco cut its forecast for revenue for a third time last year, the maker of shocks, struts and mufflers said that business conditions were affecting its ability to follow through with plans to separate its powertrain unit from its aftermarket and ride-performance businesses.“The departure of Co-CEO Roger Wood raises questions of whether the spin is at risk,” Armintas Sinkevicius, an analyst at Morgan Stanley with the equivalent of a hold rating on Tenneco shares, wrote in a report. While the company wouldn’t address whether its statement suggests risk to meeting its guidance for 2019, investors likely will have concerns about estimates for the fourth quarter, he said.Tenneco initially announced the spinoff plan when it acquired Icahn-owned Federal-Mogul in April 2018 for $5.4 billion. Icahn, 83, is Tenneco’s largest shareholder with a 9.9% stake, according to data compiled by Bloomberg.To contact the reporter on this story: Craig Trudell in New York at email@example.comTo contact the editors responsible for this story: Craig Trudell at firstname.lastname@example.org, Chester DawsonFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
Monroe® Shocks and Struts, a leading global brand from DRiV, has introduced a complete suspension conversion kit which expands coverage to more than 1.6 million applications for Ram 1500 light trucks originally equipped with an air suspension system. The new kits enable customers to save time, money, and frustration while restoring a vehicle's ride and handling profile by converting a worn original equipment (OE) air suspension to a mechanical suspension.
Although Tenneco (TEN) is taking incremental actions to facilitate the planned spinoff of DRiV, volatile industry environment and unfavorable market conditions are acting as deterrents.
Tenneco Inc. (NYSE: TEN) (the "Company") today announced 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.
Denis McGlynn, president and CEO of Dover Motorsports Inc. and a driving force in the success of the historic "Monster Mile" of Dover (Del.) International Speedway, received the 2019 NASCAR® Buddy Shuman Award during NASCAR Champion's Week in Nashville, Tenn. One of the sport's most prestigious honors, the Shuman Award was established in memory of early Cup Series driver and technical inspector Louis Grier "Buddy" Shuman, who died in a hotel fire in 1955. The award has been presented for 64 consecutive years by Champion®, a leading global brand of DRiV.
The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]
DRiV™, a Tenneco Inc. (NYSE: TEN) business and leading global aftermarket and OE ride performance supplier, and several research partners have received a European Union Marie Sklodowska-Curie Actions mobility grant for development and evaluation of advanced wheel-corner concepts for autonomous vehicles. DRiV will collaborate with Arrival ltd, a London based technology company designing and manufacturing Generation 2.0 electric vehicles, and several leading universities and industrial organizations in Project OWHEEL, which will produce recommendations for improving ride dynamics and passenger comfort through innovative wheel-corner designs.
Throughout its 63-year history, the Nissan Skyline has showcased a broad range of innovative technologies engineered to deliver a differentiated and highly enjoyable driving experience. This tradition continues in 2020 Skyline 400R, which is now available in Japan with the Intelligent Dynamic Suspension (IDS) featuring DRiV™ Continuously Variable Semi-Active (CVSAe) suspension technology. DRiV is a Tenneco Inc. (NYSE: TEN) business and leading global aftermarket and ride performance supplier to OEMs globally.
Tenneco (TEN) forecasts a decline in light-vehicle production and a slight deceleration in commercial vehicle markets, which are likely to negatively affect the upcoming results.
Walker® Emissions Control, a leading global brand from DRiV™, has dramatically expanded its replacement catalytic converter and muffler product offerings, extending coverage to more than 40.3 million additional passenger vehicles. Now available through Walker product distributors are 53 additional Walker CalCat® converter, four new Walker Ultra® converter, nine new Walker Quiet-Flow® SS stainless-steel muffler, and 20 new Walker resonator assembly and pipe part numbers.
Monroe® Shocks and Struts, a leading global brand from DRiV™, has expanded its automotive ride control coverage to 3.5 million additional applications. The latest coverage expansion includes 25 new Monroe Quick-Strut® assembly part numbers, 20 of which are the first available within the aftermarket for their respective applications.
LAKE FOREST, Ill., Nov. 18, 2019 /PRNewswire/ -- Tenneco Inc. (TEN) today announced that Executive Vice President of Finance Ron Hundzinski will leave Tenneco at the end of the year to take a Chief Financial Officer role at a large multinational, public automotive company. As of Jan. 1, current new Tenneco Vice President of Investor Relations Rich Kwas will step in as interim head of Finance for the Clean Air and Powertrain businesses while the company conducts a search for a new Finance leader. Hundzinski will work closely with Kwas and the finance leaders of both the Powertrain and Clean Air organizations to ensure a smooth transition.
LAKE FOREST, Ill., Nov. 13, 2019 /PRNewswire/ -- Buyers of the Polestar 2 electric performance fastback will be able to select from two leading-edge ride performance technologies from DRiV™: shocks and struts equipped with Monroe® RideRefine™ RC1 frequency-dependent damping valve; and an optional performance package featuring the Ӧhlins DFV (Dual Flow Valve) adjustable dampers. DRiV is a Tenneco Inc. (TEN) business and leading global aftermarket and ride performance supplier. The first all-electric model from the electric performance car brand of Volvo Car Group and Zhejiang Geely Holding, the Polestar 2 will begin production in early 2020 in Luqiao, China.
LAKE FOREST, Ill., Nov. 11, 2019 /PRNewswire/ -- Tenneco Inc. (TEN) will participate in the Barclays Global Automotive Conference to be held at Barclays, in New York City on Thursday, November 21, 2019. Roger Wood, Co-Chief Executive Officer, Jason Hollar, Chief Financial Officer and Ron Hundzinski, Executive Vice President Finance will give a strategic overview and provide information regarding matters impacting Tenneco's outlook, including the plan to separate its businesses to form two new, independent companies, an Aftermarket and Ride Performance company as well as a new Powertrain Technology company. Headquartered in Lake Forest, Illinois, Tenneco is one of the world's leading designers, manufacturers and marketers of Aftermarket, Ride Performance, Clean Air and Powertrain products and technology solutions for diversified markets, including light vehicle, commercial truck, off-highway, industrial and the aftermarket, with 2018 pro forma revenue of $17.8 billion and approximately 81,000 employees worldwide.
SOUTHFIELD, Mich., Nov. 6, 2019 /PRNewswire/ -- DRiV™'s National® brand, offering premium wheel-end solutions for over 75 years, has introduced a new dual encoder bearing for automotive applications. Currently, National's dual encoder bearings are available for over 38 million vehicles in operation. Typical installation of a single encoder bearing requires the face of the magnetic encoder be fitted inwardly on the vehicle, facing away from the tire.
SOUTHFIELD, Mich. , Nov. 6, 2019 /PRNewswire/ -- DRiV Incorporated, along with three of its leading brands, received six awards for excellence in digital communications and content in the annual Automotive ...
SOUTHFIELD, Mich., Nov. 5, 2019 /PRNewswire/ -- National® Oil Seals, a trusted brand from DRiV™ for over 75 years, has launched an exclusive new application-specific hand install Red 375 Series seal with Dynamic Edge® technology for commercial vehicles. Designed to simplify installation, National's hand installable seals offer tool-free, on-the-fly installation that eliminates the need to find the correct installation tool; and saves potential damage to the seal through incorrect installation.