Tenneco revealed that activist investor Carl Icahn bought 3.48 million Tenneco Class A shares on April 1.
The Icahn Enterprises Holdings investment is worth $10.86 million at the close of trading April 1.
Icahn already was the company’s largest shareholder before that acquisition with a 9.9% stake.
Tenneco has been struggling with the COVID-19 pandemic’s impact. On Friday, it withdrew its first-quarter and full-year earnings guidance.
In January, Dan Ninivaggi, who used to run Icahn Automotive Group and also is a shareholder in Tenneco through his Protean Services firm, demanded that half of Tenneco’s board be replaced. He also suggested that Tenneco should raise cash - to make good on its debt - by selling its aftermarket-parts unit or by selling the entire company. The next day, Tenneco dropped co-CEO Roger Wood.
The RSI Indicator for TEN moved out of oversold territory on July 10, 2024. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 19 similar instances when the indicator left oversold territory. In of the 19 cases the stock moved higher. This puts the odds of a move higher at .
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows