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Share price of Tenneco Inc. (TEN - Analyst Report) increased as much as roughly 0.7% after the company’s Board authorized a share repurchase program, authorizing it to buy back up to 400,000 shares over the next 12 months. This program is expected to neutralize the dilution from shares of restricted stock and stock options which were issued to employees this year under Tenneco’s long-term compensation plan.

The share repurchase authorization indicates Tenneco’s strong liquidity position. The company had $276 million of cash and cash equivalents as of Sep 30, 2013. Tenneco intends to repurchase the shares either in open market or through privately negotiated transactions using cash from operations.

This is not the first share repurchase program undertaken by Tenneco. It has undertaken such buybacks in 2011, 2012 and 2013. In addition, Tenneco remains focused on improving its financial position and continue to make strategic investments.

Tenneco reported third-quarter 2013 results on Oct 28. It reported adjusted earnings per share of 99 cents, which surpassed the Zacks Consensus Estimate of 95 cents. Earnings per share surged 16.5% from 85 cents in the third quarter of 2012.

Revenues increased 10% year on year to $1.96 billion, beating the Zacks Consensus Estimate of $1.95 billion. The increase was attributable to higher revenues from all operating segments.

Tenneco is a leading manufacturer and supplier of emission control, ride control systems, and systems for the automotive original equipment manufacturers and the aftermarket. Currently, the company retains a Zacks Rank #2 (Buy).

Some other stocks that are performing well in the industry where Tenneco operates include Visteon Corporation (VC - Snapshot Report), Gentex Corp. (GNTX - Snapshot Report) and American Axle & Manufacturing Holdings Inc. (AXL - Analyst Report). While Visteon and Gentex sport a Zacks Rank #1 (Strong Buy), American Axle has the same Zacks Rank as Tenneco.

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