31,211 Shares in Tenaris S.A. $TS Purchased by Twin Tree Management LP

Key Points

• Twin Tree Management LP acquired 31,211 shares of Tenaris S.A. during the first quarter, totaling a value of approximately $1.22 million.
• Multiple hedge funds have increased their stakes in Tenaris, contributing to a total institutional ownership of 10.45%.
• Tenaris reported $0.99 earnings per share for the last quarter, beating estimates, although revenue decreased by 7.1% year-over-year.

Twin Tree Management LP acquired a new stake in Tenaris S.A. (NYSE:TS - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 31,211 shares of the industrial products company's stock, valued at approximately $1,221,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TS. Brooklyn Investment Group raised its holdings in Tenaris by 169.5% in the 1st quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 451 shares in the last quarter. Harbour Investments Inc. acquired a new position in Tenaris in the 1st quarter valued at $39,000. Farther Finance Advisors LLC increased its stake in shares of Tenaris by 93.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock valued at $66,000 after purchasing an additional 801 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Tenaris by 46.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,890 shares of the industrial products company's stock valued at $71,000 after purchasing an additional 600 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Tenaris by 106.7% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,150 shares of the industrial products company's stock valued at $81,000 after purchasing an additional 1,110 shares during the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TS shares. Piper Sandler decreased their price target on Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Wall Street Zen lowered Tenaris from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Barclays decreased their price target on Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Morgan Stanley reduced their price objective on Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research report on Friday, May 16th. Finally, Sanford C. Bernstein started coverage on Tenaris in a research report on Monday, July 21st. They set an "outperform" rating on the stock. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Tenaris currently has an average rating of "Hold" and a consensus price target of $43.20.

Tenaris Stock Performance

Shares of NYSE:TS traded up $0.92 during midday trading on Thursday, reaching $35.88. The company's stock had a trading volume of 1,975,068 shares, compared to its average volume of 1,596,426. The firm has a 50 day moving average price of $36.75 and a two-hundred day moving average price of $35.88. Tenaris S.A. has a fifty-two week low of $27.59 and a fifty-two week high of $40.87. The firm has a market capitalization of $20.86 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 2.72 and a beta of 1.39.

Tenaris (NYSE:TS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.11. Tenaris had a return on equity of 11.71% and a net margin of 17.02%.The business had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3 billion. During the same period in the prior year, the business earned $0.59 EPS. The firm's revenue for the quarter was down 7.1% on a year-over-year basis. As a group, research analysts anticipate that Tenaris S.A. will post 3.14 earnings per share for the current year.

Tenaris declared that its board has initiated a stock repurchase plan on Tuesday, May 27th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the industrial products company to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

About Tenaris

Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products and related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, line pipes, cold-drawn pipes, and premium joints and couplings; and coiled tubing products for oil and gas drilling and workovers, and subsea pipelines.