40,067 Tenaris S.A. $TS Shares Bought by Ethic Inc.

Key Points

• Ethic Inc. increased its Tenaris stake by 40.5% in the third quarter, adding 40,067 shares to bring its holdings to 139,055 shares, valued at about $7.7 million.
• Tenaris beat quarterly earnings expectations, reporting $1.01 EPS versus analysts’ $0.81 estimate; revenue rose 4.2% year over year to $3.10 billion.
• Analysts’ consensus rating is Hold, with an average price target of $63.84; shares opened at $59.43, while targets and ratings among firms varied.

Ethic Inc. lifted its stake in shares of Tenaris S.A. (NYSE:TS - Free Report) by 40.5% in the third quarter, according to its most recent filing with the SEC. The fund owned 139,055 shares of the industrial products company's stock after acquiring an additional 40,067 shares during the period. Ethic Inc.'s holdings in Tenaris were worth $7,673,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TS. Renaissance Technologies LLC increased its stake in Tenaris by 7.9% in the first quarter. Renaissance Technologies LLC now owns 3,199,744 shares of the industrial products company's stock valued at $186,161,000 after acquiring an additional 235,400 shares during the last quarter. Kiltearn Partners LLP purchased a new stake in Tenaris during the second quarter valued at about $9,642,000. Wellington Management Group LLP lifted its stake in Tenaris by 2.2% during the second quarter. Wellington Management Group LLP now owns 2,458,033 shares of the industrial products company's stock worth $136,396,000 after purchasing an additional 52,999 shares during the last quarter. Quantinno Capital Management LP lifted its stake in Tenaris by 20.9% during the first quarter. Quantinno Capital Management LP now owns 146,347 shares of the industrial products company's stock worth $8,514,000 after purchasing an additional 25,271 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Tenaris during the first quarter worth about $1,026,000. 10.45% of the stock is currently owned by hedge funds and other institutional investors.

Tenaris Stock Up 1.0%

Shares of TS opened at $59.43 on Tuesday. The stock has a market capitalization of $31.85 billion, a P/E ratio of 14.34, a PEG ratio of 1.59 and a beta of 0.89. Tenaris S.A. has a twelve month low of $37.69 and a twelve month high of $64.60. The firm has a fifty day simple moving average of $57.22 and a two-hundred day simple moving average of $56.41.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings data on Wednesday, November 4th. The industrial products company reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.20. Tenaris had a net margin of 16.24% and a return on equity of 11.53%. The firm had revenue of $3.10 billion for the quarter, compared to analysts' expectations of $3.03 billion. During the same quarter in the previous year, the company earned $0.85 earnings per share. The company's revenue for the quarter was up 4.2% compared to the same quarter last year. Sell-side analysts expect that Tenaris S.A. will post 3.80 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on TS. Barclays upped their price objective on Tenaris from $80.00 to $88.00 and gave the stock an "overweight" rating in a report on Friday. TD Cowen raised their price objective on Tenaris from $67.00 to $68.00 and gave the company a "buy" rating in a report on Friday, August 7th. Wall Street Zen downgraded Tenaris from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Piper Sandler boosted their target price on Tenaris from $60.00 to $67.00 and gave the stock a "neutral" rating in a research report on Monday. Finally, Bank of America upped their target price on Tenaris from $66.00 to $71.00 and gave the stock a "buy" rating in a research note on Monday, October 5th. Five research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Tenaris has a consensus rating of "Hold" and a consensus target price of $63.84.

About Tenaris

Tenaris SA is a global manufacturer and supplier of steel pipe products and related services, with a primary focus on the energy industry. Its products include casing and tubing used in oil and gas wells, line pipe for transporting fluids, and other tubular products for industrial applications.

The company also provides services such as pipe processing, engineering support, logistics, and assistance at drilling sites. Tenaris serves customers across a broad range of international markets, including the Americas, Europe, the Middle East, Africa, and Asia.

Tenaris was established in 2001, bringing together several established pipe manufacturers, including Argentina's Siderca, Mexico's Tamsa, and Italy's Dalmine.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.