Alua Capital Management LP Invests $93.37 Million in Tenaris S.A. $TS

Key Points

• Alua Capital Management LP has invested approximately $93.37 million in Tenaris S.A., acquiring 2,387,363 shares, making it the firm's 5th largest holding.
• Tenaris reported EPS of $0.99 for the recent quarter, exceeding estimates of $0.88, although revenue fell 7.1% compared to the previous year at $3.09 billion.
• The company has a stock buyback program approved for $1.20 billion, indicating management's belief that the stock is currently undervalued.

Alua Capital Management LP acquired a new position in Tenaris S.A. (NYSE:TS - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 2,387,363 shares of the industrial products company's stock, valued at approximately $93,370,000. Tenaris accounts for 7.3% of Alua Capital Management LP's investment portfolio, making the stock its 5th biggest holding. Alua Capital Management LP owned 0.41% of Tenaris at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. FORA Capital LLC purchased a new position in shares of Tenaris in the 1st quarter worth about $421,000. GAMMA Investing LLC raised its holdings in shares of Tenaris by 4,369.1% in the 1st quarter. GAMMA Investing LLC now owns 41,965 shares of the industrial products company's stock worth $1,641,000 after purchasing an additional 41,026 shares during the period. Thornburg Investment Management Inc. purchased a new position in shares of Tenaris in the 4th quarter worth about $796,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 worth $71,000 after purchasing an additional 600 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings 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 worth $66,000 after purchasing an additional 801 shares during the period. 10.45% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on TS shares. Barclays cut their price objective on Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Wall Street Zen downgraded Tenaris from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Piper Sandler dropped their target price on Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Sanford C. Bernstein began coverage on Tenaris in a report on Monday, July 21st. They set an "outperform" rating on the stock. Finally, Morgan Stanley dropped their target price on Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Six equities 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 company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $43.20.

Tenaris Trading Down 2.6%

NYSE TS traded down $0.93 during mid-day trading on Friday, reaching $34.92. 3,553,390 shares of the company's stock traded hands, compared to its average volume of 1,345,013. Tenaris S.A. has a 1-year low of $27.59 and a 1-year high of $40.87. The company has a fifty day simple moving average of $36.71 and a 200-day simple moving average of $35.82. The company has a market cap of $20.30 billion, a price-to-earnings ratio of 9.49, a P/E/G ratio of 2.63 and a beta of 1.39.

Tenaris (NYSE:TS - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share for the quarter, beating 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 firm had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3 billion. During the same quarter last year, the firm earned $0.59 EPS. Tenaris's quarterly revenue was down 7.1% on a year-over-year basis. Equities research analysts forecast that Tenaris S.A. will post 3.14 earnings per share for the current fiscal year.

Tenaris declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the industrial products company to buy up to 6.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

Tenaris Company Profile

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.