Assetmark Inc. Boosts Holdings in Tenaris S.A. (NYSE:TS)

Key Points

• Assetmark Inc. has increased its stake in Tenaris S.A. by 1.5%, owning approximately 449,838 shares valued at $17.59 million at the end of the most recent quarter.
• Tenaris reported an EPS of $0.94 for the last quarter, exceeding expectations, but revenue fell 15.1% year-over-year to $2.92 billion.
• The company has initiated a $1.20 billion share buyback program, indicating confidence in its stock's valuation, allowing the repurchase of up to 6.2% of its shares.

Assetmark Inc. increased its holdings in Tenaris S.A. (NYSE:TS - Free Report) by 1.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 449,838 shares of the industrial products company's stock after buying an additional 6,653 shares during the period. Assetmark Inc. owned about 0.08% of Tenaris worth $17,593,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Headlands Technologies LLC bought a new stake in shares of Tenaris in the 4th quarter worth approximately $42,000. Covestor Ltd increased its position in Tenaris by 37.2% in the 4th quarter. Covestor Ltd now owns 1,729 shares of the industrial products company's stock valued at $65,000 after acquiring an additional 469 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Tenaris by 93.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock worth $66,000 after buying an additional 801 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Tenaris by 46.5% during 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 acquiring an additional 600 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its stake in Tenaris by 106.7% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,150 shares of the industrial products company's stock worth $81,000 after acquiring an additional 1,110 shares during the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

Tenaris Price Performance

Shares of TS stock traded down $0.37 on Wednesday, reaching $37.78. 758,213 shares of the company were exchanged, compared to its average volume of 1,589,347. The company has a 50-day moving average of $36.30 and a 200-day moving average of $36.39. Tenaris S.A. has a one year low of $27.24 and a one year high of $40.87. The company has a market cap of $21.96 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 2.87 and a beta of 1.29.

Tenaris (NYSE:TS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.14. The company had revenue of $2.92 billion during the quarter, compared to analysts' expectations of $2.88 billion. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. The firm's revenue was down 15.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.27 EPS. As a group, sell-side analysts predict that Tenaris S.A. will post 3.14 EPS for the current year.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Barclays set a $48.00 price target on shares of Tenaris and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Sanford C. Bernstein began coverage on shares of Tenaris in a report on Monday, July 21st. They set an "outperform" rating on the stock. Morgan Stanley decreased their price objective on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. BNP Paribas started coverage on shares of Tenaris in a research report on Tuesday, April 22nd. They issued an "outperform" rating on the stock. Finally, Stifel Nicolaus decreased their price target on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $44.00.

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.