Bank of America Corp DE Has $4 Million Stock Position in Tenaris S.A. (NYSE:TS)

Bank of America Corp DE decreased its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 54.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 105,722 shares of the industrial products company's stock after selling 126,466 shares during the period. Bank of America Corp DE's holdings in Tenaris were worth $3,995,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in shares of Tenaris by 78.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,084 shares of the industrial products company's stock worth $41,000 after buying an additional 478 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Tenaris in the fourth quarter worth approximately $42,000. Smartleaf Asset Management LLC lifted its position in shares of Tenaris by 291.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,725 shares of the industrial products company's stock worth $65,000 after purchasing an additional 1,284 shares in the last quarter. Covestor Ltd lifted its position in shares of Tenaris by 37.2% in the fourth quarter. Covestor Ltd now owns 1,729 shares of the industrial products company's stock worth $65,000 after purchasing an additional 469 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Tenaris by 60.7% in the fourth quarter. Russell Investments Group Ltd. now owns 3,289 shares of the industrial products company's stock worth $124,000 after purchasing an additional 1,242 shares in the last quarter. Institutional investors own 10.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Barclays set a $48.00 price target on shares of Tenaris and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Morgan Stanley cut their price objective on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research report on Friday, May 16th. Piper Sandler raised their price objective on shares of Tenaris from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Tuesday, February 25th. Stifel Nicolaus cut their price objective on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, Wall Street Zen raised shares of Tenaris from a "hold" rating to a "buy" rating in a research report on Monday, May 5th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $44.00.

Tenaris Stock Down 0.1%

TS stock traded down $0.04 during midday trading on Tuesday, hitting $35.29. 1,697,097 shares of the company traded hands, compared to its average volume of 1,746,412. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.87. The business has a 50 day simple moving average of $33.72 and a 200-day simple moving average of $36.65. The stock has a market capitalization of $20.51 billion, a price-to-earnings ratio of 9.77 and a beta of 1.27.

Tenaris (NYSE:TS - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.80 by $0.14. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter last year, the company posted $1.27 earnings per share. The company's revenue for the quarter was down 15.1% compared to the same quarter last year. Equities research analysts forecast that Tenaris S.A. will post 3.14 EPS for the current year.

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

Tenaris 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.