Bank of America Corp DE Sells 126,466 Shares of Tenaris S.A. (NYSE:TS)

Bank of America Corp DE trimmed its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 54.5% during the fourth quarter, according to its most recent 13F filing with the SEC. 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 SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its stake in Tenaris by 78.9% during the 4th 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 raised its stake 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 during the last quarter. Covestor Ltd raised its stake 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 during the last quarter. Finally, Russell Investments Group Ltd. raised its stake 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 during the last quarter. 10.45% of the stock is currently owned by institutional investors.

Tenaris Price Performance

Shares of NYSE:TS traded down $0.32 during trading on Friday, hitting $33.49. 1,115,153 shares of the company were exchanged, compared to its average volume of 1,748,567. The company has a market cap of $19.47 billion, a PE ratio of 9.28 and a beta of 1.27. Tenaris S.A. has a 52-week low of $27.24 and a 52-week high of $40.87. The stock has a 50 day moving average of $33.91 and a 200 day moving average of $36.68.

Tenaris (NYSE:TS - Get Free Report) last released 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. 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 analyst estimates of $2.88 billion. During the same period in the previous year, the company posted $1.27 EPS. The firm's revenue for the quarter was down 15.1% compared to the same quarter last year. Sell-side analysts forecast that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

Tenaris announced that its board has initiated a share repurchase plan on Tuesday, May 27th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase up to 6.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

TS has been the subject of several analyst reports. Piper Sandler increased their price objective on Tenaris from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 25th. BNP Paribas assumed coverage on Tenaris in a research report on Tuesday, April 22nd. They set an "outperform" rating for the company. Stifel Nicolaus reduced their price objective on Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Wall Street Zen upgraded Tenaris from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Finally, Barclays set a $48.00 price target on Tenaris and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $44.00.

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.