Bank of America Corp DE Sells 178,781 Shares of Tenaris S.A. $TS

Key Points

• Bank of America cut its Tenaris stake by 53% in the first quarter, selling 178,781 shares and retaining 158,437 shares valued at approximately $9.2 million. Institutional investors collectively own 10.45% of the company.
• Analyst sentiment is mixed but leans toward “Hold”: Tenaris has four Buy ratings and six Hold ratings, with a consensus price target of $62.45.
• Tenaris beat quarterly earnings expectations, reporting $0.95 EPS versus the $0.79 estimate and $2.97 billion in revenue, although revenue declined 3.9% year over year.

Bank of America Corp DE lessened its position in shares of Tenaris S.A. (NYSE:TS - Free Report) by 53.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 158,437 shares of the industrial products company's stock after selling 178,781 shares during the quarter. Bank of America Corp DE's holdings in Tenaris were worth $9,218,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its stake in Tenaris by 14.3% during the first quarter. AQR Capital Management LLC now owns 23,662 shares of the industrial products company's stock worth $925,000 after buying an additional 2,969 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Tenaris during the 1st quarter valued at about $203,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC acquired a new stake in Tenaris during the first quarter worth approximately $5,458,000. JPMorgan Chase & Co. grew its stake in Tenaris by 77.4% during the second quarter. JPMorgan Chase & Co. now owns 16,877 shares of the industrial products company's stock worth $631,000 after purchasing an additional 7,363 shares during the period. Finally, Rhumbline Advisers increased its holdings in Tenaris by 4.2% in the second quarter. Rhumbline Advisers now owns 8,387 shares of the industrial products company's stock worth $314,000 after purchasing an additional 338 shares in the last quarter. Institutional investors own 10.45% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Piper Sandler raised their price objective on shares of Tenaris from $56.00 to $60.00 and gave the stock a "neutral" rating in a research report on Monday, May 18th. Zacks Research cut shares of Tenaris from a "strong-buy" rating to a "hold" rating in a report on Monday, August 10th. TD Cowen upped their price objective on shares of Tenaris from $67.00 to $68.00 and gave the company a "buy" rating in a report on Friday, August 7th. Wall Street Zen cut shares of Tenaris from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, Morgan Stanley reduced their target price on Tenaris from $65.00 to $60.00 and set an "equal weight" rating for the company in a research note on Thursday. Four investment 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 currently has a consensus rating of "Hold" and an average price target of $62.45.

Tenaris Price Performance

NYSE:TS opened at $53.44 on Tuesday. The firm has a 50-day moving average of $55.62 and a 200-day moving average of $56.92. The company has a market cap of $28.64 billion, a PE ratio of 14.29, a PEG ratio of 1.26 and a beta of 0.85. Tenaris S.A. has a one year low of $33.65 and a one year high of $64.60.

Tenaris (NYSE:TS - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The industrial products company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.16. Tenaris had a net margin of 15.88% and a return on equity of 11.14%. The business had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $2.93 billion. During the same quarter last year, the firm earned $0.50 EPS. The firm's revenue for the quarter was down 3.9% compared to the same quarter last year. On average, equities research analysts expect that Tenaris S.A. will post 3.71 earnings per share for the current fiscal year.

About Tenaris

Tenaris SA is a global manufacturer and supplier of steel tubular products and related services, primarily serving the oil and gas industry as well as other energy and industrial markets. Its product portfolio centers on seamless and welded steel pipes used for casing, tubing and line pipe applications, alongside a range of specialty and mechanical steel tubes. The company also provides value‑added technical solutions, including premium connections, heat treatment and surface protection, to support drilling, completion and production activities.

Tenaris operates an integrated industrial and commercial network that combines manufacturing, distribution and field services.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source