Campbell & CO Investment Adviser LLC Has $2.50 Million Position in Tenaris S.A. $TS

Key Points

• Campbell & CO Investment Adviser LLC reduced its stake in Tenaris S.A. by 56.5% during the first quarter, selling 82,848 shares, leaving them with 63,818 shares valued at $2,496,000.
• Tenaris reported earnings of $0.99 per share, exceeding analysts' expectations of $0.88, while revenue for the quarter hit $3.09 billion, showing a 7.1% decline year-over-year.
• The company has authorized a $1.20 billion stock buyback program, indicating confidence in the stock's current valuation, with plans to repurchase up to 6.2% of its outstanding shares.

Campbell & CO Investment Adviser LLC lessened its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 56.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 63,818 shares of the industrial products company's stock after selling 82,848 shares during the period. Campbell & CO Investment Adviser LLC's holdings in Tenaris were worth $2,496,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in TS. Invesco Ltd. bought a new stake in shares of Tenaris during the fourth quarter worth $3,141,000. Mariner LLC grew its holdings in shares of Tenaris by 4.8% during the fourth quarter. Mariner LLC now owns 27,430 shares of the industrial products company's stock worth $1,036,000 after purchasing an additional 1,245 shares during the last quarter. First Trust Advisors LP bought a new stake in shares of Tenaris during the fourth quarter worth $577,000. Dimensional Fund Advisors LP grew its holdings in shares of Tenaris by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 419,081 shares of the industrial products company's stock worth $15,837,000 after purchasing an additional 15,790 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new position in shares of Tenaris during the fourth quarter valued at $8,423,000. Institutional investors own 10.45% of the company's stock.

Tenaris Stock Performance

NYSE:TS traded down $0.10 during mid-day trading on Wednesday, hitting $36.01. The company had a trading volume of 1,522,523 shares, compared to its average volume of 1,494,812. Tenaris S.A. has a fifty-two week low of $27.59 and a fifty-two week high of $40.87. The business's fifty day moving average is $36.77 and its two-hundred day moving average is $36.00. The firm has a market cap of $20.94 billion, a P/E ratio of 9.79, a P/E/G ratio of 2.72 and a beta of 1.34.

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

Tenaris declared that its board has authorized a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

TS has been the topic of several research reports. Wall Street Zen lowered Tenaris from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Sanford C. Bernstein initiated coverage on Tenaris in a research note on Monday, July 21st. They set an "outperform" rating on the stock. Morgan Stanley cut their price target on Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. Barclays cut their price target on Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Finally, Piper Sandler cut their price target on Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Tenaris currently has a consensus rating of "Hold" and a consensus price target of $43.20.

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.