Capital Fund Management S.A. Lowers Stake in Tenaris S.A. $TS

Key Points

• Capital Fund Management S.A. drastically reduced its holdings in Tenaris S.A. by 85%, selling 443,317 shares and now owning 78,120 shares valued at approximately $3.05 million.
• Various institutional investors, including PNC Financial Services and Russell Investments, have recently increased their stakes in Tenaris, indicating a mixed outlook on the company's stock.
• Research analysts have issued varied ratings for Tenaris, with a consensus rating of "Hold" and a price target around $43.20, reflecting divided opinions on the company’s future performance.

Capital Fund Management S.A. decreased its holdings in Tenaris S.A. (NYSE:TS - Free Report) by 85.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 78,120 shares of the industrial products company's stock after selling 443,317 shares during the period. Capital Fund Management S.A.'s holdings in Tenaris were worth $3,055,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the business. Northern Trust Corp increased its position in shares of Tenaris by 109.6% during the first quarter. Northern Trust Corp now owns 462,542 shares of the industrial products company's stock worth $18,090,000 after purchasing an additional 241,853 shares in the last quarter. Brooklyn Investment Group increased its position in shares of Tenaris by 169.5% during the first quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock worth $28,000 after purchasing an additional 451 shares in the last quarter. Corient IA LLC acquired a new position in shares of Tenaris during the first quarter worth $587,000. Russell Investments Group Ltd. increased its position in shares of Tenaris by 10.6% during the first quarter. Russell Investments Group Ltd. now owns 3,636 shares of the industrial products company's stock worth $142,000 after purchasing an additional 347 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Tenaris by 12.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 30,219 shares of the industrial products company's stock worth $1,182,000 after purchasing an additional 3,273 shares in the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

Tenaris Price Performance

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

Tenaris (NYSE:TS - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.99 EPS for the quarter, beating the consensus estimate of $0.88 by $0.11. Tenaris had a net margin of 17.02% and a return on equity of 11.71%. The company had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3 billion. During the same period in the prior year, the company earned $0.59 earnings per share. The firm's revenue was down 7.1% on a year-over-year basis. Analysts anticipate that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

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

Analysts Set New Price Targets

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

Tenaris Company 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.