Carrhae Capital LLP Sells 59,117 Shares of Tenaris S.A. $TS

Key Points

• Carrhae Capital reduced its Tenaris stake by 17.5% in the second quarter, selling 59,117 shares and retaining 278,311 shares valued at approximately $15.4 million.
• Tenaris shares rose 1% to $57, while the company reported quarterly EPS of $0.95, exceeding the $0.79 consensus estimate. Revenue reached $2.97 billion but declined 3.9% year over year.
• Analyst sentiment remains mixed, with four Buy ratings and six Holds; the stock has a consensus rating of Hold and an average price target of $62.45.

Carrhae Capital LLP trimmed its holdings in Tenaris S.A. (NYSE:TS - Free Report) by 17.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 278,311 shares of the industrial products company's stock after selling 59,117 shares during the period. Tenaris accounts for approximately 0.4% of Carrhae Capital LLP's holdings, making the stock its 22nd largest position. Carrhae Capital LLP owned about 0.05% of Tenaris worth $15,443,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TS. Ameritas Advisory Services LLC bought a new stake in Tenaris in the second quarter worth $48,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Tenaris during the 4th quarter worth about $48,000. Raymond James Financial Inc. acquired a new position in shares of Tenaris during the 2nd quarter valued at about $49,000. Advisory Services Network LLC bought a new position in shares of Tenaris in the 3rd quarter valued at approximately $47,000. Finally, Global Retirement Partners LLC lifted its holdings in Tenaris by 1,066.7% in the 4th quarter. Global Retirement Partners LLC now owns 1,505 shares of the industrial products company's stock worth $58,000 after purchasing an additional 1,376 shares during the last quarter. Institutional investors own 10.45% of the company's stock.

Tenaris Trading Up 1.0%

TS stock traded up $0.55 during midday trading on Tuesday, hitting $57.00. The stock had a trading volume of 1,444,590 shares, compared to its average volume of 1,613,365. The firm has a market capitalization of $30.55 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 1.35 and a beta of 0.85. The stock has a 50-day simple moving average of $55.23 and a 200 day simple moving average of $57.52. Tenaris S.A. has a 52 week low of $33.65 and a 52 week high of $64.60.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The industrial products company reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.16. Tenaris had a net margin of 15.88% and a return on equity of 11.14%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period 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 analysts forecast that Tenaris S.A. will post 3.71 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TS shares. Wall Street Zen downgraded shares of Tenaris from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Barclays cut their price objective on Tenaris from $82.00 to $80.00 and set an "overweight" rating for the company in a research report on Monday, August 10th. TD Cowen upped their price target on Tenaris from $67.00 to $68.00 and gave the stock a "buy" rating in a report on Friday, August 7th. 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 note on Monday, May 18th. Finally, Weiss Ratings lowered shares of Tenaris from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $62.45.

Tenaris Company Profile

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.

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