Corient IA LLC Makes New Investment in Tenaris S.A. $TS

Key Points

• Corient IA LLC has made a $587,000 investment in Tenaris S.A., acquiring 15,000 shares in the first quarter.
• Millennium Management LLC and other institutional investors have significantly increased their holdings in Tenaris, bringing institutional ownership to 10.45%.
• Analysts have given a mixed outlook on Tenaris, with a consensus rating of "Hold" and a price target range that reflects a cautious outlook on its stock performance.

Corient IA LLC purchased a new stake in Tenaris S.A. (NYSE:TS - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 15,000 shares of the industrial products company's stock, valued at approximately $587,000.

Other large investors have also added to or reduced their stakes in the company. Harbour Investments Inc. bought a new stake in Tenaris in the first quarter valued at $39,000. Farther Finance Advisors LLC boosted its holdings in Tenaris by 93.2% in the first quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock valued at $66,000 after acquiring an additional 801 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Tenaris by 46.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,890 shares of the industrial products company's stock valued at $71,000 after acquiring an additional 600 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Tenaris by 106.7% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,150 shares of the industrial products company's stock valued at $81,000 after acquiring an additional 1,110 shares in the last quarter. Finally, Versant Capital Management Inc boosted its holdings in shares of Tenaris by 231.2% during the 1st quarter. Versant Capital Management Inc now owns 2,431 shares of the industrial products company's stock valued at $95,000 after buying an additional 1,697 shares in the last quarter. Institutional investors own 10.45% of the company's stock.

Tenaris Stock Performance

Shares of TS traded up $0.5950 during trading hours on Friday, hitting $36.4750. The company had a trading volume of 823,977 shares, compared to its average volume of 1,574,289. The firm has a fifty day moving average price of $36.78 and a 200-day moving average price of $36.06. The stock has a market capitalization of $21.21 billion, a price-to-earnings ratio of 9.91, a P/E/G ratio of 2.68 and a beta of 1.34. Tenaris S.A. has a 52-week low of $27.59 and a 52-week high of $40.87.

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

Tenaris declared that its board has initiated a stock repurchase program on Tuesday, May 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 6.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

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

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.