Corient IA LLC Takes Position 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 position in Tenaris S.A. (NYSE:TS - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 15,000 shares of the industrial products company's stock, valued at approximately $587,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in shares of Tenaris by 4.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,088 shares of the industrial products company's stock valued at $316,000 after buying an additional 308 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Tenaris by 10.6% during the 1st quarter. Russell Investments Group Ltd. now owns 3,636 shares of the industrial products company's stock valued at $142,000 after buying an additional 347 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its stake in shares of Tenaris by 0.4% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 97,796 shares of the industrial products company's stock valued at $3,696,000 after buying an additional 386 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Tenaris by 46.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,890 shares of the industrial products company's stock valued at $71,000 after buying an additional 600 shares during the last quarter. Finally, Virtus ETF Advisers LLC boosted its stake in shares of Tenaris by 13.4% during the 4th quarter. Virtus ETF Advisers LLC now owns 5,993 shares of the industrial products company's stock valued at $226,000 after buying an additional 706 shares during the last quarter. Hedge funds and other institutional investors own 10.45% of the company's stock.

Analyst Ratings Changes

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

Tenaris Stock Up 0.7%

NYSE TS traded up $0.2450 during trading hours on Thursday, hitting $35.8850. The company had a trading volume of 987,815 shares, compared to its average volume of 1,579,534. Tenaris S.A. has a fifty-two week low of $27.59 and a fifty-two week high of $40.87. The business has a fifty day simple moving average of $36.78 and a 200-day simple moving average of $36.08. The firm has a market cap of $20.86 billion, a P/E ratio of 9.75, a price-to-earnings-growth ratio of 2.70 and a beta of 1.34.

Tenaris (NYSE:TS - Get Free Report) last issued its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share for the quarter, topping 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 period last year, the company earned $0.59 earnings per share. The firm's revenue for the quarter was down 7.1% on a year-over-year basis. Equities analysts forecast that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

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

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.