Cresset Asset Management LLC Has $313,000 Stake in Tenaris S.A. $TS

Key Points

• Cresset Asset Management LLC reduced its stake in Tenaris S.A. by 49% in the first quarter, bringing its total to $313,000, and now owns 7,995 shares after selling 7,672 shares.
• Several institutional investors have adjusted their stakes in Tenaris, with Invesco Ltd. investing approximately $3.14 million and GAMMA Investing LLC increasing its position by over 4,369% during the same period.
• Analysts' ratings for Tenaris vary, with a consensus rating of "Hold" and a target price of $43.20, after revisions that include lowering by Morgan Stanley from $35 to $34.

Cresset Asset Management LLC lowered its stake in shares of Tenaris S.A. (NYSE:TS - Free Report) by 49.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 7,995 shares of the industrial products company's stock after selling 7,672 shares during the period. Cresset Asset Management LLC's holdings in Tenaris were worth $313,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in TS. Invesco Ltd. acquired a new position in Tenaris in the 4th quarter valued at approximately $3,141,000. GAMMA Investing LLC increased its position in shares of Tenaris by 4,369.1% during the first quarter. GAMMA Investing LLC now owns 41,965 shares of the industrial products company's stock valued at $1,641,000 after purchasing an additional 41,026 shares during the period. Thornburg Investment Management Inc. acquired a new position in shares of Tenaris in the fourth quarter valued at $796,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 purchasing an additional 600 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position 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 worth $66,000 after purchasing an additional 801 shares during the period. 10.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wall Street Zen lowered shares of Tenaris from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Morgan Stanley decreased their target price on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research report on Friday, May 16th. Barclays dropped their price target on shares of Tenaris from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Sanford C. Bernstein initiated coverage on shares of Tenaris in a research note on Monday, July 21st. They set an "outperform" rating for the company. Finally, Piper Sandler lowered their price objective 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 equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Tenaris presently has a consensus rating of "Hold" and a consensus price target of $43.20.

Tenaris Price Performance

TS stock opened at $36.1250 on Tuesday. The business has a fifty day moving average price of $36.79 and a 200 day moving average price of $36.00. Tenaris S.A. has a fifty-two week low of $27.59 and a fifty-two week high of $40.87. The stock has a market capitalization of $21.00 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 2.75 and a beta of 1.34.

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

Tenaris announced that its board has authorized a stock repurchase plan on Tuesday, May 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the industrial products company to reacquire up to 6.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

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.

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