Tenaris S.A. $TS Stock Position Cut by Ethic Inc.

Key Points

• Ethic Inc. reduced its holdings in Tenaris S.A. by 6.0%, resulting in ownership of 113,134 shares valued at approximately $4.46 million.
• Several hedge funds have adjusted their stakes in Tenaris, with Farther Finance Advisors LLC increasing its position by 93.2% during the same period.
• Analysts have mixed opinions on Tenaris, with an average rating of "Hold" and a consensus price target of **$43.20**, while recent stock performance shows shares have decreased by 1.3%.

Ethic Inc. cut its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 6.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,134 shares of the industrial products company's stock after selling 7,256 shares during the quarter. Ethic Inc.'s holdings in Tenaris were worth $4,464,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of TS. Yaupon Capital Management LP acquired a new position in Tenaris during the 4th quarter worth about $12,594,000. Invesco Ltd. acquired a new position in shares of Tenaris during the fourth quarter worth approximately $3,141,000. GAMMA Investing LLC raised 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 worth $1,641,000 after purchasing an additional 41,026 shares during the period. Thornburg Investment Management Inc. bought a new position in Tenaris in the 4th quarter valued at about $796,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Tenaris by 46.5% in 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 acquiring an additional 600 shares in the last quarter. Institutional investors and hedge funds own 10.45% of the company's stock.

Tenaris Price Performance

TS stock traded up $0.6450 during trading on Friday, hitting $36.5250. 680,177 shares of the company traded hands, compared to its average volume of 1,573,279. The stock's 50-day simple moving average is $36.78 and its 200 day simple moving average is $36.06. The company has a market cap of $21.23 billion, a PE ratio of 9.92, a P/E/G ratio of 2.68 and a beta of 1.34. Tenaris S.A. has a 1 year low of $27.59 and a 1 year high of $40.87.

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

Tenaris announced that its Board of Directors has approved a share buyback plan on Tuesday, May 27th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the industrial products company to reacquire up to 6.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wall Street Zen downgraded shares of Tenaris from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Piper Sandler lowered their target price on shares of Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Barclays lowered their target price on 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 assumed coverage on Tenaris in a research report on Monday, July 21st. They issued an "outperform" rating for the company. Finally, Morgan Stanley cut their price objective 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. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Tenaris presently has a consensus rating of "Hold" and a consensus price target 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.