FORA Capital LLC Takes $421,000 Position in Tenaris S.A. $TS

Key Points

• FORA Capital LLC has acquired a new position in Tenaris S.A. by purchasing 10,753 shares valued at approximately $421,000 during the first quarter of the year.
• Tenaris reported quarterly earnings of $0.99 EPS, exceeding analyst expectations, with revenues of $3.09 billion, although down 7.1% year-over-year.
• The company has initiated a $1.20 billion share repurchase plan, indicating that the board believes its shares may be undervalued.

FORA Capital LLC bought a new stake in shares of Tenaris S.A. (NYSE:TS - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,753 shares of the industrial products company's stock, valued at approximately $421,000.

Other institutional investors have also recently modified their holdings of the company. Brooklyn Investment Group lifted its position in shares of Tenaris by 169.5% during the 1st quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock valued at $28,000 after acquiring an additional 451 shares during the period. Harbour Investments Inc. bought a new stake in shares of Tenaris during the 1st quarter worth $39,000. Farther Finance Advisors LLC lifted its position in shares of Tenaris by 93.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock worth $66,000 after buying an additional 801 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position 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 worth $71,000 after buying an additional 600 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Tenaris by 106.7% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,150 shares of the industrial products company's stock worth $81,000 after buying an additional 1,110 shares during the last quarter. 10.45% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on TS. Morgan Stanley dropped their price objective on Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a research report on Friday, May 16th. Sanford C. Bernstein began coverage on Tenaris in a research report on Monday, July 21st. They set an "outperform" rating for the company. Piper Sandler dropped their price objective on Tenaris from $50.00 to $48.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Wall Street Zen downgraded Tenaris from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Finally, Barclays dropped their price objective on Tenaris from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Six equities research 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's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $43.20.

Tenaris Trading Down 0.8%

TS traded down $0.29 on Wednesday, reaching $35.28. The stock had a trading volume of 1,673,621 shares, compared to its average volume of 1,585,696. Tenaris S.A. has a fifty-two week low of $27.59 and a fifty-two week high of $40.87. The firm has a 50-day moving average of $36.77 and a 200-day moving average of $35.90. The company has a market capitalization of $20.51 billion, a price-to-earnings ratio of 9.60, a price-to-earnings-growth ratio of 2.72 and a beta of 1.39.

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 (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 business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3 billion. During the same quarter in the prior year, the firm earned $0.59 EPS. The business's revenue for the quarter was down 7.1% compared to the same quarter last year. Sell-side analysts anticipate that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

Tenaris announced that its Board of Directors 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 buy up to 6.2% of its shares through open market purchases. Shares repurchase plans are typically an indication 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.