Interval Partners LP Sells 148,165 Shares of Tenaris S.A. $TS

Key Points

• Interval Partners LP significantly reduced its holdings in Tenaris S.A. by 90.4%, selling 148,165 shares and retaining just 15,807 shares valued at $618,000.
• Several institutional investors have recently increased their stakes in Tenaris, with Alua Capital Management LP making a particularly notable investment of approximately $93.37 million during the first quarter.
• Analysts have mixed views on Tenaris, with a consensus rating of "Hold" and price targets ranging from $34 to $46, as reported by multiple research firms.

Interval Partners LP cut its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 90.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,807 shares of the industrial products company's stock after selling 148,165 shares during the period. Interval Partners LP's holdings in Tenaris were worth $618,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in TS. First Trust Advisors LP bought a new stake in shares of Tenaris during the fourth quarter worth about $577,000. Dimensional Fund Advisors LP increased its position in shares of Tenaris by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 419,081 shares of the industrial products company's stock worth $15,837,000 after acquiring an additional 15,790 shares in the last quarter. Ameriprise Financial Inc. increased its position in shares of Tenaris by 4.1% during the fourth quarter. Ameriprise Financial Inc. now owns 22,934 shares of the industrial products company's stock worth $867,000 after acquiring an additional 902 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in Tenaris by 502.4% during the fourth quarter. BNP Paribas Financial Markets now owns 306,146 shares of the industrial products company's stock worth $11,569,000 after purchasing an additional 255,327 shares during the last quarter. Finally, Encompass Capital Advisors LLC purchased a new position in Tenaris during the fourth quarter worth about $41,569,000. 10.45% of the stock is owned by institutional investors.

Tenaris Stock Performance

NYSE:TS traded up $0.44 during midday trading on Wednesday, reaching $35.54. 2,166,613 shares of the stock traded hands, compared to its average volume of 1,622,072. The company has a fifty day moving average of $36.62 and a 200 day moving average of $35.78. Tenaris S.A. has a 12 month low of $27.59 and a 12 month high of $40.87. The stock has a market capitalization of $20.66 billion, a P/E ratio of 9.66, a PEG ratio of 2.63 and a beta of 1.39.

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

Tenaris declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 27th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the industrial products company to purchase up to 6.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

TS has been the topic of several analyst reports. Piper Sandler cut their price target 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 research note on Sunday, July 13th. Sanford C. Bernstein began coverage on shares of Tenaris in a research note on Monday, July 21st. They set an "outperform" rating for the company. Morgan Stanley reduced their price objective on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a research note on Friday, May 16th. Finally, Barclays dropped their target price 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. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $43.20.

Tenaris Company 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.