Invesco Ltd. Sells 11,318 Shares of Tenaris S.A. $TS

Key Points

• Invesco Ltd. has reduced its stake in Tenaris S.A. by 13.6%, holding 71,791 shares worth approximately $2.81 million at the end of the first quarter.
• Several institutional investors have increased their positions in Tenaris, including Millennium Management LLC, which raised its holdings by 38.2%, acquiring 2,816,728 shares valued at $106.44 million.
• Tenaris reported a quarterly EPS of $0.99, beating estimates and has initiated a $1.20 billion share buyback program, reflecting confidence in its stock value.

Invesco Ltd. lowered its stake in Tenaris S.A. (NYSE:TS - Free Report) by 13.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 71,791 shares of the industrial products company's stock after selling 11,318 shares during the quarter. Invesco Ltd.'s holdings in Tenaris were worth $2,808,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of TS. Harbour Investments Inc. purchased a new stake in shares of Tenaris during the 1st quarter valued at about $39,000. Farther Finance Advisors LLC boosted its stake in Tenaris by 93.2% during the first quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock valued at $66,000 after buying an additional 801 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of 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 during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Tenaris by 106.7% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,150 shares of the industrial products company's stock valued at $81,000 after acquiring an additional 1,110 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in Tenaris by 231.2% during the 1st quarter. Versant Capital Management Inc now owns 2,431 shares of the industrial products company's stock valued at $95,000 after acquiring an additional 1,697 shares during the period. 10.45% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Tenaris Stock Performance

Shares of Tenaris stock traded down $0.44 during trading hours on Wednesday, reaching $35.13. The company's stock had a trading volume of 2,222,237 shares, compared to its average volume of 1,589,466. The company's 50 day simple moving average is $36.77 and its 200 day simple moving average is $35.90. The stock has a market cap of $20.42 billion, a P/E ratio of 9.55, a price-to-earnings-growth ratio of 2.72 and a beta of 1.39. Tenaris S.A. has a one year low of $27.59 and a one year high of $40.87.

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

Tenaris declared that its Board of Directors has authorized a share repurchase program on Tuesday, May 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the industrial products company to repurchase up to 6.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is 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.