Massachusetts Financial Services Co. MA lifted its stake in Tenaris S.A. (NYSE:TS - Free Report) by 47.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 754,994 shares of the industrial products company's stock after acquiring an additional 241,290 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.13% of Tenaris worth $29,528,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of TS. EverSource Wealth Advisors LLC boosted its holdings in shares of Tenaris by 78.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,084 shares of the industrial products company's stock worth $41,000 after acquiring an additional 478 shares during the period. Headlands Technologies LLC bought a new position in shares of Tenaris in the 4th quarter valued at $42,000. Covestor Ltd lifted its stake in shares of Tenaris by 37.2% in the 4th quarter. Covestor Ltd now owns 1,729 shares of the industrial products company's stock valued at $65,000 after acquiring an additional 469 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Tenaris by 93.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock valued at $66,000 after acquiring an additional 801 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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. Institutional investors and hedge funds own 10.45% of the company's stock.
Tenaris Stock Performance
Shares of NYSE TS traded down $0.31 during midday trading on Friday, hitting $36.68. 1,208,012 shares of the company traded hands, compared to its average volume of 1,703,427. Tenaris S.A. has a 12-month low of $27.24 and a 12-month high of $40.87. The stock has a 50-day moving average price of $35.78 and a 200 day moving average price of $36.41. The firm has a market cap of $21.33 billion, a P/E ratio of 11.18, a P/E/G ratio of 2.76 and a beta of 1.29.
Tenaris (NYSE:TS - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.14. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.88 billion. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. The firm's revenue for the quarter was down 15.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.27 earnings per share. As a group, equities analysts expect that Tenaris S.A. will post 3.14 earnings per share for the current year.
Tenaris declared that its board has approved a stock repurchase program on Tuesday, May 27th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the industrial products company to reacquire up to 6.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.
Analyst Upgrades and Downgrades
Several brokerages have recently commented on TS. Wall Street Zen downgraded Tenaris from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Stifel Nicolaus reduced their target price on Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley reduced their target price on Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a research note on Friday, May 16th. Barclays set a $48.00 target price on Tenaris and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Finally, BNP Paribas initiated coverage on Tenaris in a research note on Tuesday, April 22nd. They issued an "outperform" rating for the company. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $44.00.
Check Out Our Latest Research Report on TS
Tenaris Company Profile
(
Free Report)
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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