OLD Mission Capital LLC Sells 268,458 Shares of Tenaris S.A. $TS

Key Points

• OLD Mission Capital LLC has significantly reduced its stake in Tenaris S.A. by 94.9%, selling 268,458 shares and now owning only 14,409 shares valued at $564,000.
• Several institutional investors, including PNC Financial Services and Russell Investments Group, have increased their holdings in Tenaris during the first quarter, indicating mixed investor sentiment.
• Tenaris recently reported better-than-expected quarterly earnings of $0.99 EPS, surpassing analyst estimates, but its quarterly revenue declined by 7.1% year-over-year.

OLD Mission Capital LLC cut its holdings in Tenaris S.A. (NYSE:TS - Free Report) by 94.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,409 shares of the industrial products company's stock after selling 268,458 shares during the quarter. OLD Mission Capital LLC's holdings in Tenaris were worth $564,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Brooklyn Investment Group raised its position in Tenaris by 169.5% in the 1st quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock valued at $28,000 after buying an additional 451 shares during the last quarter. Harbour Investments Inc. purchased a new stake in Tenaris in the 1st quarter valued at $39,000. Farther Finance Advisors LLC raised its position in 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 buying an additional 801 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised 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 buying an additional 600 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in Tenaris by 106.7% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,150 shares of the industrial products company's stock valued at $81,000 after buying an additional 1,110 shares during the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Piper Sandler dropped their price target on Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Morgan Stanley decreased their target price 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. Wall Street Zen lowered Tenaris from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Finally, Barclays decreased 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. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Tenaris currently has a consensus rating of "Hold" and an average price target of $43.20.

Tenaris Stock Performance

NYSE TS traded up $0.17 during trading hours on Monday, hitting $35.05. The company had a trading volume of 1,402,654 shares, compared to its average volume of 1,605,359. Tenaris S.A. has a 52 week low of $27.59 and a 52 week high of $40.87. The firm has a 50 day simple moving average of $36.71 and a 200 day simple moving average of $35.80. The firm has a market capitalization of $20.38 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 2.63 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 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $3 billion. During the same quarter last year, the company earned $0.59 EPS. The firm's revenue was down 7.1% compared to the same quarter last year. On average, research analysts forecast that Tenaris S.A. will post 3.14 earnings per share for the current year.

Tenaris announced that its Board of Directors has initiated a share buyback plan on Tuesday, May 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the industrial products company to reacquire up to 6.2% of its stock through open market purchases. Stock buyback plans are generally 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.