Tenaris S.A. $TS Shares Sold by OLD Mission Capital LLC

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 reduced its position in Tenaris S.A. (NYSE:TS - Free Report) by 94.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,409 shares of the industrial products company's stock after selling 268,458 shares during the period. OLD Mission Capital LLC's holdings in Tenaris were worth $564,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. FORA Capital LLC bought a new position in Tenaris during the first quarter valued at $421,000. GAMMA Investing LLC lifted its holdings in shares of Tenaris by 4,369.1% in the 1st quarter. GAMMA Investing LLC now owns 41,965 shares of the industrial products company's stock valued at $1,641,000 after acquiring an additional 41,026 shares during the last quarter. Thornburg Investment Management Inc. purchased a new position in Tenaris in the fourth quarter worth about $796,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Tenaris by 46.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,890 shares of the industrial products company's stock worth $71,000 after acquiring an additional 600 shares during the last quarter. Finally, Farther Finance Advisors LLC increased 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 worth $66,000 after acquiring an additional 801 shares during the last quarter. Hedge funds and other institutional investors own 10.45% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. Wall Street Zen lowered shares of Tenaris from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Piper Sandler dropped their target price on Tenaris from $50.00 to $48.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Sanford C. Bernstein assumed coverage on Tenaris in a report on Monday, July 21st. They issued an "outperform" rating on the stock. Finally, Barclays decreased their price target on Tenaris from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Tenaris currently has an average rating of "Hold" and an average target price of $43.20.

Tenaris Trading Down 2.6%

Shares of Tenaris stock traded down $0.93 during trading hours on Friday, reaching $34.92. The stock had a trading volume of 3,553,390 shares, compared to its average volume of 1,345,013. The firm has a market capitalization of $20.30 billion, a PE ratio of 9.49, a PEG ratio of 2.70 and a beta of 1.39. Tenaris S.A. has a twelve month low of $27.59 and a twelve month high of $40.87. The stock's 50 day moving average is $36.71 and its 200 day moving average is $35.84.

Tenaris (NYSE:TS - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3 billion. Tenaris had a return on equity of 11.71% and a net margin of 17.02%.Tenaris's quarterly revenue was down 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.59 EPS. As a group, sell-side analysts predict that Tenaris S.A. will post 3.14 earnings per share for the current year.

Tenaris declared that its board has authorized a share buyback program on Tuesday, May 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors 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.