Point72 Asset Management L.P. Sells 842,591 Shares of Tenaris S.A. (NYSE:TS)

Point72 Asset Management L.P. lessened its stake in Tenaris S.A. (NYSE:TS - Free Report) by 80.2% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 207,961 shares of the industrial products company's stock after selling 842,591 shares during the quarter. Point72 Asset Management L.P.'s holdings in Tenaris were worth $7,859,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TS. Encompass Capital Advisors LLC purchased a new stake in Tenaris during the fourth quarter valued at $41,569,000. ABC Arbitrage SA purchased a new stake in Tenaris during the fourth quarter valued at $31,581,000. Millennium Management LLC raised its stake in Tenaris by 38.2% during the fourth quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company's stock valued at $106,444,000 after purchasing an additional 778,021 shares in the last quarter. Merewether Investment Management LP purchased a new stake in Tenaris during the fourth quarter valued at $20,271,000. Finally, Carrhae Capital LLP purchased a new stake in Tenaris during the fourth quarter valued at $16,545,000. Hedge funds and other institutional investors own 10.45% of the company's stock.

Tenaris Price Performance

Shares of TS traded up $0.20 during midday trading on Friday, hitting $32.59. The stock had a trading volume of 988,429 shares, compared to its average volume of 1,758,757. Tenaris S.A. has a 1 year low of $27.24 and a 1 year high of $40.87. The firm has a market cap of $18.94 billion, a PE ratio of 9.03 and a beta of 1.27. The stock's 50 day moving average is $34.57 and its 200 day moving average is $36.81.

Tenaris (NYSE:TS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.14. The firm had revenue of $2.92 billion for the quarter, compared to analysts' expectations of $2.88 billion. Tenaris had a net margin of 16.26% and a return on equity of 11.76%. The business's revenue for the quarter was down 15.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.27 earnings per share. As a group, equities research analysts expect that Tenaris S.A. will post 3.14 earnings per share for the current fiscal year.

Analyst Ratings Changes

TS has been the topic of a number of recent research reports. Stifel Nicolaus decreased their price target on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Bank of America downgraded shares of Tenaris from a "neutral" rating to an "underperform" rating in a research note on Wednesday, January 29th. BNP Paribas started coverage on shares of Tenaris in a research note on Tuesday, April 22nd. They issued an "outperform" rating on the stock. Piper Sandler increased their target price on shares of Tenaris from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, February 25th. Finally, Barclays set a $48.00 target price on shares of Tenaris and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $44.00.

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.