Renaissance Technologies LLC Boosts Stake in Tenaris S.A. $TS

Key Points

• Renaissance Technologies increased its Tenaris stake by 7.9% in the first quarter, buying 235,400 more shares and bringing its total holding to 3.2 million shares worth about $186.2 million.
• Tenaris reported better-than-expected quarterly results, with EPS of $1.07 versus the $0.87 estimate and revenue of $3.10 billion, up 6.1% from a year earlier.
• Wall Street sentiment has improved, with several analysts upgrading the stock and MarketBeat showing a Moderate Buy consensus and an average price target of $62.12.

Renaissance Technologies LLC increased its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,199,744 shares of the industrial products company's stock after purchasing an additional 235,400 shares during the quarter. Renaissance Technologies LLC owned 0.60% of Tenaris worth $186,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Arrowstreet Capital Limited Partnership purchased a new position in Tenaris in the 1st quarter worth about $711,000. Sei Investments Co. lifted its stake in Tenaris by 32.1% during the 1st quarter. Sei Investments Co. now owns 26,728 shares of the industrial products company's stock valued at $1,555,000 after acquiring an additional 6,496 shares during the period. First Trust Advisors LP boosted its holdings in shares of Tenaris by 123.8% during the 1st quarter. First Trust Advisors LP now owns 14,304 shares of the industrial products company's stock valued at $832,000 after acquiring an additional 7,912 shares during the last quarter. Cadence Wealth Management LLC boosted its holdings in shares of Tenaris by 7.7% during the 1st quarter. Cadence Wealth Management LLC now owns 23,710 shares of the industrial products company's stock valued at $1,379,000 after acquiring an additional 1,698 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Tenaris by 6.1% in the first quarter. PNC Financial Services Group Inc. now owns 7,239 shares of the industrial products company's stock worth $421,000 after acquiring an additional 416 shares during the period. 10.45% of the stock is owned by hedge funds and other institutional investors.

Tenaris Trading Up 0.5%

Shares of NYSE TS opened at $57.66 on Friday. Tenaris S.A. has a 12-month low of $33.65 and a 12-month high of $64.60. The firm has a market capitalization of $30.91 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 1.40 and a beta of 0.84. The firm has a 50 day moving average of $58.72 and a 200 day moving average of $55.08.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The industrial products company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.20. Tenaris had a net margin of 16.17% and a return on equity of 11.53%. The business had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $2.99 billion. During the same period last year, the firm earned $0.94 earnings per share. The company's quarterly revenue was up 6.1% on a year-over-year basis. Sell-side analysts predict that Tenaris S.A. will post 3.66 EPS for the current year.

Wall Street Analyst Weigh In

TS has been the subject of a number of research analyst reports. Weiss Ratings downgraded shares of Tenaris from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, July 10th. Zacks Research raised Tenaris from a "hold" rating to a "strong-buy" rating in a report on Friday, July 10th. Morgan Stanley upgraded Tenaris from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $53.00 to $65.00 in a research note on Wednesday, July 15th. Wall Street Zen raised Tenaris from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Finally, Piper Sandler lifted their price objective on Tenaris from $56.00 to $60.00 and gave the stock a "neutral" rating in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $62.12.

Tenaris Profile

Tenaris SA is a global manufacturer and supplier of steel tubular products and related services, primarily serving the oil and gas industry as well as other energy and industrial markets. Its product portfolio centers on seamless and welded steel pipes used for casing, tubing and line pipe applications, alongside a range of specialty and mechanical steel tubes. The company also provides value‑added technical solutions, including premium connections, heat treatment and surface protection, to support drilling, completion and production activities.

Tenaris operates an integrated industrial and commercial network that combines manufacturing, distribution and field services.

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