Royal Bank of Canada Has $17.71 Million Stock Holdings in Tenaris S.A. $TS

Key Points

• Royal Bank of Canada increased its stake in Tenaris S.A. by 3.1% in the first quarter, acquiring an additional 13,635 shares, bringing its total ownership to 452,835 shares valued at approximately $17.71 million.
• Tenaris recently reported quarterly earnings of $0.99 per share, surpassing analyst expectations of $0.88, although revenue decreased by 7.1% year-over-year to $3.09 billion.
• The company has authorized a share buyback plan of $1.20 billion, indicating that the board believes the company's shares are currently undervalued.

Royal Bank of Canada boosted its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 3.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 452,835 shares of the industrial products company's stock after buying an additional 13,635 shares during the quarter. Royal Bank of Canada owned approximately 0.08% of Tenaris worth $17,710,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Twin Tree Management LP acquired a new position in Tenaris during the first quarter worth approximately $1,221,000. Vident Advisory LLC increased its position in Tenaris by 18.0% during the first quarter. Vident Advisory LLC now owns 14,996 shares of the industrial products company's stock worth $587,000 after buying an additional 2,283 shares during the last quarter. OMERS ADMINISTRATION Corp increased its position in Tenaris by 525.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 67,600 shares of the industrial products company's stock worth $2,644,000 after buying an additional 56,800 shares during the last quarter. FORA Capital LLC acquired a new position in Tenaris during the first quarter worth approximately $421,000. Finally, SVB Wealth LLC acquired a new position in Tenaris during the first quarter worth approximately $86,000. Institutional investors and hedge funds own 10.45% of the company's stock.

Tenaris Stock Performance

Shares of TS stock traded down $0.18 during trading on Friday, hitting $35.85. The company had a trading volume of 1,252,491 shares, compared to its average volume of 1,728,221. The firm has a market capitalization of $20.84 billion, a P/E ratio of 9.74, a price-to-earnings-growth ratio of 2.72 and a beta of 1.39. The stock's 50-day moving average price is $36.46 and its 200 day moving average price is $35.76. Tenaris S.A. has a one year low of $28.17 and a one year high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.11. The business had revenue of $3.09 billion during the quarter, compared to analysts' expectations of $3 billion. Tenaris had a return on equity of 11.71% and a net margin of 17.02%.The firm's revenue for the quarter was down 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.59 earnings per share. On average, research analysts anticipate that Tenaris S.A. will post 3.14 earnings per share for the current fiscal year.

Tenaris announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, May 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TS. Barclays decreased their target price on Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Morgan Stanley decreased their target price on Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research report on Friday, May 16th. Sanford C. Bernstein began coverage on Tenaris in a research report on Monday, July 21st. They issued an "outperform" rating on the stock. Piper Sandler decreased their target price on Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Finally, Wall Street Zen downgraded Tenaris from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Tenaris has an average rating of "Hold" and a consensus price target of $43.20.

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.