Royal Bank of Canada Boosts 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 increased its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 3.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 452,835 shares of the industrial products company's stock after acquiring an additional 13,635 shares during the period. Royal Bank of Canada owned approximately 0.08% of Tenaris worth $17,710,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. Twin Tree Management LP bought a new stake in Tenaris during the first quarter worth about $1,221,000. Vident Advisory LLC boosted its stake 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 acquiring an additional 2,283 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its stake 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 acquiring an additional 56,800 shares in the last quarter. FORA Capital LLC bought a new stake in Tenaris during the first quarter worth about $421,000. Finally, SVB Wealth LLC bought a new stake in Tenaris during the first quarter worth about $86,000. Institutional investors own 10.45% of the company's stock.

Analyst Ratings Changes

TS has been the topic of several analyst reports. Wall Street Zen downgraded shares of Tenaris from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Barclays dropped their target price on shares of Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Piper Sandler dropped their target price on shares of Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Finally, Sanford C. Bernstein initiated coverage on shares of Tenaris in a research note on Monday, July 21st. They issued an "outperform" rating on the stock. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Tenaris presently has an average rating of "Hold" and an average target price of $43.20.

Tenaris Price Performance

Shares of TS traded up $0.01 during midday trading on Monday, hitting $35.84. The stock had a trading volume of 839,557 shares, compared to its average volume of 1,751,439. Tenaris S.A. has a 1 year low of $28.31 and a 1 year high of $40.87. The firm has a market cap of $20.83 billion, a PE ratio of 9.74, a price-to-earnings-growth ratio of 2.70 and a beta of 1.39. The stock's 50 day moving average is $36.41 and its 200 day moving average is $35.72.

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

Tenaris declared that its board has approved a stock buyback program on Tuesday, May 27th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 6.2% of its shares through open market purchases. Shares repurchase programs are often 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.