Royal Bank of Canada Sells 59,162 Shares of Tenaris S.A. $TS

Key Points

• Royal Bank of Canada cut its Tenaris stake by 85.9% in the first quarter, selling 59,162 shares and retaining 9,695 shares valued at approximately $564,000.
• Tenaris reported quarterly EPS of $0.95, beating estimates of $0.79, while revenue reached $2.97 billion. Revenue declined 3.9% year over year despite stronger earnings.
• Analyst sentiment remains mixed, with four Buy ratings and six Holds; the stock has an average rating of Hold and a consensus price target of $62.45, compared with a recent price of $53.44.

Royal Bank of Canada decreased its stake in shares of Tenaris S.A. (NYSE:TS - Free Report) by 85.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,695 shares of the industrial products company's stock after selling 59,162 shares during the quarter. Royal Bank of Canada's holdings in Tenaris were worth $564,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. AQR Capital Management LLC increased its holdings in shares of Tenaris by 14.3% during the first quarter. AQR Capital Management LLC now owns 23,662 shares of the industrial products company's stock valued at $925,000 after acquiring an additional 2,969 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in shares of Tenaris in the 1st quarter worth about $203,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new position in Tenaris in the 1st quarter worth about $5,458,000. JPMorgan Chase & Co. boosted its stake in Tenaris by 77.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 16,877 shares of the industrial products company's stock worth $631,000 after purchasing an additional 7,363 shares in the last quarter. Finally, Rhumbline Advisers grew its position in Tenaris by 4.2% during the 2nd quarter. Rhumbline Advisers now owns 8,387 shares of the industrial products company's stock valued at $314,000 after purchasing an additional 338 shares during the last quarter. 10.45% of the stock is owned by institutional investors.

Tenaris Price Performance

Tenaris stock opened at $53.44 on Tuesday. Tenaris S.A. has a one year low of $33.65 and a one year high of $64.60. The stock has a market capitalization of $28.64 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 1.26 and a beta of 0.85. The business's fifty day moving average is $55.62 and its 200 day moving average is $56.92.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The industrial products company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.79 by $0.16. Tenaris had a return on equity of 11.14% and a net margin of 15.88%.The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period last year, the company earned $0.50 EPS. Tenaris's revenue for the quarter was down 3.9% on a year-over-year basis. As a group, sell-side analysts expect that Tenaris S.A. will post 3.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TS shares. Weiss Ratings lowered shares of Tenaris from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, August 7th. Piper Sandler upped their target price on shares of Tenaris from $56.00 to $60.00 and gave the stock a "neutral" rating in a research note on Monday, May 18th. Wall Street Zen cut shares of Tenaris from a "buy" rating to a "hold" rating in a report on Saturday, August 15th. Morgan Stanley cut their price target on shares of Tenaris from $65.00 to $60.00 and set an "equal weight" rating on the stock in a report on Thursday. Finally, TD Cowen raised their price target on shares of Tenaris from $67.00 to $68.00 and gave the company a "buy" rating in a research report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $62.45.

Tenaris Company 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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