Royal Bank of Canada Has $16.60 Million Position in Tenaris S.A. (NYSE:TS)

Royal Bank of Canada reduced its stake in Tenaris S.A. (NYSE:TS - Free Report) by 17.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 439,200 shares of the industrial products company's stock after selling 91,733 shares during the period. Royal Bank of Canada owned 0.08% of Tenaris worth $16,597,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of TS. Encompass Capital Advisors LLC acquired a new stake in Tenaris during the fourth quarter worth approximately $41,569,000. ABC Arbitrage SA bought a new stake in shares of Tenaris during the 4th quarter valued at $31,581,000. Millennium Management LLC lifted its position 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 worth $106,444,000 after purchasing an additional 778,021 shares during the period. Merewether Investment Management LP acquired a new stake in Tenaris during the fourth quarter worth about $20,271,000. Finally, Carrhae Capital LLP acquired a new stake in Tenaris during the fourth quarter worth about $16,545,000. 10.45% of the stock is owned by institutional investors.

Tenaris Stock Performance

Shares of TS traded down $0.28 during trading hours on Friday, reaching $33.53. The stock had a trading volume of 294,748 shares, compared to its average volume of 1,753,536. Tenaris S.A. has a 12 month low of $27.24 and a 12 month high of $40.87. The stock has a market capitalization of $19.50 billion, a PE ratio of 9.30 and a beta of 1.27. The company's 50-day moving average is $34.04 and its two-hundred day moving average is $36.70.

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

Tenaris announced that its board has authorized a share buyback program on Tuesday, May 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the industrial products company to purchase up to 6.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TS shares. Morgan Stanley reduced their price target on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research report on Friday, May 16th. Barclays set a $48.00 target price on Tenaris and gave the company an "overweight" rating in a report on Tuesday, May 6th. Piper Sandler lifted their price target on Tenaris from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, February 25th. Stifel Nicolaus dropped their price objective on Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Wall Street Zen raised Tenaris from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus 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.