Ruffer LLP Trims Stake in Tenaris S.A. (NYSE:TS)

Ruffer LLP cut its stake in Tenaris S.A. (NYSE:TS - Free Report) by 65.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,349 shares of the industrial products company's stock after selling 114,317 shares during the period. Ruffer LLP's holdings in Tenaris were worth $2,321,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TS. Encompass Capital Advisors LLC bought a new stake in shares of Tenaris during the 4th quarter valued at about $41,569,000. Millennium Management LLC boosted its position in shares of Tenaris by 38.2% during the 4th quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company's stock valued at $106,444,000 after purchasing an additional 778,021 shares in the last quarter. Merewether Investment Management LP bought a new stake in shares of Tenaris during the 4th quarter valued at about $20,271,000. Freestone Grove Partners LP bought a new stake in shares of Tenaris during the 4th quarter valued at about $16,486,000. Finally, Marshall Wace LLP bought a new stake in shares of Tenaris during the 4th quarter valued at about $16,177,000. Institutional investors and hedge funds own 10.45% of the company's stock.

Tenaris Trading Up 0.3%

Tenaris stock traded up $0.11 during midday trading on Thursday, hitting $35.44. The stock had a trading volume of 827,613 shares, compared to its average volume of 1,616,561. The company has a market capitalization of $20.60 billion, a PE ratio of 9.63, a P/E/G ratio of 2.70 and a beta of 1.34. The firm's fifty day moving average is $36.62 and its two-hundred day moving average is $36.26. Tenaris S.A. has a 52-week low of $27.49 and a 52-week high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.11. The company had revenue of $3.09 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business earned $0.59 earnings per share. As a group, equities research analysts predict that Tenaris S.A. will post 3.14 earnings per share for the current fiscal year.

Tenaris announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the industrial products company to repurchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently commented on TS shares. Morgan Stanley dropped their price target on Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a report on Friday, May 16th. Barclays cut their price objective on Tenaris from $48.00 to $46.00 and set an "overweight" rating for the company in a report on Thursday. Wall Street Zen lowered Tenaris from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. BNP Paribas assumed coverage on Tenaris in a research report on Tuesday, April 22nd. They set an "outperform" rating for the company. Finally, Sanford C. Bernstein initiated coverage on shares of Tenaris in a report on Monday, July 21st. They set an "outperform" rating on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $43.60.

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.