Ruffer LLP Sells 114,317 Shares of Tenaris S.A. (NYSE:TS)

Ruffer LLP lowered its position in shares of Tenaris S.A. (NYSE:TS - Free Report) by 65.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,349 shares of the industrial products company's stock after selling 114,317 shares during the quarter. Ruffer LLP's holdings in Tenaris were worth $2,321,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. raised its stake in Tenaris by 4.0% in the first quarter. PNC Financial Services Group Inc. now owns 8,088 shares of the industrial products company's stock valued at $316,000 after purchasing an additional 308 shares in the last quarter. Harbour Investments Inc. acquired a new position in Tenaris in the first quarter valued at about $39,000. Knights of Columbus Asset Advisors LLC acquired a new position in Tenaris in the first quarter valued at about $121,000. Assetmark Inc. raised its stake in Tenaris by 1.5% in the first quarter. Assetmark Inc. now owns 449,838 shares of the industrial products company's stock valued at $17,593,000 after purchasing an additional 6,653 shares in the last quarter. Finally, Cadence Wealth Management LLC raised its stake in Tenaris by 4.9% in the first quarter. Cadence Wealth Management LLC now owns 19,044 shares of the industrial products company's stock valued at $745,000 after purchasing an additional 895 shares in the last quarter. Institutional investors and hedge funds own 10.45% of the company's stock.

Tenaris Trading Up 3.2%

Shares of Tenaris stock traded up $1.10 on Tuesday, reaching $35.77. The stock had a trading volume of 2,510,668 shares, compared to its average volume of 1,445,194. The business's 50 day moving average is $36.52 and its two-hundred day moving average is $36.27. The company has a market cap of $20.79 billion, a P/E ratio of 9.72, a price-to-earnings-growth ratio of 2.62 and a beta of 1.34. Tenaris S.A. has a 1 year low of $27.37 and a 1 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 analysts' consensus estimates of $0.88 by $0.11. The firm had revenue of $3.09 billion during 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 company's revenue for the quarter was down 7.1% on a year-over-year basis. During the same quarter last year, the company posted $0.59 EPS. On average, equities analysts anticipate that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

Tenaris declared that its board has initiated a share repurchase plan on Tuesday, May 27th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the industrial products company to buy up to 6.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

TS has been the topic of a number of recent analyst reports. BNP Paribas initiated coverage on Tenaris in a research report on Tuesday, April 22nd. They issued an "outperform" rating on the stock. Barclays set a $48.00 price target on Tenaris and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Stifel Nicolaus reduced their price target on Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen cut Tenaris from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Finally, Morgan Stanley reduced 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. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target 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.