Tenaris S.A. $TS Holdings Reduced by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Tenaris S.A. by 9.2%, now holding approximately 1.7 million shares worth around $66.6 million as of the latest SEC filing.
• Several institutional investors, including Brooklyn Investment Group and Farther Finance Advisors LLC, have significantly increased their positions in Tenaris, indicating a growing interest in the company's stock.
• Analysts have mixed opinions on Tenaris, with the stock receiving an overall average rating of "Hold" and a price target ranging from $34.00 to $46.00 from various firms.

Price T Rowe Associates Inc. MD decreased its position in Tenaris S.A. (NYSE:TS - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,703,658 shares of the industrial products company's stock after selling 171,673 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.29% of Tenaris worth $66,631,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brooklyn Investment Group grew its position in Tenaris by 169.5% in the 1st quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock worth $28,000 after purchasing an additional 451 shares during the last quarter. Harbour Investments Inc. bought a new position in Tenaris in the 1st quarter worth about $39,000. Farther Finance Advisors LLC grew its position in Tenaris by 93.2% in the 1st quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock worth $66,000 after purchasing an additional 801 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Tenaris by 46.5% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,890 shares of the industrial products company's stock worth $71,000 after purchasing an additional 600 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in Tenaris by 106.7% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,150 shares of the industrial products company's stock worth $81,000 after purchasing an additional 1,110 shares during the last quarter. Institutional investors own 10.45% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TS shares. Wall Street Zen lowered shares of Tenaris from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Sanford C. Bernstein started coverage on shares of Tenaris in a research note on Monday, July 21st. They issued an "outperform" rating for the company. Morgan Stanley reduced their price target on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a research note on Friday, May 16th. Barclays reduced their price target on shares of Tenaris from $48.00 to $46.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Finally, Piper Sandler reduced their price target on shares of Tenaris from $50.00 to $48.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $43.20.

Tenaris Price Performance

TS stock opened at $36.13 on Wednesday. Tenaris S.A. has a 12 month low of $27.59 and a 12 month high of $40.87. The firm has a market cap of $21.00 billion, a PE ratio of 9.82, a P/E/G ratio of 2.72 and a beta of 1.34. The firm has a 50 day simple moving average of $36.78 and a 200 day simple moving average of $36.00.

Tenaris (NYSE:TS - Get Free Report) last released its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 EPS 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 during the quarter, compared to analyst estimates of $3 billion. During the same period in the prior year, the business earned $0.59 earnings per share. The business's quarterly revenue was down 7.1% on a year-over-year basis. As a group, sell-side analysts expect that Tenaris S.A. will post 3.14 earnings per share for the current year.

Tenaris announced that its board has approved a stock repurchase plan on Tuesday, May 27th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the industrial products company to purchase up to 6.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are 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.

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