Northern Trust Corp Has $18.09 Million Holdings in Tenaris S.A. $TS

Key Points

• Northern Trust Corp increased its stake in Tenaris S.A. by 109.6% during the first quarter, owning approximately 462,542 shares valued at $18.1 million.
• Tenaris reported earnings of $0.99 per share for the last quarter, exceeding estimates, although revenue decreased by 7.1% year-over-year.
• The company's Board of Directors authorized a share repurchase plan allowing for the buyback of up to $1.20 billion in outstanding shares, indicating potential undervaluation of its stock.

Northern Trust Corp grew its stake in shares of Tenaris S.A. (NYSE:TS - Free Report) by 109.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 462,542 shares of the industrial products company's stock after purchasing an additional 241,853 shares during the period. Northern Trust Corp owned about 0.08% of Tenaris worth $18,090,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TS. First Trust Advisors LP acquired a new position in Tenaris during the fourth quarter valued at $577,000. Dimensional Fund Advisors LP raised its position in Tenaris by 3.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 419,081 shares of the industrial products company's stock valued at $15,837,000 after buying an additional 15,790 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in Tenaris during the fourth quarter valued at $1,069,000. Ameriprise Financial Inc. increased its position in Tenaris by 4.1% in the 4th quarter. Ameriprise Financial Inc. now owns 22,934 shares of the industrial products company's stock worth $867,000 after purchasing an additional 902 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in Tenaris by 502.4% in the 4th quarter. BNP Paribas Financial Markets now owns 306,146 shares of the industrial products company's stock worth $11,569,000 after purchasing an additional 255,327 shares during the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

Tenaris Stock Performance

Shares of TS traded down $0.93 during trading hours on Friday, hitting $34.92. 3,553,390 shares of the company were exchanged, compared to its average volume of 1,345,013. The company has a market cap of $20.30 billion, a PE ratio of 9.49, a PEG ratio of 2.70 and a beta of 1.39. The firm's 50 day moving average is $36.71 and its 200-day moving average is $35.84. Tenaris S.A. has a 52 week low of $27.59 and a 52 week high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.11. Tenaris had a return on equity of 11.71% and a net margin of 17.02%.The firm had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the prior year, the company earned $0.59 EPS. The firm's revenue for the quarter was down 7.1% compared to the same quarter last year. As a group, equities analysts forecast that Tenaris S.A. will post 3.14 earnings per share for the current fiscal year.

Tenaris declared that its Board of Directors has initiated a share buyback program on Tuesday, May 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the industrial products company to purchase up to 6.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Analyst Ratings Changes

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

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.