Tenaris S.A. $TS Shares Sold by Millennium Management LLC

Key Points

• Millennium Management LLC reduced its stake in Tenaris S.A. by 58.2%, owning 1,177,259 shares after selling over 1.6 million shares in the first quarter.
• Tenaris recently reported a quarterly earnings per share (EPS) of $0.99, exceeding expectations, while revenue for the quarter was $3.09 billion, down 7.1% year-over-year.
• The company's board authorized a $1.20 billion share buyback program, signaling a belief that the stock is undervalued.

Millennium Management LLC decreased its position in Tenaris S.A. (NYSE:TS - Free Report) by 58.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,177,259 shares of the industrial products company's stock after selling 1,639,469 shares during the period. Millennium Management LLC owned about 0.20% of Tenaris worth $46,043,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings in Tenaris by 4.0% during the first quarter. PNC Financial Services Group Inc. now owns 8,088 shares of the industrial products company's stock worth $316,000 after purchasing an additional 308 shares in the last quarter. Russell Investments Group Ltd. increased its position in Tenaris by 10.6% during the 1st quarter. Russell Investments Group Ltd. now owns 3,636 shares of the industrial products company's stock worth $142,000 after purchasing an additional 347 shares during the period. Silvercrest Asset Management Group LLC raised its stake in shares of Tenaris by 0.4% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 97,796 shares of the industrial products company's stock worth $3,696,000 after buying an additional 386 shares in the last quarter. Advisors Asset Management Inc. raised its stake in shares of Tenaris by 4.3% during the 1st quarter. Advisors Asset Management Inc. now owns 9,408 shares of the industrial products company's stock worth $368,000 after buying an additional 390 shares in the last quarter. Finally, Brooklyn Investment Group lifted its holdings in shares of Tenaris by 169.5% in the 1st quarter. Brooklyn Investment Group now owns 717 shares of the industrial products company's stock valued at $28,000 after buying an additional 451 shares during the period. 10.45% of the stock is currently owned by institutional investors and hedge funds.

Tenaris Trading Down 0.5%

Shares of TS stock traded down $0.18 during mid-day trading on Friday, reaching $35.85. The stock had a trading volume of 1,252,491 shares, compared to its average volume of 1,728,221. Tenaris S.A. has a 12-month low of $28.17 and a 12-month high of $40.87. The company has a market cap of $20.84 billion, a P/E ratio of 9.74, a price-to-earnings-growth ratio of 2.72 and a beta of 1.39. The business has a 50-day simple moving average of $36.46 and a 200 day simple moving average of $35.76.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.88 by $0.11. The business had revenue of $3.09 billion for the quarter, compared to analyst estimates of $3 billion. Tenaris had a net margin of 17.02% and a return on equity of 11.71%. The business's revenue for the quarter was down 7.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 EPS. Research analysts anticipate that Tenaris S.A. will post 3.14 EPS for the current year.

Tenaris announced that its board has approved a stock repurchase plan 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 purchase up to 6.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

TS has been the topic of a number of recent analyst reports. Sanford C. Bernstein began coverage on Tenaris in a report on Monday, July 21st. They set an "outperform" rating on the stock. Morgan Stanley decreased their target price 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. Wall Street Zen downgraded shares of Tenaris from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Piper Sandler reduced their price objective 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. Finally, Barclays decreased their price objective on shares of Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $43.20.

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.