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 cut its stake in shares of Tenaris S.A. (NYSE:TS - Free Report) by 58.2% during the 1st quarter, according to its most recent filing with the SEC. 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 approximately 0.20% of Tenaris worth $46,043,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Integrated Wealth Concepts LLC acquired a new position in Tenaris during the 1st quarter worth approximately $203,000. Encompass Capital Advisors LLC lifted its position in Tenaris by 90.7% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,097,540 shares of the industrial products company's stock worth $82,035,000 after acquiring an additional 997,540 shares in the last quarter. AQR Capital Management LLC lifted its position in Tenaris by 14.3% during the 1st quarter. AQR Capital Management LLC now owns 23,662 shares of the industrial products company's stock worth $925,000 after acquiring an additional 2,969 shares in the last quarter. Advisors Asset Management Inc. lifted its position in 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 acquiring an additional 390 shares in the last quarter. Finally, Alua Capital Management LP acquired a new position in Tenaris during the 1st quarter worth approximately $93,370,000. 10.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TS. Barclays dropped their price objective on Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Wall Street Zen downgraded Tenaris from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Piper Sandler dropped their price objective on Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Finally, Sanford C. Bernstein began coverage on Tenaris in a report on Monday, July 21st. They set an "outperform" rating on the stock. 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. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $43.20.

Tenaris Trading Down 0.5%

TS traded down $0.18 during trading on Friday, reaching $35.85. 1,252,491 shares of the company were exchanged, compared to its average volume of 1,751,439. The stock has a market cap of $20.84 billion, a P/E ratio of 9.74, a PEG ratio of 2.70 and a beta of 1.39. The firm has a 50 day moving average of $36.46 and a 200 day moving average of $35.73. Tenaris S.A. has a 52 week low of $28.17 and a 52 week high of $40.87.

Tenaris (NYSE:TS - Get Free Report) last issued its quarterly earnings data 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 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 firm's revenue was down 7.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.59 EPS. As a group, 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 approved a share buyback program on Tuesday, May 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the industrial products company to repurchase up to 6.2% of its stock through open market purchases. Stock buyback programs are generally 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.