Orbis Allan Gray Ltd trimmed its position in Tenaris S.A. (NYSE:TS - Free Report) by 63.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 377,357 shares of the industrial products company's stock after selling 649,403 shares during the quarter. Orbis Allan Gray Ltd owned approximately 0.06% of Tenaris worth $14,758,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in the company. Millennium Management LLC increased its holdings in shares of Tenaris by 38.2% in the 4th quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company's stock valued at $106,444,000 after acquiring an additional 778,021 shares during the last quarter. Encompass Capital Advisors LLC bought a new position in Tenaris during the 4th quarter worth $41,569,000. Massachusetts Financial Services Co. MA grew its stake in Tenaris by 47.0% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 754,994 shares of the industrial products company's stock worth $29,528,000 after buying an additional 241,290 shares during the last quarter. Merewether Investment Management LP bought a new position in Tenaris during the 4th quarter worth $20,271,000. Finally, Northern Trust Corp grew its stake in Tenaris by 109.6% during the 1st quarter. Northern Trust Corp now owns 462,542 shares of the industrial products company's stock worth $18,090,000 after buying an additional 241,853 shares during the last quarter. 10.45% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on TS. Sanford C. Bernstein began coverage on Tenaris in a research note on Monday, July 21st. They set an "outperform" rating for the company. Barclays reduced their price target on Tenaris from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Piper Sandler reduced their price target on Tenaris from $50.00 to $48.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Wall Street Zen lowered Tenaris from a "buy" rating to a "hold" rating in a research 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 for the company in a research report on Friday, May 16th. Six equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $43.20.
Read Our Latest Stock Report on TS
Tenaris Price Performance
Shares of Tenaris stock traded down $0.60 during trading on Wednesday, hitting $34.97. The stock had a trading volume of 2,905,135 shares, compared to its average volume of 1,591,905. The firm has a market cap of $20.33 billion, a P/E ratio of 9.50, a PEG ratio of 2.72 and a beta of 1.39. The business has a fifty day moving average of $36.77 and a two-hundred day moving average of $35.90. Tenaris S.A. has a fifty-two week low of $27.59 and a fifty-two week high of $40.87.
Tenaris (NYSE:TS - Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3 billion. Tenaris had a return on equity of 11.71% and a net margin of 17.02%.The company's revenue was down 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.59 earnings per share. As a group, research analysts forecast that Tenaris S.A. will post 3.14 earnings per share for the current year.
Tenaris announced that its Board of Directors has approved a stock repurchase plan 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 shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.
About Tenaris
(
Free Report)
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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