Tenaris S.A. $TS Stock Sold by CWA Asset Management Group LLC

Key Points

• CWA Asset Management Group reduced its Tenaris stake by 16% in the third quarter, selling 157,692 shares and retaining 829,599 shares valued at approximately $45.8 million. Institutional investors currently own 10.45% of the company.
• Analyst sentiment remains favorable, with five Buy and five Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $63.96.
• Tenaris reported quarterly EPS of $0.95, beating estimates of $0.79, while revenue reached $2.97 billion. However, revenue declined 3.9% year over year; the stock recently traded at $58.43.

CWA Asset Management Group LLC reduced its position in shares of Tenaris S.A. (NYSE:TS - Free Report) by 16.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 829,599 shares of the industrial products company's stock after selling 157,692 shares during the quarter. Tenaris accounts for approximately 1.3% of CWA Asset Management Group LLC's holdings, making the stock its 10th biggest position. CWA Asset Management Group LLC owned about 0.15% of Tenaris worth $45,777,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Polaris Financial Partners purchased a new position in shares of Tenaris in the third quarter worth approximately $26,000. Sequoia Financial Advisors LLC increased its holdings in Tenaris by 14.6% during the second quarter. Sequoia Financial Advisors LLC now owns 7,754 shares of the industrial products company's stock valued at $430,000 after buying an additional 990 shares during the last quarter. Tidal Investments LLC increased its holdings in Tenaris by 17.2% during the second quarter. Tidal Investments LLC now owns 21,660 shares of the industrial products company's stock valued at $1,202,000 after buying an additional 3,183 shares during the last quarter. Allworth Financial LP raised its position in Tenaris by 116.0% in the second quarter. Allworth Financial LP now owns 661 shares of the industrial products company's stock worth $37,000 after acquiring an additional 355 shares during the period. Finally, Corient Private Wealth LP raised its position in Tenaris by 24.3% in the second quarter. Corient Private Wealth LP now owns 18,328 shares of the industrial products company's stock worth $1,017,000 after acquiring an additional 3,588 shares during the period. 10.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TS has been the topic of several analyst reports. Zacks Research cut shares of Tenaris from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 10th. Bank of America boosted their price objective on shares of Tenaris from $66.00 to $71.00 and gave the company a "buy" rating in a research report on Monday, October 5th. Morgan Stanley upped their price objective on Tenaris from $60.00 to $62.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 14th. Barclays decreased their target price on Tenaris from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, August 10th. Finally, Weiss Ratings cut Tenaris from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, October 6th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $63.96.

Tenaris Trading Down 1.6%

Tenaris stock opened at $58.43 on Tuesday. The firm has a 50 day moving average of $55.72 and a 200 day moving average of $57.88. The firm has a market capitalization of $31.32 billion, a price-to-earnings ratio of 15.88, a P/E/G ratio of 1.69 and a beta of 0.89. Tenaris S.A. has a 12-month low of $34.31 and a 12-month high of $64.60.

Tenaris (NYSE:TS - Get Free Report) last released its earnings results on Wednesday, August 5th. The industrial products company reported $0.95 EPS for the quarter, topping analysts' consensus estimates of $0.79 by $0.16. Tenaris had a net margin of 15.88% and a return on equity of 11.14%. The company had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $2.93 billion. During the same quarter last year, the business earned $0.50 EPS. The firm's revenue was down 3.9% compared to the same quarter last year. On average, analysts predict that Tenaris S.A. will post 3.75 EPS for the current year.

Tenaris Profile

Tenaris SA NYSE: TS is a global manufacturer and supplier of steel tubular products and related services. The company primarily serves the energy industry, producing seamless and welded steel pipes used in oil and natural gas exploration, production, transportation and processing. Its offerings include oil country tubular goods, line pipe, premium connections, coiled tubing and sucker rods.

Tenaris also supplies pipes for industrial and mechanical applications, including products used in power generation, automotive manufacturing, construction and other specialized industries.

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