Twin Tree Management LP Reduces Holdings in Tenaris S.A. $TS

Key Points

• Twin Tree Management LP significantly cut its holdings in Tenaris S.A. by 65.8% in Q2, now owning 10,677 shares worth approximately $399,000.
• Other hedge funds have increased their stakes in Tenaris, with Alua Capital Management LP purchasing a new stake valued at around $93 million.
• Analysts have mixed views on Tenaris, with an overall average rating of "Hold" and a price target of $41.80, reflecting a decrease in ratings from various firms recently.

Twin Tree Management LP decreased its position in Tenaris S.A. (NYSE:TS - Free Report) by 65.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,677 shares of the industrial products company's stock after selling 20,534 shares during the period. Twin Tree Management LP's holdings in Tenaris were worth $399,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in TS. Alua Capital Management LP purchased a new stake in shares of Tenaris in the 1st quarter valued at approximately $93,370,000. Encompass Capital Advisors LLC grew its stake in shares of Tenaris by 90.7% in the 1st quarter. Encompass Capital Advisors LLC now owns 2,097,540 shares of the industrial products company's stock valued at $82,035,000 after buying an additional 997,540 shares during the period. Northern Trust Corp grew its stake in shares of Tenaris by 109.6% in the 1st quarter. Northern Trust Corp now owns 462,542 shares of the industrial products company's stock valued at $18,090,000 after buying an additional 241,853 shares during the period. Massachusetts Financial Services Co. MA grew its stake in shares of Tenaris by 47.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 754,994 shares of the industrial products company's stock valued at $29,528,000 after buying an additional 241,290 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Tenaris in the 1st quarter valued at approximately $5,458,000. Hedge funds and other institutional investors own 10.45% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on TS shares. BNP Paribas Exane reissued a "neutral" rating on shares of Tenaris in a research note on Friday, October 10th. Sanford C. Bernstein initiated coverage on shares of Tenaris in a research report on Monday, July 21st. They set an "outperform" rating for the company. Piper Sandler cut shares of Tenaris from an "overweight" rating to a "neutral" rating and lowered their price objective for the stock from $48.00 to $41.00 in a research report on Wednesday, September 17th. BNP Paribas cut shares of Tenaris from an "outperform" rating to a "hold" rating in a research report on Friday, October 10th. Finally, Barclays lowered their price objective on shares of Tenaris from $48.00 to $46.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $41.80.

Tenaris Stock Up 0.2%

Tenaris stock opened at $34.42 on Friday. The firm has a market cap of $20.01 billion, a PE ratio of 9.35, a price-to-earnings-growth ratio of 2.65 and a beta of 1.33. Tenaris S.A. has a 52-week low of $30.06 and a 52-week high of $40.87. The company's 50 day moving average is $35.54 and its two-hundred day moving average is $35.24.

Tenaris (NYSE:TS - Get Free Report) last released its earnings results on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.11. The company 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 firm's quarterly 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. On average, equities research analysts anticipate that Tenaris S.A. will post 3.14 earnings per share for the current fiscal year.

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.

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