Wealth Enhancement Advisory Services LLC Sells 15,221 Shares of Tenaris S.A. (NYSE:TS)

Wealth Enhancement Advisory Services LLC reduced its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 61.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,536 shares of the industrial products company's stock after selling 15,221 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Tenaris were worth $373,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TS. EverSource Wealth Advisors LLC raised its position in Tenaris by 78.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,084 shares of the industrial products company's stock worth $41,000 after acquiring an additional 478 shares during the period. Headlands Technologies LLC bought a new stake in Tenaris in the fourth quarter worth about $42,000. Smartleaf Asset Management LLC raised its position in Tenaris by 291.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,725 shares of the industrial products company's stock worth $65,000 after acquiring an additional 1,284 shares during the period. Covestor Ltd raised its position in Tenaris by 37.2% in the fourth quarter. Covestor Ltd now owns 1,729 shares of the industrial products company's stock worth $65,000 after acquiring an additional 469 shares during the period. Finally, Farther Finance Advisors LLC raised its position in Tenaris by 93.2% in the first quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company's stock worth $66,000 after acquiring an additional 801 shares during the period. 10.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on TS shares. Stifel Nicolaus lowered their price objective on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley lowered their price target 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. Barclays set a $48.00 price target on shares of Tenaris and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Wall Street Zen raised shares of Tenaris from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Finally, BNP Paribas started coverage on shares of Tenaris in a research report on Tuesday, April 22nd. They issued an "outperform" rating on the stock. Two analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Tenaris has an average rating of "Hold" and a consensus target price of $44.00.

Tenaris Stock Performance

NYSE TS traded down $0.51 on Thursday, hitting $38.07. The stock had a trading volume of 1,286,774 shares, compared to its average volume of 1,722,248. Tenaris S.A. has a 52-week low of $27.24 and a 52-week high of $40.87. The company has a market capitalization of $22.13 billion, a price-to-earnings ratio of 11.61, a price-to-earnings-growth ratio of 2.90 and a beta of 1.29. The firm has a 50-day moving average of $35.30 and a 200-day moving average of $36.42.

Tenaris (NYSE:TS - Get Free Report) last posted its earnings results on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.14. The business had revenue of $2.92 billion for the quarter, compared to analysts' expectations of $2.88 billion. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. The business's revenue for the quarter was down 15.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.27 EPS. As a group, research analysts anticipate 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 repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to buy up to 6.2% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Tenaris 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.