Wellington Management Group LLP Sells 214,928 Shares of Tenaris S.A. (NYSE:TS)

Wellington Management Group LLP trimmed its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 8.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,331,256 shares of the industrial products company's stock after selling 214,928 shares during the period. Wellington Management Group LLP owned 0.40% of Tenaris worth $88,098,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Millennium Management LLC increased its stake 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 buying an additional 778,021 shares during the period. Encompass Capital Advisors LLC acquired a new stake in shares of Tenaris in the 4th quarter valued at $41,569,000. ABC Arbitrage SA acquired a new stake in shares of Tenaris in the 4th quarter valued at $31,581,000. Medina Value Partners LLC increased its stake in shares of Tenaris by 34.7% in the 4th quarter. Medina Value Partners LLC now owns 566,013 shares of the industrial products company's stock valued at $21,390,000 after buying an additional 145,945 shares during the period. Finally, Merewether Investment Management LP acquired a new stake in shares of Tenaris in the 4th quarter valued at $20,271,000. 10.45% of the stock is owned by institutional investors and hedge funds.

Tenaris Stock Up 5.6%

Shares of Tenaris stock traded up $1.88 during trading on Monday, reaching $35.33. 2,605,832 shares of the company were exchanged, compared to its average volume of 1,751,999. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.87. The business has a 50-day moving average price of $33.81 and a 200-day moving average price of $36.66. The firm has a market capitalization of $20.54 billion, a price-to-earnings ratio of 9.79 and a beta of 1.27.

Tenaris (NYSE:TS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, topping analysts' consensus estimates of $0.80 by $0.14. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. The business had revenue of $2.92 billion during the quarter, compared to analysts' expectations of $2.88 billion. During the same period in the previous year, the firm earned $1.27 earnings per share. The firm's quarterly revenue was down 15.1% compared to the same quarter last year. On average, equities research analysts forecast that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

Tenaris announced that its Board of Directors has approved a share repurchase 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 shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TS. Morgan Stanley lowered their target price on Tenaris from $35.00 to $34.00 and set an "underweight" rating for the company in a research note on Friday, May 16th. Piper Sandler lifted their target price on Tenaris from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, February 25th. Stifel Nicolaus lowered their target price on Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Wall Street Zen raised Tenaris from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Finally, Barclays set a $48.00 target price on Tenaris and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, Tenaris currently has a consensus rating of "Hold" and an average target price of $44.00.

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.