Y Intercept Hong Kong Ltd Makes New Investment in Tenaris S.A. (NYSE:TS)

Key Points

• Y Intercept Hong Kong Ltd has invested approximately $833,000 in Tenaris S.A. by purchasing 21,291 shares during the first quarter, indicating strong institutional interest in the stock.
• Tenaris recently reported an **earnings per share (EPS)** of $0.94 for the last quarter, exceeding estimates and showing a revenue of **$2.92 billion**, albeit down 15.1% year-over-year.
• The company has approved a **$1.20 billion stock buyback plan**, signaling a belief from its board that the stock is currently undervalued.

Y Intercept Hong Kong Ltd purchased a new position in shares of Tenaris S.A. (NYSE:TS - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 21,291 shares of the industrial products company's stock, valued at approximately $833,000.

A number of other large investors also recently bought and sold shares of the stock. Millennium Management LLC raised its stake in Tenaris by 38.2% during the fourth quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company's stock worth $106,444,000 after purchasing an additional 778,021 shares during the period. Encompass Capital Advisors LLC acquired a new position in shares of Tenaris during the 4th quarter valued at $41,569,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of 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 valued at $29,528,000 after acquiring an additional 241,290 shares in the last quarter. Medina Value Partners LLC lifted its holdings in shares of Tenaris by 34.7% during 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 acquiring an additional 145,945 shares in the last quarter. Finally, Merewether Investment Management LP acquired a new position in shares of Tenaris during the 4th quarter valued at $20,271,000. Hedge funds and other institutional investors own 10.45% of the company's stock.

Tenaris Stock Performance

NYSE TS opened at $38.05 on Friday. Tenaris S.A. has a one year low of $27.24 and a one year high of $40.87. The company has a 50-day simple moving average of $36.12 and a 200-day simple moving average of $36.41. The firm has a market capitalization of $22.12 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 2.87 and a beta of 1.29.

Tenaris (NYSE:TS - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.80 by $0.14. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. The business had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period in the previous year, the business posted $1.27 EPS. The company's quarterly revenue was down 15.1% on a year-over-year basis. Equities analysts forecast that Tenaris S.A. will post 3.14 earnings per share for the current year.

Tenaris declared that its board has approved a stock buyback plan on Tuesday, May 27th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the industrial products company to repurchase up to 6.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

TS has been the topic of several recent research reports. Barclays set a $48.00 target price on shares of Tenaris and gave the company an "overweight" rating in a report on Tuesday, May 6th. Morgan Stanley dropped their price target on shares of Tenaris from $35.00 to $34.00 and set an "underweight" rating on the stock in a research note on Friday, May 16th. BNP Paribas assumed coverage on shares of Tenaris in a research report on Tuesday, April 22nd. They issued an "outperform" rating for the company. Stifel Nicolaus dropped their target price on shares of Tenaris from $43.00 to $41.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Finally, Sanford C. Bernstein assumed coverage on shares of Tenaris in a research report on Monday, July 21st. They issued an "outperform" rating for the company. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Tenaris currently has an average rating of "Hold" and a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.