Freestone Grove Partners LP Makes New Investment in Tenaris S.A. (NYSE:TS)

Freestone Grove Partners LP purchased a new position in shares of Tenaris S.A. (NYSE:TS - Free Report) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 436,254 shares of the industrial products company's stock, valued at approximately $16,486,000. Freestone Grove Partners LP owned approximately 0.08% of Tenaris as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TS. ABC Arbitrage SA bought a new position in shares of Tenaris in the 4th quarter valued at about $31,581,000. Carrhae Capital LLP bought a new stake in shares of Tenaris during the 4th quarter valued at $16,545,000. Marshall Wace LLP acquired a new position in shares of Tenaris in the 4th quarter valued at $16,177,000. Yaupon Capital Management LP bought a new position in shares of Tenaris in the 4th quarter worth $12,594,000. Finally, Optiver Holding B.V. grew its stake in shares of Tenaris by 83.0% during the fourth quarter. Optiver Holding B.V. now owns 499,577 shares of the industrial products company's stock worth $18,879,000 after purchasing an additional 226,514 shares during the period. Institutional investors and hedge funds own 10.45% of the company's stock.

Tenaris Price Performance

TS stock traded up $0.78 during midday trading on Friday, hitting $33.54. The company's stock had a trading volume of 1,635,646 shares, compared to its average volume of 1,753,189. The company's fifty day moving average price is $35.68 and its 200 day moving average price is $36.74. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.87. The stock has a market capitalization of $19.50 billion, a P/E ratio of 9.29 and a beta of 1.21.

Tenaris (NYSE:TS - Get Free Report) last released its earnings results on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the business earned $1.27 earnings per share. Tenaris's quarterly revenue was down 15.1% on a year-over-year basis. Equities analysts expect that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

Tenaris Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, May 21st. Investors of record on Tuesday, May 20th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Tuesday, May 20th. This is a boost from Tenaris's previous semi-annual dividend of $0.54. Tenaris's dividend payout ratio (DPR) is currently 34.15%.

Analysts Set New Price Targets

TS has been the subject of a number of analyst reports. Barclays boosted their price objective on shares of Tenaris from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Bank of America cut shares of Tenaris from a "neutral" rating to an "underperform" rating in a research report on Wednesday, January 29th. Stifel Nicolaus reduced their target price on Tenaris from $43.00 to $41.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Piper Sandler increased their price target on Tenaris from $48.00 to $50.00 and gave the stock an "overweight" rating in a report on Tuesday, February 25th. Finally, BNP Paribas initiated coverage on Tenaris in a report on Tuesday, April 22nd. They set an "outperform" rating on the stock. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.00.

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.