Tenaris S.A. (NYSE:TS) Short Interest Up 30.8% in August

Key Points

• Short interest in Tenaris S.A. increased by 30.8% in August, rising to 4,370,000 shares from 3,340,000 at the end of July.
• Wall Street analysts show mixed opinions on Tenaris, with an average rating of "Hold" and a price target of $43.20, after several adjustments to their price targets.
• Tenaris reported a quarterly earnings per share (EPS) of $0.99 for the last quarter, beating estimates, but its revenue declined by 7.1% compared to the previous year.

Tenaris S.A. (NYSE:TS - Get Free Report) saw a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 4,370,000 shares, an increase of 30.8% from the July 31st total of 3,340,000 shares. Approximately 0.8% of the company's stock are short sold. Based on an average daily trading volume, of 1,480,000 shares, the days-to-cover ratio is currently 3.0 days. Based on an average daily trading volume, of 1,480,000 shares, the days-to-cover ratio is currently 3.0 days. Approximately 0.8% of the company's stock are short sold.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Barclays reduced their price objective on Tenaris from $48.00 to $46.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Piper Sandler reduced their price objective on Tenaris from $50.00 to $48.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Wall Street Zen cut Tenaris from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, Sanford C. Bernstein assumed coverage on Tenaris in a research note on Monday, July 21st. They set an "outperform" rating on the stock. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Tenaris currently has a consensus rating of "Hold" and a consensus price target of $43.20.

Tenaris Stock Down 0.5%

NYSE TS traded down $0.18 during trading hours on Friday, hitting $35.85. The company had a trading volume of 1,252,491 shares, compared to its average volume of 1,728,221. Tenaris has a fifty-two week low of $28.17 and a fifty-two week high of $40.87. The business has a fifty day simple moving average of $36.46 and a 200-day simple moving average of $35.75. The firm has a market cap of $20.84 billion, a P/E ratio of 9.74, a price-to-earnings-growth ratio of 2.72 and a beta of 1.39.

Tenaris (NYSE:TS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.99 EPS for the quarter, beating 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 return on equity of 11.71% and a net margin of 17.02%.The company's quarterly revenue was down 7.1% compared to the same quarter last year. During the same period last year, the company earned $0.59 earnings per share. Equities analysts forecast that Tenaris will post 3.14 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TS. Ameriprise Financial Inc. boosted its stake in Tenaris by 4.1% during the fourth quarter. Ameriprise Financial Inc. now owns 22,934 shares of the industrial products company's stock valued at $867,000 after buying an additional 902 shares in the last quarter. Interval Partners LP acquired a new stake in Tenaris during the 4th quarter worth about $6,197,000. Lazard Asset Management LLC boosted its position in Tenaris by 3.1% during the 4th quarter. Lazard Asset Management LLC now owns 162,052 shares of the industrial products company's stock worth $6,123,000 after acquiring an additional 4,935 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Tenaris by 46.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,890 shares of the industrial products company's stock worth $71,000 after acquiring an additional 600 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Tenaris by 38.2% during the 4th 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 in the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

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.