Corient IA LLC Invests $587,000 in Tenaris S.A. (NYSE:TS)

Corient IA LLC acquired a new position in shares of Tenaris S.A. (NYSE:TS) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 15,000 shares of the industrial products company’s stock, valued at approximately $587,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TS. Millennium Management LLC boosted its position in 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 during the period. Encompass Capital Advisors LLC purchased a new stake in Tenaris during the 4th quarter worth $41,569,000. Massachusetts Financial Services Co. MA boosted its position in 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 worth $29,528,000 after purchasing an additional 241,290 shares during the period. Merewether Investment Management LP purchased a new stake in Tenaris during the 4th quarter worth $20,271,000. Finally, Optiver Holding B.V. boosted its position in Tenaris by 83.0% during the 4th 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. 10.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on TS shares. Barclays decreased their price target on shares of Tenaris from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, August 7th. Sanford C. Bernstein began coverage on shares of Tenaris in a research report on Monday, July 21st. They issued an “outperform” rating for the company. BNP Paribas began coverage on shares of Tenaris in a research report on Tuesday, April 22nd. They issued an “outperform” rating for the company. Wall Street Zen cut shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Sunday, July 13th. Finally, Piper Sandler reissued an “overweight” rating and issued a $48.00 price objective (down from $50.00) on shares of Tenaris in a research report on Thursday. Two research 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. Based on data from MarketBeat, Tenaris has a consensus rating of “Hold” and a consensus price target of $43.20.

Tenaris Stock Performance

Shares of TS stock opened at $35.59 on Friday. The stock has a market capitalization of $20.69 billion, a price-to-earnings ratio of 9.67, a PEG ratio of 2.69 and a beta of 1.34. Tenaris S.A. has a one year low of $27.59 and a one year high of $40.87. The company’s 50-day simple moving average is $36.79 and its 200-day simple moving average is $36.11.

Tenaris (NYSE:TS) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.11. Tenaris had a return on equity of 11.71% and a net margin of 17.02%. The firm had revenue of $3.09 billion for the quarter, compared to analysts’ expectations of $3 billion. During the same quarter in the prior year, the firm posted $0.59 earnings per share. Tenaris’s revenue for the quarter was down 7.1% compared to the same quarter last year. As a group, research analysts forecast that Tenaris S.A. will post 3.14 EPS for the current year.

Tenaris announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 27th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the industrial products company to buy up to 6.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Tenaris Company 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.