Quantamental Technologies LLC Buys New Stake in Tenaris SA (NYSE:TS)
Quantamental Technologies LLC purchased a new position in shares of Tenaris SA (NYSE:TS) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 3,673 shares of the industrial products company’s stock, valued at approximately $97,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Parallel Advisors LLC bought a new stake in Tenaris in the 1st quarter valued at $29,000. Icon Wealth Partners LLC bought a new position in shares of Tenaris during the 1st quarter worth about $44,000. Rehmann Capital Advisory Group boosted its position in shares of Tenaris by 292.0% during the 1st quarter. Rehmann Capital Advisory Group now owns 4,861 shares of the industrial products company’s stock valued at $137,000 after acquiring an additional 3,621 shares in the last quarter. First Trust Advisors LP acquired a new stake in shares of Tenaris during the 1st quarter valued at about $219,000. Finally, Wetherby Asset Management Inc. boosted its position in shares of Tenaris by 11.4% during the 2nd quarter. Wetherby Asset Management Inc. now owns 9,117 shares of the industrial products company’s stock valued at $240,000 after acquiring an additional 936 shares in the last quarter. Institutional investors and hedge funds own 14.04% of the company’s stock.
Shares of Tenaris stock traded down $0.41 during midday trading on Wednesday, reaching $22.44. The company had a trading volume of 172,035 shares, compared to its average volume of 2,689,913. The company has a market capitalization of $13.25 billion, a price-to-earnings ratio of 15.16, a price-to-earnings-growth ratio of 1.52 and a beta of 1.14. Tenaris SA has a 1-year low of $20.45 and a 1-year high of $34.97. The company has a current ratio of 2.94, a quick ratio of 1.70 and a debt-to-equity ratio of 0.02. The stock has a fifty day simple moving average of $22.71 and a 200 day simple moving average of $25.81.
Several research analysts recently issued reports on TS shares. Cowen reissued a “market perform” rating and issued a $28.00 price target (down previously from $29.00) on shares of Tenaris in a research report on Monday, August 5th. Morgan Stanley set a $35.00 target price on Tenaris and gave the stock a “buy” rating in a report on Wednesday, July 3rd. TheStreet cut Tenaris from a “b-” rating to a “c+” rating in a report on Tuesday, August 13th. Stifel Nicolaus decreased their price target on Tenaris from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Finally, Wolfe Research upgraded Tenaris from a “peer perform” rating to an “outperform” rating and set a $28.00 price objective for the company in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $31.38.
Tenaris SA, through its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers products for oil and gas drilling operations, such as casing and tubing products, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn seamless tubes, perforating guns, tubular accessories, and non-tubular accessories and devices.
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