Tenaris S.A. (TS) Stake Decreased by Granite Investment Advisors LLC
Granite Investment Advisors LLC cut its stake in Tenaris S.A. (NYSE:TS) by 7.6% during the second quarter, according to its most recent filing with the SEC. The fund owned 227,177 shares of the industrial products company’s stock after selling 18,744 shares during the period. Tenaris accounts for about 1.3% of Granite Investment Advisors LLC’s portfolio, making the stock its 28th largest position. Granite Investment Advisors LLC’s holdings in Tenaris were worth $7,265,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of TS. Timber Hill LLC purchased a new stake in Tenaris during the first quarter valued at $205,000. Marathon Trading Investment Management LLC purchased a new stake in Tenaris during the first quarter valued at $205,000. JPMorgan Chase & Co. boosted its stake in Tenaris by 1,187.5% in the first quarter. JPMorgan Chase & Co. now owns 6,502 shares of the industrial products company’s stock valued at $222,000 after buying an additional 5,997 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Tenaris during the first quarter valued at $251,000. Finally, BNP Paribas Arbitrage SA boosted its stake in Tenaris by 41.4% in the first quarter. BNP Paribas Arbitrage SA now owns 8,200 shares of the industrial products company’s stock valued at $280,000 after buying an additional 2,400 shares during the last quarter. 18.67% of the stock is currently owned by institutional investors.
Tenaris S.A. (NYSE:TS) opened at 27.88 on Friday. Tenaris S.A. has a 12-month low of $25.19 and a 12-month high of $37.21. The stock’s 50 day moving average is $30.86 and its 200 day moving average is $32.12. The stock has a market capitalization of $16.46 billion, a price-to-earnings ratio of 49.79 and a beta of 0.63.
Several research firms have weighed in on TS. Scotiabank set a $40.00 price objective on Tenaris and gave the company a “buy” rating in a research report on Thursday, August 3rd. BidaskClub cut Tenaris from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Simmons reaffirmed an “overweight” rating and set a $35.50 price objective (down from $39.00) on shares of Tenaris in a research report on Wednesday, June 21st. Cowen and Company reaffirmed a “hold” rating and set a $30.00 price objective on shares of Tenaris in a research report on Tuesday, July 11th. Finally, Morgan Stanley cut their price objective on Tenaris from $44.00 to $38.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 21st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $35.35.
Tenaris SA is a holding company, which is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala. The Company supplies round steel bars and flat steel products for its pipes business. It operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that include in the transformation of steel into tubular products.
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