Morgan Stanley Cuts Tenaris (NYSE:TS) Price Target to $34.00

Tenaris (NYSE:TS) had its price target reduced by Morgan Stanley from $35.00 to $34.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an underweight rating on the industrial products company’s stock.

Several other equities analysts also recently commented on TS. Barclays set a $48.00 price objective on Tenaris and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Piper Sandler boosted 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. StockNews.com raised shares of Tenaris from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Kepler Capital Markets cut shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Finally, Bank of America downgraded shares of Tenaris from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 29th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $44.00.

Tenaris Stock Down 1.2%

NYSE TS opened at $34.09 on Friday. Tenaris has a 52 week low of $27.24 and a 52 week high of $40.87. The company has a market capitalization of $19.82 billion, a P/E ratio of 9.44 and a beta of 1.27. The stock’s 50-day moving average price is $35.08 and its 200-day moving average price is $36.87.

Tenaris (NYSE:TS) last released its earnings results on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.80 by $0.14. Tenaris had a net margin of 16.26% and a return on equity of 11.76%. The company had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.88 billion. During the same period in the prior year, the firm posted $1.27 EPS. The firm’s quarterly revenue was down 15.1% compared to the same quarter last year. Research analysts anticipate that Tenaris will post 3.14 EPS for the current year.

Tenaris Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Tuesday, May 20th will be given a dividend of $0.56 per share. This is an increase from Tenaris’s previous semi-annual dividend of $0.54. The ex-dividend date of this dividend is Tuesday, May 20th. Tenaris’s dividend payout ratio is currently 68.29%.

Institutional Trading of Tenaris

Large investors have recently made changes to their positions in the business. Exencial Wealth Advisors LLC grew its position in Tenaris by 0.5% in the fourth quarter. Exencial Wealth Advisors LLC now owns 50,404 shares of the industrial products company’s stock worth $1,905,000 after acquiring an additional 270 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Tenaris by 4.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,088 shares of the industrial products company’s stock worth $316,000 after purchasing an additional 308 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Tenaris by 10.6% in the 1st quarter. Russell Investments Group Ltd. now owns 3,636 shares of the industrial products company’s stock worth $142,000 after purchasing an additional 347 shares during the period. Silvercrest Asset Management Group LLC increased its position in shares of Tenaris by 0.4% during the 4th quarter. Silvercrest Asset Management Group LLC now owns 97,796 shares of the industrial products company’s stock valued at $3,696,000 after purchasing an additional 386 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in Tenaris by 4.3% during the 1st quarter. Advisors Asset Management Inc. now owns 9,408 shares of the industrial products company’s stock valued at $368,000 after buying an additional 390 shares during the period. 10.45% of the stock is currently owned by institutional investors.

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.