Tenaris S.A. (NYSE:TS) Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Tenaris S.A. (NYSE:TS) by 3.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,757 shares of the industrial products company’s stock after selling 920 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Tenaris were worth $936,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TS. Encompass Capital Advisors LLC acquired a new stake in Tenaris during the fourth quarter worth approximately $41,569,000. ABC Arbitrage SA acquired a new position in shares of Tenaris in the 4th quarter valued at $31,581,000. Millennium Management LLC increased its holdings in shares of Tenaris by 38.2% in the 4th quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock valued at $106,444,000 after acquiring an additional 778,021 shares during the period. Merewether Investment Management LP acquired a new position in shares of Tenaris in the 4th quarter valued at $20,271,000. Finally, Carrhae Capital LLP acquired a new position in shares of Tenaris in the 4th quarter valued at $16,545,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

Tenaris Stock Performance

Shares of TS opened at $35.40 on Tuesday. The stock has a market capitalization of $20.58 billion, a P/E ratio of 9.81 and a beta of 1.27. The company’s fifty day moving average is $33.37 and its two-hundred day moving average is $36.58. Tenaris S.A. has a 1 year low of $27.24 and a 1 year high of $40.87.

Tenaris (NYSE:TS) last announced its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.14. The company had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.88 billion. Tenaris had a net margin of 16.26% and a return on equity of 11.76%. Tenaris’s revenue was down 15.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.27 EPS. Sell-side analysts predict that Tenaris S.A. will post 3.14 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TS. Wall Street Zen raised shares of Tenaris from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Barclays set a $48.00 target price on shares of Tenaris and gave the company an “overweight” rating in a report on Tuesday, May 6th. Morgan Stanley cut their target price on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating on the stock in a report on Friday, May 16th. Piper Sandler lifted their target price on shares of Tenaris from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 25th. Finally, Stifel Nicolaus cut their target price on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Two investment 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 MarketBeat, Tenaris has a consensus rating of “Hold” and a consensus target price of $44.00.

Tenaris 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.