Tenaris (NYSE:TS) Now Covered by Sanford C. Bernstein

Sanford C. Bernstein assumed coverage on shares of Tenaris (NYSE:TS) in a report issued on Monday, Marketbeat Ratings reports. The brokerage issued an outperform rating on the industrial products company’s stock.

A number of other equities research analysts have also issued reports on the stock. Wall Street Zen lowered shares of Tenaris from a “buy” rating to a “hold” rating in a research note on Sunday, July 13th. Barclays set a $48.00 target price on shares of Tenaris and gave the company an “overweight” rating in a research report on Tuesday, May 6th. Stifel Nicolaus decreased 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. Morgan Stanley reduced 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. Finally, BNP Paribas started coverage on shares of Tenaris in a report on Tuesday, April 22nd. They issued an “outperform” rating for the company. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Tenaris presently has an average rating of “Hold” and an average target price of $44.00.

Tenaris Stock Up 1.0%

Shares of Tenaris stock opened at $37.02 on Monday. Tenaris has a twelve month low of $27.24 and a twelve month high of $40.87. The firm has a market cap of $21.52 billion, a PE ratio of 11.18, a P/E/G ratio of 2.76 and a beta of 1.29. The business has a 50-day moving average price of $35.78 and a 200 day moving average price of $36.39.

Tenaris (NYSE:TS) last issued its quarterly earnings data 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 return on equity of 10.54% and a net margin of 15.05%. The company had revenue of $2.92 billion for the quarter, compared to analyst estimates of $2.88 billion. During the same quarter last year, the company posted $1.27 earnings per share. The business’s quarterly revenue was down 15.1% compared to the same quarter last year. On average, sell-side analysts expect that Tenaris will post 3.14 EPS for the current year.

Tenaris declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 27th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the industrial products company to purchase up to 6.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TS. PNC Financial Services Group Inc. raised its holdings in shares of Tenaris by 4.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 8,088 shares of the industrial products company’s stock worth $316,000 after acquiring an additional 308 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Tenaris by 10.6% during the 1st quarter. Russell Investments Group Ltd. now owns 3,636 shares of the industrial products company’s stock worth $142,000 after acquiring an additional 347 shares in the last quarter. Baron Wealth Management LLC raised its holdings in shares of Tenaris by 7.0% during the 2nd quarter. Baron Wealth Management LLC now owns 5,852 shares of the industrial products company’s stock worth $219,000 after acquiring an additional 384 shares in the last quarter. Silvercrest Asset Management Group LLC raised its holdings 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 worth $3,696,000 after acquiring an additional 386 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of Tenaris by 4.3% during the 1st quarter. Advisors Asset Management Inc. now owns 9,408 shares of the industrial products company’s stock worth $368,000 after acquiring an additional 390 shares in the last quarter. 10.45% of the stock is currently owned by institutional investors.

About Tenaris

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.