Cerity Partners LLC Reduces Stock Position in Tenaris S.A. (NYSE:TS)

Cerity Partners LLC lessened its stake in shares of Tenaris S.A. (NYSE:TS) by 11.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,642 shares of the industrial products company’s stock after selling 3,176 shares during the quarter. Cerity Partners LLC’s holdings in Tenaris were worth $925,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TS. Bank of New York Mellon Corp boosted its holdings in shares of Tenaris by 26.9% during the 4th quarter. Bank of New York Mellon Corp now owns 12,846 shares of the industrial products company’s stock valued at $485,000 after acquiring an additional 2,726 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Tenaris by 16.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 26,946 shares of the industrial products company’s stock valued at $1,018,000 after buying an additional 3,814 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Tenaris by 31.1% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 78,644 shares of the industrial products company’s stock valued at $2,972,000 after buying an additional 18,660 shares during the last quarter. Headlands Technologies LLC bought a new position in Tenaris in the fourth quarter worth approximately $42,000. Finally, ExodusPoint Capital Management LP purchased a new position in shares of Tenaris during the 4th quarter worth $5,691,000. Hedge funds and other institutional investors own 10.45% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Barclays set a $48.00 price target on shares of Tenaris and gave the company an “overweight” rating in a report on Tuesday, May 6th. Sanford C. Bernstein began coverage on shares of Tenaris in a report on Monday. They set an “outperform” rating on the stock. Morgan Stanley lowered 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. Stifel Nicolaus cut their target price on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Finally, BNP Paribas started coverage on shares of Tenaris in a research note on Tuesday, April 22nd. They set an “outperform” rating for the company. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $44.00.

Tenaris Stock Performance

TS stock opened at $38.86 on Thursday. The firm has a market cap of $22.59 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 2.85 and a beta of 1.29. The firm has a 50-day simple moving average of $35.97 and a two-hundred day simple moving average of $36.42. Tenaris S.A. has a one year low of $27.24 and a one year high of $40.87.

Tenaris (NYSE:TS) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share for the quarter, beating 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 business had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same quarter in the previous year, the business earned $1.27 EPS. The company’s quarterly revenue was down 15.1% compared to the same quarter last year. As a group, equities analysts predict that Tenaris S.A. will post 3.14 earnings per share for the current fiscal year.

Tenaris announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 27th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the industrial products company to buy up to 6.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

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.