Tenaris S.A. (NYSE:TS) Stock Holdings Lessened by Ruffer LLP

Ruffer LLP cut its position in Tenaris S.A. (NYSE:TS) by 65.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,349 shares of the industrial products company’s stock after selling 114,317 shares during the quarter. Ruffer LLP’s holdings in Tenaris were worth $2,321,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of TS. Headlands Technologies LLC acquired a new position in Tenaris during the 4th quarter valued at about $42,000. ExodusPoint Capital Management LP acquired a new position in Tenaris during the 4th quarter valued at about $5,691,000. Russell Investments Group Ltd. increased its stake in Tenaris by 60.7% during the 4th quarter. Russell Investments Group Ltd. now owns 3,289 shares of the industrial products company’s stock valued at $124,000 after buying an additional 1,242 shares during the period. Quadrant Capital Group LLC increased its stake in Tenaris by 6.9% during the 4th quarter. Quadrant Capital Group LLC now owns 10,629 shares of the industrial products company’s stock valued at $402,000 after buying an additional 683 shares during the period. Finally, Cerity Partners LLC increased its stake in Tenaris by 7.4% during the 4th quarter. Cerity Partners LLC now owns 26,818 shares of the industrial products company’s stock valued at $956,000 after buying an additional 1,851 shares during the period. 10.45% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Barclays set a $48.00 price objective on shares of Tenaris and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. Sanford C. Bernstein assumed coverage on shares of Tenaris in a research note on Monday, July 21st. They issued an “outperform” rating on the stock. Stifel Nicolaus lowered their price objective on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. BNP Paribas assumed coverage on shares of Tenaris in a research note on Tuesday, April 22nd. They issued an “outperform” rating on the stock. Finally, Morgan Stanley lowered their price objective on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating on the stock in a research note on Friday, May 16th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $44.00.

Tenaris Price Performance

Tenaris stock opened at $34.62 on Monday. The firm’s 50 day simple moving average is $36.48 and its 200-day simple moving average is $36.30. The company has a market cap of $20.13 billion, a P/E ratio of 9.41, a price-to-earnings-growth ratio of 2.62 and a beta of 1.34. Tenaris S.A. has a fifty-two week low of $27.24 and a fifty-two week high of $40.87.

Tenaris (NYSE:TS) last announced its quarterly earnings data on Wednesday, July 30th. The industrial products company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.11. Tenaris had a net margin of 17.02% and a return on equity of 11.71%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the firm posted $0.59 earnings per share. The firm’s revenue was down 7.1% on a year-over-year basis. On average, analysts expect that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

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