Invesco Ltd. Has $2.81 Million Holdings in Tenaris S.A. $TS

Invesco Ltd. trimmed its holdings in shares of Tenaris S.A. (NYSE:TS) by 13.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,791 shares of the industrial products company’s stock after selling 11,318 shares during the quarter. Invesco Ltd.’s holdings in Tenaris were worth $2,808,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Encompass Capital Advisors LLC bought a new stake in shares of Tenaris during the 4th quarter worth about $41,569,000. Millennium Management LLC grew its holdings in Tenaris by 38.2% during the fourth quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock valued at $106,444,000 after purchasing an additional 778,021 shares during the last quarter. Merewether Investment Management LP bought a new position in shares of Tenaris in the fourth quarter valued at approximately $20,271,000. Freestone Grove Partners LP acquired a new position in Tenaris during the 4th quarter worth $16,486,000. Finally, Capstone Investment Advisors LLC acquired a new stake in Tenaris in the 4th quarter valued at approximately $10,671,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TS. Barclays decreased their price target on shares of Tenaris from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 7th. Wall Street Zen cut Tenaris from a “buy” rating to a “hold” rating in a report on Sunday, July 13th. Sanford C. Bernstein initiated coverage on Tenaris in a research report on Monday, July 21st. They issued an “outperform” rating for the company. Morgan Stanley lowered their price objective on Tenaris from $35.00 to $34.00 and set an “underweight” rating on the stock in a research report on Friday, May 16th. Finally, Piper Sandler cut their target price on Tenaris from $50.00 to $48.00 and set an “overweight” rating for the company in a research note on Thursday, August 14th. Six research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $43.20.

Tenaris Stock Performance

TS opened at $36.20 on Friday. The firm has a market cap of $21.04 billion, a price-to-earnings ratio of 9.84, a PEG ratio of 2.74 and a beta of 1.34. The firm’s 50-day simple moving average is $36.76 and its 200-day simple moving average is $35.96. Tenaris S.A. has a twelve month low of $27.59 and a twelve month high of $40.87.

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

Tenaris announced that its board has approved a share buyback program on Tuesday, May 27th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the industrial products company to repurchase up to 6.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

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.