Russell Investments Group Ltd. Boosts Stake in Tenaris S.A. $TS

Russell Investments Group Ltd. lifted its holdings in shares of Tenaris S.A. (NYSE:TS) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,636 shares of the industrial products company’s stock after acquiring an additional 347 shares during the quarter. Russell Investments Group Ltd.’s holdings in Tenaris were worth $142,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Tenaris by 12.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 30,219 shares of the industrial products company’s stock valued at $1,182,000 after buying an additional 3,273 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake 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 valued at $316,000 after buying an additional 308 shares during the last quarter. Harbour Investments Inc. purchased a new position in shares of Tenaris during the 1st quarter valued at approximately $39,000. Knights of Columbus Asset Advisors LLC acquired a new position in Tenaris during the 1st quarter worth $121,000. Finally, Assetmark Inc. grew its holdings in Tenaris by 1.5% during the 1st quarter. Assetmark Inc. now owns 449,838 shares of the industrial products company’s stock worth $17,593,000 after acquiring an additional 6,653 shares in the last quarter. Hedge funds and other institutional investors own 10.45% of the company’s stock.

Tenaris Stock Performance

NYSE TS opened at $35.57 on Wednesday. Tenaris S.A. has a one year low of $27.59 and a one year high of $40.87. The company has a 50-day simple moving average of $36.77 and a 200-day simple moving average of $35.90. The firm has a market capitalization of $20.68 billion, a PE ratio of 9.67, a price-to-earnings-growth ratio of 2.72 and a beta of 1.39.

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

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

Wall Street Analysts Forecast Growth

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

Tenaris Company 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.