Tenaris SA (NYSE:TS) Short Interest Down 37.7% in October

Tenaris SA (NYSE:TS) was the target of a significant decrease in short interest during the month of October. As of October 15th, there was short interest totalling 5,520,000 shares, a decrease of 37.7% from the September 15th total of 8,860,000 shares. Based on an average trading volume of 2,840,000 shares, the days-to-cover ratio is presently 1.9 days. Approximately 0.9% of the company’s shares are short sold.

A number of analysts have commented on the stock. Morgan Stanley cut their price target on shares of Tenaris from $33.00 to $29.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 8th. ValuEngine raised shares of Tenaris from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Barclays set a $33.00 price target on shares of Tenaris and gave the company a “buy” rating in a research report on Friday, August 2nd. Wolfe Research raised shares of Tenaris from a “peer perform” rating to an “outperform” rating and set a $28.00 price target on the stock in a research report on Wednesday, August 21st. Finally, Zacks Investment Research cut shares of Tenaris from a “hold” rating to a “sell” rating in a research report on Saturday, October 5th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $29.76.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantamental Technologies LLC bought a new position in Tenaris in the 2nd quarter valued at about $97,000. Royal Bank of Canada lifted its position in Tenaris by 94.1% in the 2nd quarter. Royal Bank of Canada now owns 4,922 shares of the industrial products company’s stock valued at $130,000 after acquiring an additional 2,386 shares in the last quarter. Rehmann Capital Advisory Group lifted its position in Tenaris by 9.5% in the 2nd quarter. Rehmann Capital Advisory Group now owns 5,325 shares of the industrial products company’s stock valued at $140,000 after acquiring an additional 464 shares in the last quarter. First Trust Advisors LP bought a new position in Tenaris in the 1st quarter valued at about $219,000. Finally, United Capital Financial Advisers LLC bought a new position in Tenaris in the 2nd quarter valued at about $222,000. 14.05% of the stock is currently owned by institutional investors and hedge funds.

Shares of TS stock traded up $0.38 on Monday, reaching $21.10. 3,163,900 shares of the company were exchanged, compared to its average volume of 2,338,564. The company has a market cap of $12.19 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 1.45 and a beta of 1.15. The company has a 50-day moving average of $21.21 and a 200-day moving average of $24.27. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.94 and a quick ratio of 1.70. Tenaris has a one year low of $19.95 and a one year high of $31.03.

Tenaris (NYSE:TS) last released its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.06. The company had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Tenaris had a net margin of 12.28% and a return on equity of 7.97%. As a group, sell-side analysts predict that Tenaris will post 1.46 EPS for the current year.

Tenaris Company Profile

Tenaris SA, through its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers products for oil and gas drilling operations, such as casing and tubing products, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn seamless tubes, perforating guns, tubular accessories, and non-tubular accessories and devices.

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