SVB Wealth LLC Takes $86,000 Position in Tenaris S.A. $TS

SVB Wealth LLC purchased a new position in Tenaris S.A. (NYSE:TS) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 2,188 shares of the industrial products company’s stock, valued at approximately $86,000.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on TS. Morgan Stanley dropped their target price on Tenaris from $35.00 to $34.00 and set an “underweight” rating on the stock in a report on Friday, May 16th. Barclays lowered their price target on Tenaris from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, August 7th. Piper Sandler cut their price objective on shares of Tenaris from $50.00 to $48.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th. Wall Street Zen lowered shares of Tenaris from a “buy” rating to a “hold” rating in a research note on Sunday, July 13th. Finally, 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. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $43.20.

Tenaris Stock Performance

Shares of NYSE:TS opened at $36.1250 on Tuesday. The firm has a market cap of $21.00 billion, a price-to-earnings ratio of 9.82, a price-to-earnings-growth ratio of 2.75 and a beta of 1.34. The business has a 50-day simple moving average of $36.79 and a two-hundred day simple moving average of $36.00. Tenaris S.A. has a fifty-two week low of $27.59 and a fifty-two week 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 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 quarter last year, the firm posted $0.59 EPS. The business’s quarterly revenue was down 7.1% compared to the same quarter last year. As a group, research analysts predict that Tenaris S.A. will post 3.14 earnings per share for the current year.

Tenaris announced that its board has approved a share 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 generally an indication that the company’s management believes its stock is undervalued.

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.