Park Avenue Securities LLC purchased a new position in shares of Tenaris S.A. (NYSE:TS – Get Rating) in the third quarter, Holdings Channel.com reports. The firm purchased 10,147 shares of the industrial products company’s stock, valued at approximately $262,000.
A number of other institutional investors also recently bought and sold shares of TS. Arrowstreet Capital Limited Partnership lifted its holdings in Tenaris by 3,518.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,523,751 shares of the industrial products company’s stock worth $45,819,000 after buying an additional 1,481,638 shares during the last quarter. Pendal Group Ltd increased its position in shares of Tenaris by 5.8% during the second quarter. Pendal Group Ltd now owns 22,601,427 shares of the industrial products company’s stock worth $356,759,000 after purchasing an additional 1,231,882 shares in the last quarter. FMR LLC increased its position in shares of Tenaris by 24.5% during the second quarter. FMR LLC now owns 3,474,463 shares of the industrial products company’s stock worth $89,260,000 after purchasing an additional 683,274 shares in the last quarter. Bank of America Corp DE increased its position in shares of Tenaris by 700.3% during the first quarter. Bank of America Corp DE now owns 504,572 shares of the industrial products company’s stock worth $15,173,000 after purchasing an additional 441,528 shares in the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich increased its position in shares of Tenaris by 161.0% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 538,785 shares of the industrial products company’s stock worth $13,841,000 after purchasing an additional 332,385 shares in the last quarter. 12.15% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
TS has been the topic of a number of research analyst reports. Piper Sandler lifted their target price on Tenaris from $33.00 to $45.00 and gave the stock an “overweight” rating in a research report on Friday, November 18th. Grupo Santander cut Tenaris from an “outperform” rating to a “neutral” rating in a research report on Monday, November 28th. Morgan Stanley boosted their price target on Tenaris from $35.00 to $42.00 and gave the company an “overweight” rating in a research report on Wednesday, January 4th. Stifel Nicolaus upgraded Tenaris from a “hold” rating to a “buy” rating and boosted their price target for the company from $30.00 to $38.00 in a research report on Thursday, October 13th. Finally, JPMorgan Chase & Co. boosted their price target on Tenaris from $45.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, November 15th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $34.08.
Tenaris Trading Down 2.1 %
Tenaris (NYSE:TS – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The industrial products company reported $1.03 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.01). The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Tenaris had a return on equity of 16.63% and a net margin of 20.75%. On average, sell-side analysts predict that Tenaris S.A. will post 4.39 EPS for the current year.
Tenaris Increases Dividend
The company also recently declared a dividend, which was paid on Wednesday, November 23rd. Stockholders of record on Tuesday, November 22nd were paid a dividend of $0.34 per share. This is a positive change from Tenaris’s previous dividend of $0.26. The ex-dividend date of this dividend was Monday, November 21st. Tenaris’s payout ratio is 18.94%.
Tenaris SA, together with 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 steel casings, tubing products, mechanical and structural pipes, cold-drawn pipes, and premium joints and couplings; coiled tubing products for oil and gas drilling and workovers, and subsea pipelines; and umbilical tubing products; and tubular accessories.
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