Squarepoint Ops LLC Sells 1,716 Shares of Tenaris S.A. (NYSE:TS)

Squarepoint Ops LLC lowered its stake in Tenaris S.A. (NYSE:TS) by 4.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,025 shares of the industrial products company’s stock after selling 1,716 shares during the quarter. Squarepoint Ops LLC’s holdings in Tenaris were worth $1,324,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in TS. Capital Insight Partners LLC lifted its holdings in shares of Tenaris by 3.8% in the fourth quarter. Capital Insight Partners LLC now owns 116,507 shares of the industrial products company’s stock worth $4,403,000 after acquiring an additional 4,230 shares during the last quarter. ABC Arbitrage SA acquired a new position in shares of Tenaris in the fourth quarter valued at approximately $31,581,000. Bank of New York Mellon Corp increased its stake in shares of Tenaris by 26.9% in the fourth quarter. Bank of New York Mellon Corp now owns 12,846 shares of the industrial products company’s stock valued at $485,000 after buying an additional 2,726 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Tenaris in the fourth quarter valued at approximately $968,000. Finally, US Bancorp DE increased its stake in shares of Tenaris by 7.5% in the fourth quarter. US Bancorp DE now owns 15,120 shares of the industrial products company’s stock valued at $571,000 after buying an additional 1,061 shares during the period. Institutional investors own 10.45% of the company’s stock.

Analyst Upgrades and Downgrades

TS has been the subject of several recent research reports. Wall Street Zen raised Tenaris from a “hold” rating to a “buy” rating in a research note on Monday, May 5th. Morgan Stanley lowered their price objective on Tenaris from $35.00 to $34.00 and set an “underweight” rating for the company in a research note on Friday, May 16th. Piper Sandler upped their price objective on Tenaris from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 25th. Stifel Nicolaus lowered their price objective on Tenaris from $43.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Finally, BNP Paribas assumed coverage on shares of Tenaris in a research report on Tuesday, April 22nd. They set an “outperform” rating for the company. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tenaris has an average rating of “Hold” and an average price target of $44.00.

Tenaris Stock Performance

NYSE:TS opened at $33.49 on Friday. The company has a market capitalization of $19.47 billion, a PE ratio of 9.28 and a beta of 1.27. The company has a 50 day simple moving average of $33.91 and a two-hundred day simple moving average of $36.68. Tenaris S.A. has a fifty-two week low of $27.24 and a fifty-two week high of $40.87.

Tenaris (NYSE:TS) last posted its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.14. The firm had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.88 billion. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. The company’s revenue for the quarter was down 15.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.27 EPS. Research analysts predict that Tenaris S.A. will post 3.14 EPS for the current year.

Tenaris declared that its board has initiated a share repurchase 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 a sign that the company’s board 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.