Y Intercept Hong Kong Ltd Buys Shares of 21,291 Tenaris S.A. (NYSE:TS)

Y Intercept Hong Kong Ltd bought a new stake in shares of Tenaris S.A. (NYSE:TS) in the first quarter, Holdings Channel.com reports. The firm bought 21,291 shares of the industrial products company’s stock, valued at approximately $833,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TS. Encompass Capital Advisors LLC acquired a new position in Tenaris during the 4th quarter valued at about $41,569,000. Millennium Management LLC boosted its stake in Tenaris by 38.2% during the 4th quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock valued at $106,444,000 after purchasing an additional 778,021 shares during the period. Merewether Investment Management LP acquired a new position in Tenaris during the 4th quarter valued at about $20,271,000. Freestone Grove Partners LP acquired a new position in Tenaris during the 4th quarter valued at about $16,486,000. Finally, Marshall Wace LLP acquired a new position in Tenaris during the 4th quarter valued at about $16,177,000. 10.45% of the stock is owned by institutional investors and hedge funds.

Tenaris Price Performance

NYSE TS opened at $38.05 on Friday. The company’s 50 day simple moving average is $36.12 and its 200 day simple moving average is $36.41. Tenaris S.A. has a 12 month low of $27.24 and a 12 month high of $40.87. The company has a market capitalization of $22.12 billion, a P/E ratio of 11.60, a PEG ratio of 2.87 and a beta of 1.29.

Tenaris (NYSE:TS) last released its earnings results on Wednesday, April 30th. The industrial products company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.80 by $0.14. Tenaris had a net margin of 15.05% and a return on equity of 10.54%. The business had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period in the previous year, the firm earned $1.27 EPS. The business’s revenue for the quarter was down 15.1% on a year-over-year basis. On average, analysts anticipate 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 allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

TS has been the subject of a number of analyst reports. Barclays set a $48.00 target price on shares of Tenaris and gave the company an “overweight” rating in a research note on Tuesday, May 6th. BNP Paribas began coverage on shares of Tenaris in a research report on Tuesday, April 22nd. They set an “outperform” rating on the stock. Sanford C. Bernstein began coverage on shares of Tenaris in a research report on Monday, July 21st. They set an “outperform” rating on the stock. Morgan Stanley dropped their price target on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating on the stock in a research report on Friday, May 16th. Finally, Stifel Nicolaus dropped their price target on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $44.00.

Tenaris 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.