Tenaris (NYSE:TS) Downgraded by Morgan Stanley

Tenaris (NYSE:TS) was downgraded by stock analysts at Morgan Stanley from an “overweight” rating to an “underweight” rating in a research note issued on Thursday, Marketbeat reports. They presently have a $40.00 target price on the industrial products company’s stock. Morgan Stanley’s target price points to a potential upside of 4.99% from the company’s current price.

A number of other brokerages also recently commented on TS. Bank of America initiated coverage on shares of Tenaris in a research report on Tuesday, January 16th. They issued a “neutral” rating on the stock. Jefferies Financial Group cut shares of Tenaris from a “buy” rating to a “hold” rating in a report on Thursday, January 4th.

Tenaris Stock Up 0.1 %

Shares of TS opened at $38.10 on Thursday. Tenaris has a fifty-two week low of $24.69 and a fifty-two week high of $40.72. The firm’s 50 day moving average price is $37.05 and its 200 day moving average price is $34.57. The company has a market cap of $22.49 billion, a P/E ratio of 5.74, a PEG ratio of 3.29 and a beta of 1.47.

Tenaris (NYSE:TS) last announced its quarterly earnings data on Wednesday, February 21st. The industrial products company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.89. Tenaris had a net margin of 26.35% and a return on equity of 24.33%. The company had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.08 billion. Research analysts forecast that Tenaris will post 4.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TS. Bank of New York Mellon Corp boosted its holdings in shares of Tenaris by 18.4% in the 1st quarter. Bank of New York Mellon Corp now owns 20,773 shares of the industrial products company’s stock valued at $625,000 after buying an additional 3,230 shares in the last quarter. American Century Companies Inc. acquired a new stake in Tenaris during the 1st quarter worth $236,000. Citigroup Inc. boosted its stake in Tenaris by 65.9% during the 1st quarter. Citigroup Inc. now owns 5,236 shares of the industrial products company’s stock worth $157,000 after purchasing an additional 2,080 shares during the period. Yousif Capital Management LLC acquired a new stake in Tenaris during the 1st quarter worth $275,000. Finally, Cibc World Market Inc. acquired a new stake in Tenaris during the 1st quarter worth $1,542,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

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.