Ashton Thomas Private Wealth LLC Purchases 5,463 Shares of Tenaris S.A. $TS

Ashton Thomas Private Wealth LLC increased its position in shares of Tenaris S.A. (NYSE:TS) by 23.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,431 shares of the industrial products company’s stock after purchasing an additional 5,463 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Tenaris were worth $1,112,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in TS. Millennium Management LLC increased its holdings in shares of Tenaris by 38.2% during the fourth quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock worth $106,444,000 after buying an additional 778,021 shares in the last quarter. Alua Capital Management LP bought a new stake in Tenaris during the 1st quarter worth approximately $93,370,000. Encompass Capital Advisors LLC increased its holdings in Tenaris by 90.7% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,097,540 shares of the industrial products company’s stock valued at $82,035,000 after purchasing an additional 997,540 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in Tenaris by 47.0% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 754,994 shares of the industrial products company’s stock valued at $29,528,000 after purchasing an additional 241,290 shares during the last quarter. Finally, Northern Trust Corp raised its position in Tenaris by 109.6% in the 1st quarter. Northern Trust Corp now owns 462,542 shares of the industrial products company’s stock valued at $18,090,000 after purchasing an additional 241,853 shares during the last quarter. 10.45% of the stock is owned by institutional investors.

Tenaris Trading Up 1.3%

Tenaris stock opened at $35.54 on Thursday. The company has a market cap of $20.66 billion, a PE ratio of 9.66, a PEG ratio of 2.65 and a beta of 1.39. Tenaris S.A. has a 1 year low of $27.59 and a 1 year high of $40.87. The company’s 50-day moving average is $36.56 and its two-hundred day moving average is $35.78.

Tenaris (NYSE:TS) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.88 by $0.11. The company had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3 billion. Tenaris had a net margin of 17.02% and a return on equity of 11.71%. Tenaris’s revenue was down 7.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.59 EPS. Research analysts forecast that Tenaris S.A. will post 3.14 EPS for the current year.

Tenaris declared that its board has authorized a share buyback plan on Tuesday, May 27th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 6.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several brokerages have recently commented on TS. Barclays decreased their target price on Tenaris from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 7th. Sanford C. Bernstein began coverage on shares of Tenaris in a report on Monday, July 21st. They set an “outperform” rating on the stock. Morgan Stanley dropped their target price on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating for the company in a research note on Friday, May 16th. Wall Street Zen lowered shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Sunday, July 13th. Finally, Piper Sandler lowered their price target on shares of Tenaris from $50.00 to $48.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $43.20.

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.