Royal Bank of Canada Sells 59,162 Shares of Tenaris S.A. $TS

Royal Bank of Canada cut its stake in shares of Tenaris S.A. (NYSE:TS) by 85.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,695 shares of the industrial products company’s stock after selling 59,162 shares during the period. Royal Bank of Canada’s holdings in Tenaris were worth $564,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantinno Capital Management LP boosted its stake in shares of Tenaris by 20.9% in the 1st quarter. Quantinno Capital Management LP now owns 146,347 shares of the industrial products company’s stock worth $8,514,000 after buying an additional 25,271 shares during the last quarter. Lazard Asset Management LLC grew its holdings in shares of Tenaris by 0.5% in the first quarter. Lazard Asset Management LLC now owns 58,252 shares of the industrial products company’s stock worth $3,389,000 after acquiring an additional 284 shares during the period. Renaissance Technologies LLC increased its position in Tenaris by 7.9% during the first quarter. Renaissance Technologies LLC now owns 3,199,744 shares of the industrial products company’s stock valued at $186,161,000 after acquiring an additional 235,400 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Tenaris during the first quarter valued at $711,000. Finally, Sei Investments Co. lifted its holdings in Tenaris by 32.1% in the first quarter. Sei Investments Co. now owns 26,728 shares of the industrial products company’s stock valued at $1,555,000 after acquiring an additional 6,496 shares during the period. 10.45% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wall Street Zen cut Tenaris from a “buy” rating to a “hold” rating in a research report on Saturday, August 15th. Piper Sandler upped their price target on shares of Tenaris from $56.00 to $60.00 and gave the company a “neutral” rating in a research report on Monday, May 18th. TD Cowen increased their price objective on shares of Tenaris from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Weiss Ratings downgraded shares of Tenaris from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, August 7th. Finally, Morgan Stanley cut their target price on shares of Tenaris from $65.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday. Four research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Tenaris has an average rating of “Hold” and an average target price of $62.45.

Tenaris Stock Performance

Shares of Tenaris stock opened at $53.44 on Tuesday. The stock has a market cap of $28.64 billion, a P/E ratio of 14.29, a P/E/G ratio of 1.26 and a beta of 0.85. The stock’s fifty day moving average is $55.62 and its 200 day moving average is $56.92. Tenaris S.A. has a one year low of $33.65 and a one year high of $64.60.

Tenaris (NYSE:TS) last issued its quarterly earnings results on Wednesday, August 5th. The industrial products company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.16. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Tenaris had a return on equity of 11.14% and a net margin of 15.88%.The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.50 earnings per share. Analysts predict that Tenaris S.A. will post 3.71 EPS for the current year.

About Tenaris

Tenaris SA is a global manufacturer and supplier of steel tubular products and related services, primarily serving the oil and gas industry as well as other energy and industrial markets. Its product portfolio centers on seamless and welded steel pipes used for casing, tubing and line pipe applications, alongside a range of specialty and mechanical steel tubes. The company also provides value‑added technical solutions, including premium connections, heat treatment and surface protection, to support drilling, completion and production activities.

Tenaris operates an integrated industrial and commercial network that combines manufacturing, distribution and field services.