Goldman Sachs Group Inc. cut its position in Tenaris S.A. (NYSE:TS) by 1.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,308,399 shares of the industrial products company’s stock after selling 25,485 shares during the period. Goldman Sachs Group Inc. owned 0.22% of Tenaris worth $40,744,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in TS. Harding Loevner LP grew its position in Tenaris by 2.0% in the second quarter. Harding Loevner LP now owns 14,598,727 shares of the industrial products company’s stock valued at $454,604,000 after purchasing an additional 281,911 shares in the last quarter. Renaissance Technologies LLC bought a new position in Tenaris in the first quarter valued at $32,539,000. Global X Management Co. LLC grew its position in Tenaris by 14.0% in the second quarter. Global X Management Co. LLC now owns 791,075 shares of the industrial products company’s stock valued at $24,634,000 after purchasing an additional 96,947 shares in the last quarter. Calamos Advisors LLC lifted its stake in Tenaris by 20.7% in the second quarter. Calamos Advisors LLC now owns 514,008 shares of the industrial products company’s stock valued at $16,006,000 after acquiring an additional 88,154 shares during the last quarter. Finally, Credit Suisse AG lifted its stake in Tenaris by 341.0% in the first quarter. Credit Suisse AG now owns 348,612 shares of the industrial products company’s stock valued at $11,902,000 after acquiring an additional 269,568 shares during the last quarter. Institutional investors and hedge funds own 15.98% of the company’s stock.
Tenaris S.A. (NYSE TS) opened at 26.94 on Wednesday. Tenaris S.A. has a 12 month low of $26.48 and a 12 month high of $37.21. The firm has a market cap of $15.90 billion, a P/E ratio of 48.11 and a beta of 0.66. The stock has a 50 day moving average of $27.97 and a 200-day moving average of $30.23.
A number of brokerages have commented on TS. Zacks Investment Research upgraded shares of Tenaris from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a research note on Tuesday, July 18th. BidaskClub upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Cowen and Company restated a “hold” rating and set a $30.00 target price on shares of Tenaris in a research note on Tuesday, July 11th. Simmons restated an “overweight” rating and set a $35.50 target price (down previously from $39.00) on shares of Tenaris in a research note on Wednesday, June 21st. Finally, Morgan Stanley cut their target price on shares of Tenaris from $44.00 to $38.00 and set an “overweight” rating for the company in a research note on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $35.35.
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Tenaris SA is a holding company, which is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala. The Company supplies round steel bars and flat steel products for its pipes business. It operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that include in the transformation of steel into tubular products.
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