Virtu Financial LLC cut its position in shares of Tenaris S.A. (NYSE:TS) by 20.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,750 shares of the industrial products company’s stock after selling 1,685 shares during the period. Virtu Financial LLC’s holdings in Tenaris were worth $210,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the stock. Van ECK Associates Corp raised its stake in shares of Tenaris by 0.4% in the first quarter. Van ECK Associates Corp now owns 3,584,733 shares of the industrial products company’s stock worth $122,383,000 after buying an additional 15,672 shares during the period. Ruffer LLP raised its stake in Tenaris by 20.4% in the first quarter. Ruffer LLP now owns 3,137,174 shares of the industrial products company’s stock valued at $104,916,000 after buying an additional 532,168 shares during the last quarter. Wellington Management Group LLP raised its stake in Tenaris by 6.1% in the first quarter. Wellington Management Group LLP now owns 2,717,620 shares of the industrial products company’s stock valued at $92,779,000 after buying an additional 155,257 shares during the last quarter. Wells Fargo & Company MN raised its stake in Tenaris by 95.8% in the first quarter. Wells Fargo & Company MN now owns 1,548,753 shares of the industrial products company’s stock valued at $52,875,000 after buying an additional 757,748 shares during the last quarter. Finally, MARSHALL WACE ASIA Ltd bought a new stake in Tenaris during the first quarter valued at about $47,489,000. Institutional investors own 18.67% of the company’s stock.
Tenaris S.A. (NYSE:TS) traded down 0.67% during trading on Tuesday, hitting $28.13. The stock had a trading volume of 2,604,389 shares. Tenaris S.A. has a 1-year low of $25.19 and a 1-year high of $37.21. The firm has a 50 day moving average price of $31.14 and a 200-day moving average price of $32.35. The firm has a market capitalization of $16.60 billion, a PE ratio of 68.61 and a beta of 0.63.
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Several analysts recently issued reports on TS shares. Zacks Investment Research upgraded Tenaris from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a report on Tuesday, July 18th. Cowen and Company set a $28.00 price target on Tenaris and gave the stock a “hold” rating in a research report on Friday. BidaskClub raised Tenaris from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Simmons reissued an “overweight” rating and set a $35.50 price target (down previously from $39.00) on shares of Tenaris in a research report on Wednesday, June 21st. Finally, Morgan Stanley lowered their price target on Tenaris from $44.00 to $38.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 21st. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $35.35.
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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