PNC Financial Services Group Inc. Decreases Stock Holdings in Tenaris S.A. (NYSE:TS)

PNC Financial Services Group Inc. lowered its stake in Tenaris S.A. (NYSE:TS) by 3.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,818 shares of the industrial products company’s stock after selling 430 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tenaris were worth $411,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Balyasny Asset Management L.P. grew its holdings in shares of Tenaris by 91.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 2,576,096 shares of the industrial products company’s stock worth $89,545,000 after acquiring an additional 1,228,287 shares during the period. TT International Asset Management LTD bought a new stake in shares of Tenaris during the 4th quarter valued at about $19,155,000. Kiltearn Partners LLP purchased a new stake in shares of Tenaris during the 4th quarter valued at about $17,255,000. Wellington Management Group LLP lifted its stake in shares of Tenaris by 101.5% in the 3rd quarter. Wellington Management Group LLP now owns 877,305 shares of the industrial products company’s stock worth $27,723,000 after purchasing an additional 442,016 shares during the period. Finally, KGH Ltd purchased a new position in shares of Tenaris in the third quarter worth approximately $10,270,000. Institutional investors own 10.45% of the company’s stock.

Tenaris Price Performance

Shares of TS stock opened at $30.53 on Friday. Tenaris S.A. has a one year low of $28.74 and a one year high of $40.72. The company’s fifty day moving average price is $33.22 and its 200-day moving average price is $34.62. The company has a market capitalization of $17.75 billion, a price-to-earnings ratio of 5.09, a PEG ratio of 0.28 and a beta of 1.48.

Tenaris (NYSE:TS) last posted its quarterly earnings results on Thursday, April 25th. The industrial products company reported $1.27 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.23. Tenaris had a return on equity of 21.11% and a net margin of 24.89%. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.34 billion. Equities research analysts expect that Tenaris S.A. will post 3.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Piper Sandler decreased their price target on shares of Tenaris from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Monday, May 6th. Morgan Stanley downgraded Tenaris from an “overweight” rating to an “underweight” rating and set a $40.00 target price on the stock. in a research report on Thursday, April 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $41.50.

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.