Tenaris S.A. (NYSE:TS) Shares Sold by Millennium Management LLC

Millennium Management LLC lessened its holdings in shares of Tenaris S.A. (NYSE:TS) by 79.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 405,103 shares of the industrial products company’s stock after selling 1,606,807 shares during the quarter. Millennium Management LLC owned 0.07% of Tenaris worth $12,364,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. AQR Capital Management LLC grew its position in shares of Tenaris by 8.8% in the 2nd quarter. AQR Capital Management LLC now owns 20,563 shares of the industrial products company’s stock worth $628,000 after acquiring an additional 1,656 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Tenaris in the 2nd quarter worth approximately $629,000. Squarepoint Ops LLC grew its position in shares of Tenaris by 106.0% in the 2nd quarter. Squarepoint Ops LLC now owns 108,315 shares of the industrial products company’s stock worth $3,306,000 after acquiring an additional 55,747 shares in the last quarter. Cubist Systematic Strategies LLC grew its position in shares of Tenaris by 69.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 482,376 shares of the industrial products company’s stock worth $14,722,000 after acquiring an additional 198,128 shares in the last quarter. Finally, Appian Way Asset Management LP acquired a new position in shares of Tenaris in the 2nd quarter worth approximately $2,468,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

Tenaris Price Performance

NYSE:TS opened at $32.39 on Tuesday. The business has a 50 day simple moving average of $29.27 and a 200 day simple moving average of $32.48. The firm has a market capitalization of $18.83 billion, a P/E ratio of 5.40 and a beta of 1.43. Tenaris S.A. has a 12-month low of $27.24 and a 12-month high of $40.72.

Tenaris (NYSE:TS) last announced its earnings results on Wednesday, July 31st. The industrial products company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.38). The business had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $170.13 million. Tenaris had a net margin of 20.41% and a return on equity of 16.12%. The firm’s revenue was down 18.5% on a year-over-year basis. During the same period in the previous year, the firm earned $1.90 EPS. Research analysts anticipate that Tenaris S.A. will post 3.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TS shares. Stifel Nicolaus decreased their target price on Tenaris from $42.00 to $37.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Piper Sandler reduced their price objective on Tenaris from $43.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Finally, StockNews.com lowered Tenaris from a “buy” rating to a “hold” rating in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $39.00.

About Tenaris

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.