HighTower Advisors LLC Cuts Stake in Tenaris S.A. (NYSE:TS)

HighTower Advisors LLC decreased its stake in Tenaris S.A. (NYSE:TS) by 15.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,310 shares of the industrial products company’s stock after selling 2,948 shares during the period. HighTower Advisors LLC’s holdings in Tenaris were worth $520,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of TS. FMR LLC boosted its holdings in Tenaris by 21.3% in the 3rd quarter. FMR LLC now owns 3,503,644 shares of the industrial products company’s stock worth $111,381,000 after acquiring an additional 614,884 shares during the period. Van ECK Associates Corp lifted its position in shares of Tenaris by 10.9% during the second quarter. Van ECK Associates Corp now owns 3,183,299 shares of the industrial products company’s stock worth $97,154,000 after purchasing an additional 313,185 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Tenaris by 46.2% in the second quarter. Renaissance Technologies LLC now owns 2,592,044 shares of the industrial products company’s stock valued at $79,109,000 after purchasing an additional 819,500 shares during the period. Holocene Advisors LP purchased a new stake in Tenaris during the 3rd quarter worth $21,454,000. Finally, Mediolanum International Funds Ltd purchased a new stake in Tenaris during the 3rd quarter worth $17,129,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

Tenaris Trading Up 0.8 %

Shares of TS opened at $37.19 on Friday. The firm has a market cap of $21.62 billion, a price-to-earnings ratio of 8.10 and a beta of 1.46. Tenaris S.A. has a 52 week low of $27.24 and a 52 week high of $40.72. The stock has a 50 day moving average of $35.85 and a 200-day moving average of $32.19.

Tenaris Cuts Dividend

The business also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, November 20th. Investors of record on Tuesday, November 19th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a yield of 3.6%. Tenaris’s dividend payout ratio is currently 23.53%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TS shares. Stifel Nicolaus lowered their target price on Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, October 11th. StockNews.com upgraded Tenaris from a “hold” rating to a “buy” rating in a report on Wednesday, November 27th. Jefferies Financial Group upgraded Tenaris from a “hold” rating to a “buy” rating and increased their target price for the company from $35.00 to $47.00 in a research note on Monday, December 9th. Finally, Piper Sandler began coverage on shares of Tenaris in a research note on Thursday. They issued an “overweight” rating and a $48.00 price target for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.75.

Tenaris 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.