Tenaris (NYSE:TS) Cut to Hold at Kepler Capital Markets

Kepler Capital Markets downgraded shares of Tenaris (NYSE:TS) from a buy rating to a hold rating in a research note published on Friday, Marketbeat Ratings reports.

Several other brokerages have also issued reports on TS. Piper Sandler initiated coverage on Tenaris in a research report on Thursday, December 19th. They set an “overweight” rating and a $48.00 target price on the stock. Stifel Nicolaus decreased their price objective on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Jefferies Financial Group upgraded shares of Tenaris from a “hold” rating to a “buy” rating and lifted their target price for the stock from $35.00 to $47.00 in a research note on Monday, December 9th. Finally, StockNews.com upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.75.

Tenaris Price Performance

Shares of NYSE TS opened at $38.62 on Friday. Tenaris has a 1-year low of $27.24 and a 1-year high of $40.72. The business has a fifty day moving average price of $37.97 and a 200 day moving average price of $33.20. The stock has a market capitalization of $22.45 billion, a P/E ratio of 8.41 and a beta of 1.45.

Tenaris Cuts Dividend

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

Hedge Funds Weigh In On Tenaris

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Tenaris by 21.3% during the third 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 last quarter. Wellington Management Group LLP boosted its holdings in shares of Tenaris by 187.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,546,184 shares of the industrial products company’s stock worth $80,943,000 after purchasing an additional 1,660,300 shares during the last quarter. Point72 Asset Management L.P. grew its position in shares of Tenaris by 102.5% in the third quarter. Point72 Asset Management L.P. now owns 1,050,552 shares of the industrial products company’s stock valued at $33,397,000 after purchasing an additional 531,860 shares in the last quarter. Holocene Advisors LP acquired a new stake in shares of Tenaris in the 3rd quarter worth $21,454,000. Finally, Mediolanum International Funds Ltd purchased a new stake in shares of Tenaris in the 3rd quarter valued at approximately $17,129,000. 10.45% of the stock is owned by hedge funds and other institutional investors.

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.