JPMorgan Chase & Co. Reduces Holdings in Tenaris S.A. (NYSE:TS)

JPMorgan Chase & Co. trimmed its stake in Tenaris S.A. (NYSE:TS) by 63.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,130 shares of the industrial products company’s stock after selling 122,682 shares during the period. JPMorgan Chase & Co.’s holdings in Tenaris were worth $2,293,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Wilmington Savings Fund Society FSB purchased a new stake in shares of Tenaris in the 3rd quarter worth about $67,000. World Investment Advisors LLC purchased a new position in Tenaris during the 3rd quarter valued at about $2,200,000. Barclays PLC boosted its stake in Tenaris by 30,000.0% during the third quarter. Barclays PLC now owns 6,020 shares of the industrial products company’s stock worth $192,000 after acquiring an additional 6,000 shares in the last quarter. Wellington Management Group LLP boosted its stake in Tenaris by 187.4% during the third quarter. Wellington Management Group LLP now owns 2,546,184 shares of the industrial products company’s stock worth $80,943,000 after acquiring an additional 1,660,300 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in Tenaris by 22.7% in the third quarter. Quantinno Capital Management LP now owns 32,015 shares of the industrial products company’s stock worth $1,018,000 after purchasing an additional 5,927 shares during the period. 10.45% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TS has been the subject of several recent research reports. Jefferies Financial Group upgraded shares of Tenaris from a “hold” rating to a “buy” rating and lifted their target price for the company from $35.00 to $47.00 in a report on Monday, December 9th. Piper Sandler initiated coverage on shares of Tenaris in a report on Thursday, December 19th. They set an “overweight” rating and a $48.00 target price for the company. Kepler Capital Markets lowered shares of Tenaris from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Stifel Nicolaus lowered their target price on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a report on Friday, October 11th. Finally, StockNews.com upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a report on Friday, January 17th. One investment 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.75.

Tenaris Stock Up 1.4 %

Shares of TS opened at $39.20 on Wednesday. The company has a market capitalization of $22.79 billion, a P/E ratio of 8.54 and a beta of 1.45. The firm has a 50 day moving average of $37.99 and a 200 day moving average of $33.25. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.72.

Tenaris Cuts Dividend

The company also recently declared 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. This represents a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, November 19th. Tenaris’s dividend payout ratio (DPR) is currently 23.53%.

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.