Proficio Capital Partners LLC Takes $968,000 Position in Tenaris S.A. (NYSE:TS)

Proficio Capital Partners LLC acquired a new stake in shares of Tenaris S.A. (NYSE:TS) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 25,622 shares of the industrial products company’s stock, valued at approximately $968,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. lifted its stake in Tenaris by 61.5% in the fourth quarter. Crossmark Global Holdings Inc. now owns 35,111 shares of the industrial products company’s stock worth $1,327,000 after acquiring an additional 13,374 shares during the period. GAMMA Investing LLC raised its holdings in Tenaris by 140.2% in the fourth quarter. GAMMA Investing LLC now owns 939 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 548 shares in the last quarter. ABC Arbitrage SA bought a new position in Tenaris in the fourth quarter worth $31,581,000. Concentric Capital Strategies LP bought a new position in Tenaris in the third quarter worth $1,163,000. Finally, Wellington Management Group LLP raised its holdings in Tenaris by 187.4% in 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 purchasing an additional 1,660,300 shares in the last quarter. Hedge funds and other institutional investors own 10.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Jefferies Financial Group upgraded Tenaris from a “hold” rating to a “buy” rating and increased their price objective for the stock from $35.00 to $47.00 in a report on Monday, December 9th. Barclays raised their price target on Tenaris from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Stifel Nicolaus raised their price target on Tenaris from $40.00 to $43.00 and gave the company a “buy” rating in a report on Friday, February 21st. Piper Sandler raised their price target on Tenaris from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, February 25th. Finally, StockNews.com downgraded Tenaris from a “buy” rating to a “hold” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $46.00.

Tenaris Price Performance

Tenaris stock opened at $37.23 on Friday. Tenaris S.A. has a one year low of $27.24 and a one year high of $40.72. The stock has a market capitalization of $21.64 billion, a PE ratio of 10.31 and a beta of 1.44. The business’s fifty day moving average is $38.24 and its 200 day moving average is $35.12.

Tenaris (NYSE:TS) last announced its earnings results on Wednesday, February 19th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.31. The business had revenue of $2.85 billion for the quarter, compared to analysts’ expectations of $2.71 billion. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. As a group, sell-side analysts expect that Tenaris S.A. will post 3.14 EPS for the current fiscal year.

Tenaris Increases Dividend

The company also recently announced a semi-annual dividend, which will be paid on Wednesday, May 21st. Shareholders of record on Tuesday, May 20th will be given a $0.56 dividend. This is a boost from Tenaris’s previous semi-annual dividend of $0.54. The ex-dividend date is Tuesday, May 20th. Tenaris’s dividend payout ratio (DPR) is presently 31.02%.

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.