Tenaris SA (TS) Position Reduced by Millennium Management LLC

Share on StockTwits

Millennium Management LLC cut its stake in Tenaris SA (NYSE:TS) by 26.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,225,989 shares of the industrial products company’s stock after selling 1,166,868 shares during the period. Millennium Management LLC owned 0.55% of Tenaris worth $117,394,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC acquired a new stake in Tenaris during the 1st quarter valued at approximately $166,000. First Republic Investment Management Inc. acquired a new stake in Tenaris during the 1st quarter valued at approximately $219,000. Delpha Capital Management LLC acquired a new stake in Tenaris during the 1st quarter valued at approximately $227,000. Greenleaf Trust acquired a new stake in Tenaris during the 2nd quarter valued at approximately $240,000. Finally, SG Americas Securities LLC lifted its stake in Tenaris by 50.6% during the 2nd quarter. SG Americas Securities LLC now owns 10,268 shares of the industrial products company’s stock valued at $374,000 after acquiring an additional 3,452 shares during the period. Institutional investors own 13.97% of the company’s stock.

Several analysts have commented on TS shares. Citigroup cut shares of Tenaris from a “buy” rating to a “neutral” rating in a research note on Friday, August 17th. Jefferies Financial Group assumed coverage on shares of Tenaris in a report on Thursday, August 23rd. They set a “buy” rating for the company. TheStreet lowered shares of Tenaris from a “b” rating to a “c+” rating in a report on Wednesday, August 15th. BTIG Research assumed coverage on shares of Tenaris in a report on Thursday, June 14th. They set a “buy” rating and a $50.00 target price for the company. Finally, Credit Suisse Group lowered shares of Tenaris from an “outperform” rating to a “neutral” rating in a report on Wednesday, July 11th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $42.21.

NYSE:TS opened at $32.05 on Friday. The company has a market cap of $18.85 billion, a PE ratio of 28.02, a PEG ratio of 0.61 and a beta of 0.57. Tenaris SA has a 1-year low of $25.91 and a 1-year high of $40.64.

Tenaris (NYSE:TS) last posted its earnings results on Wednesday, August 1st. The industrial products company reported $0.29 earnings per share for the quarter, meeting the consensus estimate of $0.29. The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.79 billion. Tenaris had a net margin of 10.21% and a return on equity of 5.74%. The business’s quarterly revenue was up 43.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 EPS. sell-side analysts anticipate that Tenaris SA will post 1.39 earnings per share for the current year.

Tenaris Profile

Tenaris SA 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 products for oil and gas drilling operations, such as casing and tubing products, premium connections, drill pipes, coiled tubing, hot-rolled and cold-drawn seamless tubes, tubular and non-tubular accessories, and devices.

See Also: Stock Symbols and CUSIP Explained

Want to see what other hedge funds are holding TS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tenaris SA (NYSE:TS).

Institutional Ownership by Quarter for Tenaris (NYSE:TS)

Receive News & Ratings for Tenaris Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tenaris and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply