Mediolanum International Funds Ltd Makes New $17.13 Million Investment in Tenaris S.A. (NYSE:TS)

Mediolanum International Funds Ltd acquired a new position in shares of Tenaris S.A. (NYSE:TS) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 538,820 shares of the industrial products company’s stock, valued at approximately $17,129,000.

Other large investors have also made changes to their positions in the company. O Shaughnessy Asset Management LLC increased its holdings in shares of Tenaris by 93.8% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 39,128 shares of the industrial products company’s stock valued at $1,537,000 after purchasing an additional 18,935 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Tenaris by 3.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,782,729 shares of the industrial products company’s stock valued at $70,009,000 after purchasing an additional 56,935 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Tenaris in the 2nd quarter valued at about $1,518,000. BNP Paribas Financial Markets increased its holdings in shares of Tenaris by 30.8% in the 1st quarter. BNP Paribas Financial Markets now owns 103,580 shares of the industrial products company’s stock valued at $4,068,000 after purchasing an additional 24,372 shares in the last quarter. Finally, Sei Investments Co. grew its stake in Tenaris by 133.2% in the 1st quarter. Sei Investments Co. now owns 63,694 shares of the industrial products company’s stock valued at $2,501,000 after acquiring an additional 36,380 shares during the last quarter. Hedge funds and other institutional investors own 10.45% of the company’s stock.

Tenaris Trading Up 2.2 %

Shares of Tenaris stock traded up $0.69 during mid-day trading on Friday, hitting $32.08. 334,685 shares of the stock were exchanged, compared to its average volume of 1,967,743. The company has a 50-day simple moving average of $30.06 and a 200 day simple moving average of $31.83. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.72. The stock has a market capitalization of $18.65 billion, a price-to-earnings ratio of 6.69 and a beta of 1.43.

Tenaris (NYSE:TS) last released its earnings results on Wednesday, July 31st. The industrial products company reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.97 by ($0.38). Tenaris had a return on equity of 16.12% and a net margin of 20.41%. The company had revenue of $3.32 billion during the quarter, compared to analyst estimates of $170.13 million. During the same period in the prior year, the business posted $1.90 earnings per share. Tenaris’s revenue was down 18.5% on a year-over-year basis. Equities research analysts forecast that Tenaris S.A. will post 3.25 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. StockNews.com raised shares of Tenaris from a “hold” rating to a “buy” rating in a research note on Friday, October 18th. Piper Sandler decreased their price target on shares of Tenaris from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, Stifel Nicolaus decreased their price target on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $38.67.

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.