Tenaris (NYSE:TS) Downgraded by Bank of America to “Underperform”

Bank of America cut shares of Tenaris (NYSE:TS) from a neutral rating to an underperform rating in a research report sent to investors on Wednesday, Marketbeat Ratings reports.

Several other analysts have also weighed in on TS. Jefferies Financial Group raised Tenaris from a “hold” rating to a “buy” rating and upped their target price for the company from $35.00 to $47.00 in a report on Monday, December 9th. StockNews.com upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a report on Friday, January 17th. Kepler Capital Markets downgraded shares of Tenaris from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Piper Sandler began coverage on shares of Tenaris in a research note on Thursday, December 19th. They set an “overweight” rating and a $48.00 price objective for the company. Finally, Stifel Nicolaus reduced their target price on Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tenaris has an average rating of “Hold” and an average target price of $42.75.

Tenaris Price Performance

Shares of NYSE:TS opened at $37.77 on Wednesday. Tenaris has a 12 month low of $27.24 and a 12 month high of $40.72. The firm has a market capitalization of $21.96 billion, a price-to-earnings ratio of 8.23 and a beta of 1.45. The business’s 50 day simple moving average is $38.19 and its 200-day simple moving average is $33.58.

Tenaris Cuts Dividend

The company also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, November 20th. Investors of record on Tuesday, November 19th were paid 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 payout ratio is 23.53%.

Institutional Trading of Tenaris

Hedge funds have recently bought and sold shares of the company. Versant Capital Management Inc purchased a new position in shares of Tenaris during the 4th quarter worth $28,000. GAMMA Investing LLC boosted its stake in Tenaris by 140.2% in the 4th quarter. GAMMA Investing LLC now owns 939 shares of the industrial products company’s stock worth $35,000 after buying an additional 548 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Tenaris in the 3rd quarter valued at about $33,000. Covestor Ltd acquired a new position in shares of Tenaris during the 3rd quarter valued at about $40,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Tenaris by 36.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 377 shares during the period. Institutional investors and hedge funds own 10.45% of the company’s stock.

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.