Hennessy Advisors Inc. Cuts Stock Holdings in Tenaris S.A. (NYSE:TS)

Hennessy Advisors Inc. decreased its position in shares of Tenaris S.A. (NYSE:TS) by 41.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,000 shares of the industrial products company’s stock after selling 5,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Tenaris were worth $274,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC grew its holdings in shares of Tenaris by 78.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,084 shares of the industrial products company’s stock valued at $41,000 after buying an additional 478 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Tenaris in the fourth quarter worth approximately $42,000. Farther Finance Advisors LLC boosted its holdings in Tenaris by 93.2% in the first quarter. Farther Finance Advisors LLC now owns 1,660 shares of the industrial products company’s stock worth $66,000 after purchasing an additional 801 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Tenaris by 291.2% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,725 shares of the industrial products company’s stock worth $65,000 after purchasing an additional 1,284 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in Tenaris by 37.2% in the fourth quarter. Covestor Ltd now owns 1,729 shares of the industrial products company’s stock worth $65,000 after purchasing an additional 469 shares during the last quarter. Hedge funds and other institutional investors own 10.45% of the company’s stock.

Tenaris Trading Down 0.2%

TS opened at $35.97 on Monday. Tenaris S.A. has a 1-year low of $27.24 and a 1-year high of $40.87. The company has a market capitalization of $20.91 billion, a PE ratio of 9.96 and a beta of 1.27. The firm’s 50 day simple moving average is $33.62 and its two-hundred day simple moving average is $36.53.

Tenaris (NYSE:TS) last released its quarterly earnings results on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.14. Tenaris had a net margin of 16.26% and a return on equity of 11.76%. The business had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.88 billion. During the same period last year, the firm earned $1.27 earnings per share. The company’s quarterly revenue was down 15.1% on a year-over-year basis. Equities analysts forecast that Tenaris S.A. will post 3.14 earnings per share for the current fiscal year.

Tenaris declared that its board has authorized a stock buyback program on Tuesday, May 27th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the industrial products company to purchase up to 6.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TS shares. BNP Paribas started coverage on shares of Tenaris in a report on Tuesday, April 22nd. They issued an “outperform” rating on the stock. Wall Street Zen upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a report on Monday, May 5th. Barclays set a $48.00 target price on shares of Tenaris and gave the stock an “overweight” rating in a report on Tuesday, May 6th. Stifel Nicolaus dropped their target price on shares of Tenaris from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Finally, Morgan Stanley dropped their target price on shares of Tenaris from $35.00 to $34.00 and set an “underweight” rating on the stock in a report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $44.00.

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.