Highland Capital Management LLC Cuts Stock Position in Tenaris S.A. (NYSE:TS)
Highland Capital Management LLC cut its holdings in shares of Tenaris S.A. (NYSE:TS) by 1.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,531 shares of the industrial products company’s stock after selling 930 shares during the period. Highland Capital Management LLC’s holdings in Tenaris were worth $1,328,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of TS. Dimensional Fund Advisors LP increased its stake in Tenaris by 618.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 297,378 shares of the industrial products company’s stock worth $4,743,000 after purchasing an additional 256,009 shares during the period. Van ECK Associates Corp grew its position in shares of Tenaris by 8.2% during the fourth quarter. Van ECK Associates Corp now owns 2,477,767 shares of the industrial products company’s stock worth $39,520,000 after buying an additional 187,085 shares in the last quarter. Aperio Group LLC grew its position in shares of Tenaris by 38.0% during the fourth quarter. Aperio Group LLC now owns 488,044 shares of the industrial products company’s stock worth $7,784,000 after buying an additional 134,305 shares in the last quarter. Voloridge Investment Management LLC acquired a new position in shares of Tenaris during the fourth quarter worth about $1,085,000. Finally, Seven Eight Capital LP grew its position in shares of Tenaris by 141.9% during the fourth quarter. Seven Eight Capital LP now owns 100,400 shares of the industrial products company’s stock worth $1,601,000 after buying an additional 58,900 shares in the last quarter. Institutional investors own 11.07% of the company’s stock.
A number of equities analysts have recently commented on TS shares. The Goldman Sachs Group downgraded Tenaris from a “buy” rating to a “neutral” rating and set a $14.50 price objective for the company. in a research report on Monday, January 25th. Piper Sandler raised Tenaris from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $16.25 to $23.00 in a research report on Thursday, February 25th. BNP Paribas raised Tenaris from an “underperform” rating to a “neutral” rating in a report on Monday, March 8th. Morgan Stanley upped their price target on Tenaris from $23.00 to $25.00 and gave the company an “overweight” rating in a report on Friday. Finally, Barclays raised Tenaris from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $15.00 to $25.00 in a report on Tuesday, March 16th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $20.57.
Tenaris (NYSE:TS) last released its quarterly earnings results on Wednesday, April 28th. The industrial products company reported $0.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.08. Tenaris had a positive return on equity of 1.44% and a negative net margin of 10.23%. As a group, equities research analysts anticipate that Tenaris S.A. will post -0.08 EPS for the current year.
Tenaris SA, through its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, cold-drawn pipes, and premium joints and couplings; coiled tubing products for oil and gas drilling and workovers, and subsea pipelines; and umbilical tubing products; and tubular accessories.
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