Tenaris SA (TS) Holdings Cut by Millennium Management LLC

Millennium Management LLC cut its position in Tenaris SA (NYSE:TS) by 26.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and 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 quarter. Millennium Management LLC owned about 0.55% of Tenaris worth $117,394,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new position in shares of Tenaris in the first quarter valued at $166,000. First Republic Investment Management Inc. acquired a new stake in Tenaris during the 1st quarter valued at $219,000. Delpha Capital Management LLC acquired a new stake in Tenaris during the 1st quarter valued at $227,000. Greenleaf Trust acquired a new stake in Tenaris during the 2nd quarter valued at $240,000. Finally, SG Americas Securities LLC lifted its holdings 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 purchasing an additional 3,452 shares during the last quarter. 13.97% of the stock is owned by institutional investors and hedge funds.

TS opened at $34.06 on Tuesday. Tenaris SA has a fifty-two week low of $25.91 and a fifty-two week high of $40.64. The firm has a market cap of $19.79 billion, a PE ratio of 44.23, a PEG ratio of 0.63 and a beta of 0.55.

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, hitting the Zacks’ consensus estimate of $0.29. Tenaris had a return on equity of 5.74% and a net margin of 10.21%. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter last year, the firm earned $0.06 earnings per share. The company’s revenue was up 43.9% on a year-over-year basis. Research analysts forecast that Tenaris SA will post 1.4 EPS for the current fiscal year.

Several equities research analysts have issued reports on TS shares. TheStreet downgraded Tenaris from a “b” rating to a “c+” rating in a report on Wednesday, August 15th. Guggenheim reaffirmed a “buy” rating and set a $48.00 price target on shares of Tenaris in a report on Friday, August 3rd. Zacks Investment Research downgraded Tenaris from a “strong-buy” rating to a “hold” rating and set a $41.00 price target for the company. in a report on Friday, June 29th. Exane BNP Paribas raised Tenaris from an “underperform” rating to a “neutral” rating in a report on Thursday, June 21st. Finally, Jefferies Financial Group started coverage on Tenaris in a report on Thursday, August 23rd. They set a “buy” rating for the company. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $42.04.

About Tenaris

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.

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Institutional Ownership by Quarter for Tenaris (NYSE:TS)

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