Tenaris S.A. (NYSE:TS) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC cut its holdings in Tenaris S.A. (NYSE:TS) by 15.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 16,310 shares of the industrial products company’s stock after selling 2,948 shares during the quarter. HighTower Advisors LLC’s holdings in Tenaris were worth $520,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of TS. Renaissance Technologies LLC increased its stake in shares of Tenaris by 46.2% during the 2nd quarter. Renaissance Technologies LLC now owns 2,592,044 shares of the industrial products company’s stock worth $79,109,000 after purchasing an additional 819,500 shares during the last quarter. Holocene Advisors LP bought a new stake in Tenaris during the third quarter worth approximately $21,454,000. FMR LLC grew its holdings in Tenaris by 21.3% during the third quarter. FMR LLC now owns 3,503,644 shares of the industrial products company’s stock valued at $111,381,000 after purchasing an additional 614,884 shares during the last quarter. Mediolanum International Funds Ltd bought a new position in shares of Tenaris in the third quarter valued at approximately $17,129,000. Finally, SIR Capital Management L.P. acquired a new stake in shares of Tenaris in the second quarter worth $9,680,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

Tenaris Price Performance

Shares of TS opened at $37.19 on Friday. The firm has a 50 day simple moving average of $35.85 and a two-hundred day simple moving average of $32.19. The company has a market cap of $21.62 billion, a P/E ratio of 8.10 and a beta of 1.46. Tenaris S.A. has a one year low of $27.24 and a one year high of $40.72.

Tenaris Cuts Dividend

The firm also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, November 20th. Investors of record on Tuesday, November 19th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a dividend yield of 3.6%. Tenaris’s dividend payout ratio is currently 23.53%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Tenaris from a “hold” rating to a “buy” rating in a research note on Wednesday, November 27th. Jefferies Financial Group upgraded Tenaris from a “hold” rating to a “buy” rating and raised their target price for the stock from $35.00 to $47.00 in a research report on Monday, December 9th. Piper Sandler started coverage on shares of Tenaris in a research note on Thursday. They issued an “overweight” rating and a $48.00 target price for the company. Finally, Stifel Nicolaus dropped their price objective on Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a report on Friday, October 11th. One equities research analyst has 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 presently has a consensus rating of “Moderate Buy” and an average target price of $42.75.

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.