Bank of Montreal Can Increases Stock Holdings in Tenaris S.A. (NYSE:TS)

Bank of Montreal Can lifted its stake in shares of Tenaris S.A. (NYSE:TS) by 1,117.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 151,879 shares of the industrial products company’s stock after buying an additional 139,402 shares during the quarter. Bank of Montreal Can’s holdings in Tenaris were worth $4,728,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of TS. Evergreen Capital Management LLC grew its stake in Tenaris by 3.7% during the 2nd quarter. Evergreen Capital Management LLC now owns 19,932 shares of the industrial products company’s stock valued at $608,000 after purchasing an additional 710 shares in the last quarter. 1832 Asset Management L.P. grew its stake in Tenaris by 16.6% during the 2nd quarter. 1832 Asset Management L.P. now owns 32,950 shares of the industrial products company’s stock valued at $1,006,000 after purchasing an additional 4,700 shares in the last quarter. XTX Topco Ltd acquired a new stake in Tenaris during the 2nd quarter valued at approximately $1,289,000. Renaissance Technologies LLC grew its stake in Tenaris by 46.2% during the 2nd quarter. Renaissance Technologies LLC now owns 2,592,044 shares of the industrial products company’s stock valued at $79,109,000 after purchasing an additional 819,500 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Tenaris during the 2nd quarter valued at approximately $2,822,000. 10.45% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TS. Stifel Nicolaus lowered their price objective on Tenaris from $42.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. StockNews.com lowered Tenaris from a “buy” rating to a “hold” rating in a research note on Monday, August 5th. Finally, Piper Sandler decreased their target price on Tenaris from $43.00 to $40.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $39.00.

Tenaris Trading Up 1.6 %

Shares of TS opened at $32.31 on Wednesday. The firm has a market cap of $18.78 billion, a price-to-earnings ratio of 5.38 and a beta of 1.43. The stock has a 50 day moving average of $29.22 and a 200-day moving average of $32.62. Tenaris S.A. has a 52 week low of $27.24 and a 52 week high of $40.72.

Tenaris (NYSE:TS) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $0.59 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.38). The firm had revenue of $3.32 billion during the quarter, compared to analyst estimates of $170.13 million. Tenaris had a return on equity of 16.12% and a net margin of 20.41%. Tenaris’s revenue was down 18.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.90 EPS. On average, sell-side analysts predict that Tenaris S.A. will post 3.2 earnings per share for the current fiscal year.

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.