Tenaris S.A. (NYSE:TS) Sees Significant Growth in Short Interest

Tenaris S.A. (NYSE:TS) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 3,160,000 shares, a growth of 26.4% from the October 15th total of 2,500,000 shares. Based on an average daily volume of 1,870,000 shares, the days-to-cover ratio is currently 1.7 days. Approximately 0.6% of the company’s shares are sold short.

Tenaris Stock Up 0.5 %

Shares of Tenaris stock opened at $36.96 on Friday. The firm has a market capitalization of $21.49 billion, a P/E ratio of 8.02 and a beta of 1.43. Tenaris has a 52 week low of $27.24 and a 52 week high of $40.72. The firm’s 50 day moving average is $31.80 and its two-hundred day moving average is $31.44.

Tenaris Cuts Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Wednesday, November 20th. Shareholders of record on Tuesday, November 19th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a yield of 3.6%. Tenaris’s dividend payout ratio is currently 34.86%.

Hedge Funds Weigh In On Tenaris

Several hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC increased its stake in Tenaris by 36.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 377 shares during the last quarter. Evergreen Capital Management LLC increased its stake in Tenaris by 3.7% in the second 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 during the last quarter. Signaturefd LLC increased its stake in Tenaris by 4.7% in the second quarter. Signaturefd LLC now owns 16,338 shares of the industrial products company’s stock valued at $499,000 after purchasing an additional 732 shares during the last quarter. Covestor Ltd purchased a new position in shares of Tenaris during the third quarter worth approximately $40,000. Finally, Commonwealth Equity Services LLC grew its position in shares of Tenaris by 9.3% during the second quarter. Commonwealth Equity Services LLC now owns 14,918 shares of the industrial products company’s stock worth $455,000 after acquiring an additional 1,271 shares during the last quarter. 10.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TS has been the topic of a number of recent analyst reports. StockNews.com raised shares of Tenaris from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Stifel Nicolaus reduced their price target on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $38.67.

Tenaris Company 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.