ABC Arbitrage SA Makes New $31.58 Million Investment in Tenaris S.A. (NYSE:TS)

ABC Arbitrage SA purchased a new position in shares of Tenaris S.A. (NYSE:TS - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 835,703 shares of the industrial products company's stock, valued at approximately $31,581,000. Tenaris accounts for about 4.5% of ABC Arbitrage SA's holdings, making the stock its 2nd largest position. ABC Arbitrage SA owned about 0.14% of Tenaris at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TS. Versant Capital Management Inc acquired a new position in shares of Tenaris in the 4th quarter worth approximately $28,000. GAMMA Investing LLC boosted its holdings in Tenaris by 140.2% in the fourth quarter. GAMMA Investing LLC now owns 939 shares of the industrial products company's stock worth $35,000 after purchasing an additional 548 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Tenaris in the third quarter worth $33,000. Covestor Ltd bought a new stake in Tenaris during the third quarter valued at $40,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of Tenaris by 36.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company's stock worth $45,000 after purchasing an additional 377 shares during the period. Institutional investors and hedge funds own 10.45% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TS. StockNews.com downgraded shares of Tenaris from a "buy" rating to a "hold" rating in a research report on Tuesday, February 11th. Bank of America cut Tenaris from a "neutral" rating to an "underperform" rating in a research report on Wednesday, January 29th. Piper Sandler assumed coverage on Tenaris in a report on Thursday, December 19th. They issued an "overweight" rating and a $48.00 price target on the stock. Kepler Capital Markets downgraded Tenaris from a "buy" rating to a "hold" rating in a research note on Friday, January 17th. Finally, Jefferies Financial Group upgraded Tenaris from a "hold" rating to a "buy" rating and raised their target price for the company from $35.00 to $47.00 in a research note on Monday, December 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $42.75.

Tenaris Price Performance

Shares of NYSE TS traded down $0.53 during midday trading on Wednesday, hitting $38.85. 1,737,378 shares of the company's stock were exchanged, compared to its average volume of 1,410,831. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.72. The firm has a market cap of $22.59 billion, a P/E ratio of 8.46 and a beta of 1.44. The stock's 50 day moving average price is $38.33 and its 200-day moving average price is $34.35.

Tenaris (NYSE:TS - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The industrial products company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.31. Tenaris had a return on equity of 15.36% and a net margin of 20.23%. On average, analysts expect that Tenaris S.A. will post 3.25 EPS for the current fiscal year.

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.