Tenaris S.A. (NYSE:TS) Stake Reduced by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its stake in shares of Tenaris S.A. (NYSE:TS - Free Report) by 11.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 518,818 shares of the industrial products company's stock after selling 66,352 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.09% of Tenaris worth $16,493,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Renaissance Technologies LLC grew its holdings 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. Mediolanum International Funds Ltd purchased a new stake in shares of Tenaris during the third quarter worth about $17,129,000. SIR Capital Management L.P. purchased a new stake in shares of Tenaris during the second quarter worth about $9,680,000. Van ECK Associates Corp lifted its stake in shares of Tenaris by 10.9% in the second quarter. Van ECK Associates Corp now owns 3,183,299 shares of the industrial products company's stock worth $97,154,000 after acquiring an additional 313,185 shares in the last quarter. Finally, Cubist Systematic Strategies LLC boosted its holdings in Tenaris by 69.7% in the second quarter. Cubist Systematic Strategies LLC now owns 482,376 shares of the industrial products company's stock valued at $14,722,000 after purchasing an additional 198,128 shares during the last quarter. Hedge funds and other institutional investors own 10.45% of the company's stock.

Tenaris Stock Performance

Shares of NYSE TS traded down $0.07 during trading on Tuesday, reaching $37.60. The stock had a trading volume of 1,114,400 shares, compared to its average volume of 1,946,617. The firm's 50 day moving average price is $33.37 and its two-hundred day moving average price is $31.63. Tenaris S.A. has a one year low of $27.24 and a one year high of $40.72. The stock has a market cap of $21.86 billion, a PE ratio of 8.19 and a beta of 1.43.

Tenaris Cuts Dividend

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. StockNews.com downgraded Tenaris from a "buy" rating to a "hold" rating in a report on Tuesday, November 19th. Stifel Nicolaus cut their price target on shares of Tenaris from $37.00 to $36.00 and set a "buy" rating on the stock in a report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $38.67.

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.