Van ECK Associates Corp Sells 497,068 Shares of Tenaris S.A. (NYSE:TS)

Van ECK Associates Corp cut its holdings in shares of Tenaris S.A. (NYSE:TS - Free Report) by 15.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,686,231 shares of the industrial products company's stock after selling 497,068 shares during the quarter. Van ECK Associates Corp owned about 0.46% of Tenaris worth $85,073,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Renaissance Technologies LLC grew its holdings in Tenaris by 46.2% in 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 buying an additional 819,500 shares in the last quarter. Acadian Asset Management LLC grew its holdings in Tenaris by 20,284.0% in the 1st quarter. Acadian Asset Management LLC now owns 550,979 shares of the industrial products company's stock valued at $21,623,000 after buying an additional 548,276 shares in the last quarter. Mediolanum International Funds Ltd acquired a new position in Tenaris in the 3rd quarter valued at $17,129,000. SIR Capital Management L.P. acquired a new position in Tenaris in the 2nd quarter valued at $9,680,000. Finally, Kiltearn Partners LLP grew its holdings in Tenaris by 49.9% in the 1st quarter. Kiltearn Partners LLP now owns 743,959 shares of the industrial products company's stock valued at $29,379,000 after buying an additional 247,559 shares in the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

Tenaris Stock Down 0.6 %

Shares of NYSE:TS traded down $0.19 during trading on Monday, reaching $33.03. 1,691,987 shares of the company traded hands, compared to its average volume of 1,964,556. The company's 50 day moving average is $30.66 and its two-hundred day moving average is $31.46. The firm has a market capitalization of $19.20 billion, a PE ratio of 7.04 and a beta of 1.43. Tenaris S.A. has a 52 week low of $27.24 and a 52 week high of $40.72.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TS shares. StockNews.com lowered Tenaris from a "buy" rating to a "hold" rating in a report on Saturday, October 26th. Stifel Nicolaus cut their target price on Tenaris from $37.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, October 11th. Finally, Piper Sandler cut 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 equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, Tenaris currently has an average rating of "Hold" and a consensus price target of $38.67.

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.