Tenaris (NYSE:TS) Downgraded to "Underperform" Rating by Bank of America

Bank of America cut shares of Tenaris (NYSE:TS - Free Report) from a neutral rating to an underperform rating in a report issued on Wednesday, MarketBeat.com reports.

TS has been the subject of a number of other research reports. Piper Sandler assumed coverage on Tenaris in a research report on Thursday, December 19th. They set an "overweight" rating and a $48.00 price objective for the company. Jefferies Financial Group upgraded Tenaris from a "hold" rating to a "buy" rating and raised their price target for the company from $35.00 to $47.00 in a report on Monday, December 9th. Kepler Capital Markets cut shares of Tenaris from a "buy" rating to a "hold" rating in a research note on Friday, January 17th. StockNews.com upgraded shares of Tenaris from a "hold" rating to a "buy" rating in a research note on Friday, January 17th. Finally, Stifel Nicolaus dropped their target price on shares of Tenaris from $37.00 to $36.00 and set a "buy" rating on the stock in a research note on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $42.75.

Tenaris Price Performance

NYSE:TS traded down $0.52 during mid-day trading on Wednesday, hitting $37.64. 1,767,903 shares of the company's stock were exchanged, compared to its average volume of 1,209,875. Tenaris has a one year low of $27.24 and a one year high of $40.72. The business has a fifty day moving average price of $38.23 and a 200 day moving average price of $33.68. The company has a market cap of $21.88 billion, a PE ratio of 8.20 and a beta of 1.45.

Tenaris Cuts Dividend

The business also recently announced a Semi-Annual dividend, which was paid on Wednesday, November 20th. Shareholders of record on Tuesday, November 19th were paid a dividend of $0.54 per share. The ex-dividend date was Tuesday, November 19th. This represents a yield of 3.6%. Tenaris's dividend payout ratio is presently 23.53%.

Institutional Trading of Tenaris

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in shares of Tenaris by 187.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,546,184 shares of the industrial products company's stock valued at $80,943,000 after purchasing an additional 1,660,300 shares during the last quarter. ABC Arbitrage SA purchased a new stake in shares of Tenaris in the fourth quarter valued at $31,581,000. Holocene Advisors LP bought a new position in Tenaris during the 3rd quarter valued at about $21,454,000. FMR LLC boosted its position in shares of Tenaris by 21.3% during the third quarter. FMR LLC now owns 3,503,644 shares of the industrial products company's stock valued at $111,381,000 after buying an additional 614,884 shares during the period. Finally, Mediolanum International Funds Ltd purchased a new stake in shares of Tenaris in the third quarter worth approximately $17,129,000. Hedge funds and other institutional investors own 10.45% of the company's stock.

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.