Tenaris S.A. (NYSE:TS) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp trimmed its stake in shares of Tenaris S.A. (NYSE:TS) by 14.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,311,035 shares of the industrial products company’s stock after selling 375,196 shares during the quarter. Van ECK Associates Corp owned about 0.40% of Tenaris worth $87,334,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in TS. Wellington Management Group LLP lifted its position in 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 worth $80,943,000 after acquiring an additional 1,660,300 shares during the period. Holocene Advisors LP purchased a new position in shares of Tenaris during the 3rd quarter worth approximately $21,454,000. FMR LLC raised its stake in shares of Tenaris by 21.3% during the 3rd quarter. FMR LLC now owns 3,503,644 shares of the industrial products company’s stock worth $111,381,000 after buying an additional 614,884 shares in the last quarter. Mediolanum International Funds Ltd purchased a new position in shares of Tenaris during the 3rd quarter worth approximately $17,129,000. Finally, Point72 Asset Management L.P. raised its stake in shares of Tenaris by 102.5% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,050,552 shares of the industrial products company’s stock worth $33,397,000 after buying an additional 531,860 shares in the last quarter. 10.45% of the stock is owned by institutional investors and hedge funds.

Tenaris Price Performance

NYSE TS opened at $38.46 on Friday. Tenaris S.A. has a 1-year low of $27.24 and a 1-year high of $40.72. The company has a market capitalization of $22.36 billion, a P/E ratio of 8.38 and a beta of 1.44. The business has a 50 day moving average price of $38.31 and a 200 day moving average price of $34.09.

Analyst Upgrades and Downgrades

TS has been the subject of a number of analyst reports. Piper Sandler initiated coverage on Tenaris in a research note on Thursday, December 19th. They set an “overweight” rating and a $48.00 target price for the company. Jefferies Financial Group raised Tenaris from a “hold” rating to a “buy” rating and increased their target price for the stock from $35.00 to $47.00 in a research note on Monday, December 9th. StockNews.com downgraded Tenaris from a “buy” rating to a “hold” rating in a research note on Tuesday. Bank of America downgraded Tenaris from a “neutral” rating to an “underperform” rating in a research note on Wednesday, January 29th. Finally, Kepler Capital Markets downgraded Tenaris from a “buy” rating to a “hold” rating in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $42.75.

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.