Tenaris S.A. (NYSE:TS) Short Interest Down 25.8% in October

Tenaris S.A. (NYSE:TS) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 2,500,000 shares, a decrease of 25.8% from the September 30th total of 3,370,000 shares. Currently, 0.4% of the company’s stock are short sold. Based on an average daily trading volume, of 2,030,000 shares, the days-to-cover ratio is currently 1.2 days.

Institutional Investors Weigh In On Tenaris

Hedge funds and other institutional investors have recently modified their holdings of the stock. O Shaughnessy Asset Management LLC raised its position in shares of Tenaris by 93.8% in the first quarter. O Shaughnessy Asset Management LLC now owns 39,128 shares of the industrial products company’s stock worth $1,537,000 after buying an additional 18,935 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Tenaris by 3.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,782,729 shares of the industrial products company’s stock valued at $70,009,000 after acquiring an additional 56,935 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Tenaris during the 2nd quarter valued at about $1,518,000. BNP Paribas Financial Markets grew its holdings in shares of Tenaris by 30.8% during the first quarter. BNP Paribas Financial Markets now owns 103,580 shares of the industrial products company’s stock worth $4,068,000 after purchasing an additional 24,372 shares in the last quarter. Finally, Sei Investments Co. increased its position in shares of Tenaris by 133.2% in the first quarter. Sei Investments Co. now owns 63,694 shares of the industrial products company’s stock worth $2,501,000 after purchasing an additional 36,380 shares during the last quarter. 10.45% of the stock is currently owned by institutional investors.

Tenaris Stock Performance

NYSE:TS traded up $0.77 during trading hours on Friday, reaching $32.16. The stock had a trading volume of 1,284,141 shares, compared to its average volume of 1,972,330. Tenaris has a 12-month low of $27.24 and a 12-month high of $40.72. The stock has a 50 day simple moving average of $30.20 and a 200 day simple moving average of $31.72. The stock has a market cap of $18.70 billion, a P/E ratio of 6.86 and a beta of 1.43.

Tenaris (NYSE:TS) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.38). The business had revenue of $3.32 billion during the quarter, compared to analysts’ expectations of $170.13 million. Tenaris had a return on equity of 16.12% and a net margin of 20.41%. Tenaris’s revenue for the quarter was down 18.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.90 EPS. On average, equities analysts expect that Tenaris will post 3.25 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TS shares. StockNews.com cut shares of Tenaris from a “buy” rating to a “hold” rating in a report on Saturday. Piper Sandler decreased their price objective on Tenaris from $43.00 to $40.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, Stifel Nicolaus dropped their target price on 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 assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Tenaris currently has a consensus rating of “Hold” and an average price target of $38.67.

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.