Thornburg Investment Management Inc. Takes $796,000 Position in Tenaris S.A. (NYSE:TS)

Thornburg Investment Management Inc. bought a new stake in Tenaris S.A. (NYSE:TS) during the 4th quarter, Holdings Channel reports. The firm bought 21,063 shares of the industrial products company’s stock, valued at approximately $796,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TS. Millennium Management LLC raised its position in shares of Tenaris by 38.2% in the 4th quarter. Millennium Management LLC now owns 2,816,728 shares of the industrial products company’s stock valued at $106,444,000 after buying an additional 778,021 shares in the last quarter. Encompass Capital Advisors LLC acquired a new position in Tenaris during the fourth quarter valued at approximately $41,569,000. ABC Arbitrage SA bought a new stake in Tenaris during the fourth quarter worth $31,581,000. Medina Value Partners LLC lifted its stake in Tenaris by 34.7% during the fourth quarter. Medina Value Partners LLC now owns 566,013 shares of the industrial products company’s stock worth $21,390,000 after purchasing an additional 145,945 shares during the last quarter. Finally, Merewether Investment Management LP bought a new stake in Tenaris during the fourth quarter worth $20,271,000. Institutional investors and hedge funds own 10.45% of the company’s stock.

Analysts Set New Price Targets

TS has been the subject of several recent analyst reports. Stifel Nicolaus cut their target price on Tenaris from $43.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. Bank of America cut Tenaris from a “neutral” rating to an “underperform” rating in a research note on Wednesday, January 29th. Morgan Stanley cut their target price on Tenaris from $35.00 to $34.00 and set an “underweight” rating for the company in a research note on Friday. Piper Sandler increased their price target on Tenaris from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, February 25th. Finally, Barclays set a $48.00 price target on Tenaris and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $44.00.

Tenaris Stock Performance

Shares of TS opened at $34.09 on Monday. Tenaris S.A. has a 52 week low of $27.24 and a 52 week high of $40.87. The stock has a market capitalization of $19.82 billion, a price-to-earnings ratio of 9.44 and a beta of 1.27. The stock has a fifty day moving average of $35.08 and a 200-day moving average of $36.87.

Tenaris (NYSE:TS) last posted its quarterly earnings data on Wednesday, April 30th. The industrial products company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.80 by $0.14. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.88 billion. Tenaris had a return on equity of 11.76% and a net margin of 16.26%. Tenaris’s quarterly revenue was down 15.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.27 earnings per share. As a group, equities analysts forecast that Tenaris S.A. will post 3.14 EPS for the current year.

Tenaris Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Wednesday, May 21st. Investors of record on Tuesday, May 20th will be issued a $0.56 dividend. This is an increase from Tenaris’s previous semi-annual dividend of $0.54. The ex-dividend date of this dividend is Tuesday, May 20th. Tenaris’s dividend payout ratio is presently 68.29%.

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.