Tenaris (NYSE:TS) Shares Cross Below 200-Day Moving Average – Here’s What Happened

Tenaris S.A. (NYSE:TS) passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $56.18 and traded as low as $55.33. Tenaris shares last traded at $55.8710, with a volume of 1,424,286 shares traded.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley upped their target price on shares of Tenaris from $60.00 to $62.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 14th. TD Cowen lifted their price target on shares of Tenaris from $67.00 to $68.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Wall Street Zen downgraded shares of Tenaris from a “buy” rating to a “hold” rating in a research note on Saturday, August 15th. Weiss Ratings lowered shares of Tenaris from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. Finally, Barclays decreased their price objective on shares of Tenaris from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, August 10th. Five equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $61.59.

Tenaris Stock Down 3.0%

The stock has a market cap of $29.95 billion, a price-to-earnings ratio of 14.94, a price-to-earnings-growth ratio of 1.64 and a beta of 0.89. The firm’s 50 day moving average is $56.97 and its two-hundred day moving average is $56.18.

Tenaris (NYSE:TS) last issued its earnings results on Wednesday, November 4th. The industrial products company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.20. Tenaris had a net margin of 15.88% and a return on equity of 11.14%. The firm had revenue of $3.10 billion for the quarter, compared to analysts’ expectations of $3.03 billion. During the same quarter last year, the company posted $0.85 earnings per share. Tenaris’s revenue was up 4.2% on a year-over-year basis. On average, analysts anticipate that Tenaris S.A. will post 3.75 EPS for the current fiscal year.

Institutional Trading of Tenaris

A number of institutional investors and hedge funds have recently made changes to their positions in TS. Renaissance Technologies LLC grew its position in shares of Tenaris by 7.9% during the first quarter. Renaissance Technologies LLC now owns 3,199,744 shares of the industrial products company’s stock worth $186,161,000 after acquiring an additional 235,400 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Tenaris by 2.2% in the 2nd quarter. Wellington Management Group LLP now owns 2,458,033 shares of the industrial products company’s stock worth $136,396,000 after acquiring an additional 52,999 shares during the period. Kiltearn Partners LLP acquired a new stake in shares of Tenaris in the 2nd quarter worth about $9,642,000. Quantinno Capital Management LP increased its holdings in shares of Tenaris by 20.9% in the 1st quarter. Quantinno Capital Management LP now owns 146,347 shares of the industrial products company’s stock worth $8,514,000 after acquiring an additional 25,271 shares during the period. Finally, Ethic Inc. lifted its position in Tenaris by 40.5% in the 3rd quarter. Ethic Inc. now owns 139,055 shares of the industrial products company’s stock valued at $7,673,000 after purchasing an additional 40,067 shares during the last quarter. 10.45% of the stock is currently owned by institutional investors and hedge funds.

About Tenaris

Tenaris SA (NYSE: TS) is a global manufacturer and supplier of steel tubular products and related services. The company primarily serves the energy industry, producing seamless and welded steel pipes used in oil and natural gas exploration, production, transportation and processing. Its offerings include oil country tubular goods, line pipe, premium connections, coiled tubing and sucker rods.

Tenaris also supplies pipes for industrial and mechanical applications, including products used in power generation, automotive manufacturing, construction and other specialized industries.