Tenaris (NYSE:TS) Shares Down 8.9%

Tenaris S.A. (NYSE:TSGet Rating)’s share price traded down 8.9% on Friday . The company traded as low as $24.07 and last traded at $24.16. 73,601 shares were traded during mid-day trading, a decline of 96% from the average session volume of 1,718,875 shares. The stock had previously closed at $26.51.

Analyst Ratings Changes

A number of analysts have commented on the company. Morgan Stanley decreased their target price on Tenaris from $40.00 to $35.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 13th. Jefferies Financial Group upgraded Tenaris from a “hold” rating to a “buy” rating and upped their price target for the stock from $35.70 to $46.00 in a research note on Thursday, July 7th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.64.

Tenaris Stock Performance

The company has a market cap of $14.24 billion, a P/E ratio of 7.74, a PEG ratio of 0.25 and a beta of 1.52. The firm’s 50-day simple moving average is $26.89 and its 200 day simple moving average is $28.83.

Institutional Trading of Tenaris

Several institutional investors have recently modified their holdings of the business. Pendal Group Ltd acquired a new stake in shares of Tenaris in the 1st quarter worth about $351,823,000. Marshall Wace LLP bought a new stake in Tenaris in the 4th quarter worth about $39,132,000. Van ECK Associates Corp grew its position in Tenaris by 27.8% in the 1st quarter. Van ECK Associates Corp now owns 7,152,313 shares of the industrial products company’s stock worth $215,070,000 after purchasing an additional 1,555,180 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Tenaris by 3,518.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,523,751 shares of the industrial products company’s stock worth $45,819,000 after purchasing an additional 1,481,638 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in Tenaris by 460.5% in the 4th quarter. Point72 Asset Management L.P. now owns 1,457,228 shares of the industrial products company’s stock worth $30,398,000 after purchasing an additional 1,197,251 shares in the last quarter. Institutional investors own 12.28% of the company’s stock.

Tenaris Company Profile

(Get Rating)

Tenaris SA, together with its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, cold-drawn pipes, and premium joints and couplings; coiled tubing products for oil and gas drilling and workovers, and subsea pipelines; and umbilical tubing products; and tubular accessories.

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