Tenaris (NYSE:TS) Shares Gap Down to $37.39

Tenaris S.A. (NYSE:TS) gapped down before the market opened on Friday . The stock had previously closed at $37.39, but opened at $35.40. Tenaris shares last traded at $34.95, with a volume of 1,423,335 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Morgan Stanley downgraded Tenaris from an “overweight” rating to an “underweight” rating and set a $40.00 price objective on the stock. in a report on Thursday, April 18th. Bank of America started coverage on Tenaris in a report on Tuesday, January 16th. They set a “neutral” rating on the stock. Finally, Jefferies Financial Group downgraded Tenaris from a “buy” rating to a “hold” rating in a report on Thursday, January 4th.

Tenaris Trading Down 7.4 %

The company has a 50-day moving average price of $37.77 and a two-hundred day moving average price of $34.87. The stock has a market capitalization of $20.43 billion, a P/E ratio of 5.77, a price-to-earnings-growth ratio of 2.33 and a beta of 1.47.

Tenaris (NYSE:TS) last issued its earnings results on Wednesday, February 21st. The industrial products company reported $1.92 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.89. Tenaris had a return on equity of 21.50% and a net margin of 24.89%. The business had revenue of $3.41 billion during the quarter, compared to analyst estimates of $3.08 billion. Research analysts forecast that Tenaris S.A. will post 4.06 earnings per share for the current year.

Tenaris Increases Dividend

The business also recently disclosed a Semi-Annual dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Tuesday, May 21st will be issued a dividend of $0.80 per share. This is a positive change from Tenaris’s previous Semi-Annual dividend of $0.68. The ex-dividend date of this dividend is Monday, May 20th. Tenaris’s payout ratio is currently 13.33%.

Institutional Trading of Tenaris

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP increased its holdings in Tenaris by 101.5% during the 3rd quarter. Wellington Management Group LLP now owns 877,305 shares of the industrial products company’s stock worth $27,723,000 after purchasing an additional 442,016 shares in the last quarter. Optiver Holding B.V. purchased a new position in shares of Tenaris in the 3rd quarter worth approximately $2,862,000. Graham Capital Management L.P. purchased a new position in shares of Tenaris in the 3rd quarter worth approximately $1,113,000. Pacer Advisors Inc. boosted its stake in shares of Tenaris by 59.6% in the 4th quarter. Pacer Advisors Inc. now owns 525,993 shares of the industrial products company’s stock worth $18,284,000 after buying an additional 196,331 shares during the last quarter. Finally, Raymond James & Associates boosted its stake in shares of Tenaris by 0.6% in the 4th quarter. Raymond James & Associates now owns 142,121 shares of the industrial products company’s stock worth $4,940,000 after buying an additional 911 shares during the last quarter. 10.45% of the stock is owned by institutional investors.

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.