Van ECK Associates Corp Cuts Holdings in Tenaris S.A. (NYSE:TS)

Van ECK Associates Corp reduced its position in Tenaris S.A. (NYSE:TS) by 15.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,686,231 shares of the industrial products company’s stock after selling 497,068 shares during the period. Van ECK Associates Corp’s holdings in Tenaris were worth $85,073,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC grew its stake in shares of Tenaris by 46.2% in the 2nd quarter. Renaissance Technologies LLC now owns 2,592,044 shares of the industrial products company’s stock worth $79,109,000 after buying an additional 819,500 shares in the last quarter. Acadian Asset Management LLC increased its stake in Tenaris by 20,284.0% during the first quarter. Acadian Asset Management LLC now owns 550,979 shares of the industrial products company’s stock worth $21,623,000 after acquiring an additional 548,276 shares during the last quarter. Mediolanum International Funds Ltd bought a new stake in Tenaris during the third quarter worth approximately $17,129,000. SIR Capital Management L.P. purchased a new stake in Tenaris during the second quarter valued at approximately $9,680,000. Finally, Kiltearn Partners LLP lifted its stake in shares of Tenaris by 49.9% in the 1st quarter. Kiltearn Partners LLP now owns 743,959 shares of the industrial products company’s stock valued at $29,379,000 after purchasing an additional 247,559 shares during the last quarter. 10.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TS shares. StockNews.com downgraded Tenaris from a “buy” rating to a “hold” rating in a research report on Saturday, October 26th. Stifel Nicolaus reduced their target price on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Finally, Piper Sandler dropped their price target on shares of Tenaris from $43.00 to $40.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $38.67.

Tenaris Stock Up 1.0 %

TS stock opened at $33.22 on Monday. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.72. The firm has a market cap of $19.31 billion, a price-to-earnings ratio of 7.08 and a beta of 1.43. The business’s fifty day simple moving average is $30.66 and its two-hundred day simple moving average is $31.46.

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.