Tenaris S.A. (NYSE:TS) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Tenaris S.A. (NYSE:TS) from a buy rating to a hold rating in a research report report published on Saturday, July 22nd.

According to Zacks, “Tenaris Sa, a corporation organized in Luxembourg, is a leading manufacturer and supplier of seamless steel pipe products and associated services to the oil and gas, energy and other industries. Tenaris’s operating subsidiaries include eight established steel pipe manufacturers: AlgomaTubes, Confab, Dalmine, NKKTubes, Siat, Siderca, Tamsa and Tavsa. “

Other analysts also recently issued research reports about the stock. Scotiabank set a $40.00 price objective on shares of Tenaris and gave the company a buy rating in a report on Saturday, April 1st. Loop Capital upgraded shares of Tenaris from a hold rating to a buy rating and set a $39.00 price target for the company in a report on Wednesday, May 17th. BidaskClub upgraded shares of Tenaris from a sell rating to a hold rating in a report on Thursday, June 29th. Cowen and Company restated a hold rating and set a $30.00 price target on shares of Tenaris in a report on Tuesday, July 11th. Finally, Simmons raised their price target on shares of Tenaris from $40.50 to $41.00 and gave the stock an overweight rating in a report on Tuesday, April 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $35.35.

Shares of Tenaris (NYSE:TS) traded up 0.89% during midday trading on Friday, reaching $27.21. The company had a trading volume of 1,323,222 shares. The stock has a 50-day moving average of $30.36 and a 200 day moving average of $31.74. The firm has a market capitalization of $16.06 billion, a price-to-earnings ratio of 48.59 and a beta of 0.63. Tenaris has a 52 week low of $25.19 and a 52 week high of $37.21.

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Institutional investors have recently bought and sold shares of the company. FMR LLC acquired a new position in shares of Tenaris during the fourth quarter valued at approximately $397,000. Guggenheim Capital LLC boosted its position in shares of Tenaris by 3.4% in the fourth quarter. Guggenheim Capital LLC now owns 71,099 shares of the industrial products company’s stock valued at $2,539,000 after buying an additional 2,332 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Tenaris by 9.0% in the fourth quarter. AQR Capital Management LLC now owns 15,805 shares of the industrial products company’s stock valued at $564,000 after buying an additional 1,300 shares in the last quarter. Norges Bank acquired a new position in shares of Tenaris during the fourth quarter valued at approximately $12,749,000. Finally, Orbis Allan Gray Ltd acquired a new position in shares of Tenaris during the fourth quarter valued at approximately $4,813,000. 17.59% of the stock is owned by hedge funds and other institutional investors.

About Tenaris

Tenaris SA is a holding company, which is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala. The Company supplies round steel bars and flat steel products for its pipes business. It operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that include in the transformation of steel into tubular products.

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