JPMorgan Chase & Co. Purchases 5,997 Shares of Tenaris S.A. (NYSE:TS)

JPMorgan Chase & Co. boosted its stake in Tenaris S.A. (NYSE:TS) by 1,187.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,502 shares of the industrial products company’s stock after buying an additional 5,997 shares during the period. JPMorgan Chase & Co.’s holdings in Tenaris were worth $222,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Wells Fargo & Company MN increased its position in shares of Tenaris by 95.8% in the first quarter. Wells Fargo & Company MN now owns 1,548,753 shares of the industrial products company’s stock valued at $52,875,000 after buying an additional 757,748 shares in the last quarter. Exane Derivatives increased its position in shares of Tenaris by 8,431.0% in the first quarter. Exane Derivatives now owns 11,005 shares of the industrial products company’s stock valued at $376,000 after buying an additional 10,876 shares in the last quarter. Wetherby Asset Management Inc. increased its position in shares of Tenaris by 1.4% in the first quarter. Wetherby Asset Management Inc. now owns 10,555 shares of the industrial products company’s stock worth $360,000 after buying an additional 141 shares during the period. Virtu Financial LLC increased its position in shares of Tenaris by 17.6% in the first quarter. Virtu Financial LLC now owns 8,435 shares of the industrial products company’s stock worth $288,000 after buying an additional 1,265 shares during the period. Finally, Profund Advisors LLC increased its position in shares of Tenaris by 51.0% in the first quarter. Profund Advisors LLC now owns 28,808 shares of the industrial products company’s stock worth $984,000 after buying an additional 9,724 shares during the period. Hedge funds and other institutional investors own 17.59% of the company’s stock.

Tenaris S.A. (NYSE TS) traded up 0.89% during trading on Friday, reaching $27.21. 1,323,222 shares of the company’s stock traded hands. The company has a 50-day moving average price of $30.36 and a 200 day moving average price of $31.74. The firm has a market capitalization of $16.06 billion, a PE ratio of 48.59 and a beta of 0.63. Tenaris S.A. has a one year low of $25.19 and a one year high of $37.21.

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A number of brokerages recently weighed in on TS. Scotiabank set a $40.00 price objective on shares of Tenaris and gave the company a “buy” rating in a research report on Thursday, August 3rd. BidaskClub downgraded shares of Tenaris from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Simmons reaffirmed an “overweight” rating and set a $35.50 target price (down from $39.00) on shares of Tenaris in a report on Wednesday, June 21st. Cowen and Company reaffirmed a “hold” rating and set a $30.00 target price on shares of Tenaris in a report on Tuesday, July 11th. Finally, Morgan Stanley reduced their target price on shares of Tenaris from $44.00 to $38.00 and set an “overweight” rating for the company in a report on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Tenaris has a consensus rating of “Hold” and an average price target of $35.35.

Tenaris Company Profile

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.

Institutional Ownership by Quarter for Tenaris (NYSE:TS)

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