Tenaris (NYSE:TS) Cut to “Underperform” at Bank of America

Bank of America cut shares of Tenaris (NYSE:TS) from a neutral rating to an underperform rating in a research note published on Wednesday morning, Marketbeat Ratings reports.

A number of other equities research analysts also recently issued reports on the stock. Stifel Nicolaus reduced their price objective on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Jefferies Financial Group raised Tenaris from a “hold” rating to a “buy” rating and increased their price target for the company from $35.00 to $47.00 in a research report on Monday, December 9th. StockNews.com raised Tenaris from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Kepler Capital Markets lowered Tenaris from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Finally, Piper Sandler started coverage on shares of Tenaris in a report on Thursday, December 19th. They issued an “overweight” rating and a $48.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, Tenaris currently has an average rating of “Hold” and a consensus target price of $42.75.

Tenaris Trading Down 1.3 %

Shares of Tenaris stock opened at $37.64 on Wednesday. The stock has a fifty day simple moving average of $38.23 and a 200 day simple moving average of $33.64. Tenaris has a 12-month low of $27.24 and a 12-month high of $40.72. The company has a market capitalization of $21.88 billion, a P/E ratio of 8.20 and a beta of 1.45.

Tenaris Cuts Dividend

The company also recently declared a Semi-Annual dividend, which was paid on Wednesday, November 20th. Stockholders of record on Tuesday, November 19th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Tuesday, November 19th. This represents a dividend yield of 3.6%. Tenaris’s payout ratio is 23.53%.

Institutional Investors Weigh In On Tenaris

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TS. Versant Capital Management Inc bought a new position in shares of Tenaris in the fourth quarter worth $28,000. GAMMA Investing LLC boosted its stake in Tenaris by 140.2% in the 4th quarter. GAMMA Investing LLC now owns 939 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 548 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Tenaris during the 3rd quarter valued at about $33,000. Covestor Ltd bought a new stake in shares of Tenaris during the third quarter valued at about $40,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Tenaris by 36.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock worth $45,000 after buying an additional 377 shares in the last quarter. 10.45% of the stock is currently 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.