835,703 Shares in Tenaris S.A. (NYSE:TS) Bought by ABC Arbitrage SA

ABC Arbitrage SA purchased a new stake in shares of Tenaris S.A. (NYSE:TS) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 835,703 shares of the industrial products company’s stock, valued at approximately $31,581,000. Tenaris makes up 4.5% of ABC Arbitrage SA’s investment portfolio, making the stock its 2nd largest position.

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

Tenaris Stock Performance

Tenaris stock opened at $38.61 on Friday. Tenaris S.A. has a fifty-two week low of $27.24 and a fifty-two week high of $40.72. The stock has a market cap of $22.44 billion, a price-to-earnings ratio of 8.41 and a beta of 1.44. The stock’s 50 day simple moving average is $38.30 and its two-hundred day simple moving average is $34.12.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on TS shares. Kepler Capital Markets cut shares of Tenaris from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Piper Sandler began coverage on shares of Tenaris in a research report on Thursday, December 19th. They issued an “overweight” rating and a $48.00 price objective on the stock. Bank of America lowered shares of Tenaris from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 29th. StockNews.com downgraded Tenaris from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Jefferies Financial Group upgraded Tenaris from a “hold” rating to a “buy” rating and increased their price objective for the stock from $35.00 to $47.00 in a report on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $42.75.

About Tenaris

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.