Cornerstone Wealth Management LLC Raises Stock Holdings in Tenaris S.A. (NYSE:TS)

Cornerstone Wealth Management LLC raised its position in shares of Tenaris S.A. (NYSE:TS) by 9.7% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 21,189 shares of the industrial products company’s stock after purchasing an additional 1,869 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in Tenaris were worth $801,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. FMR LLC lifted its holdings in shares of Tenaris by 21.3% during the third quarter. FMR LLC now owns 3,503,644 shares of the industrial products company’s stock worth $111,381,000 after purchasing an additional 614,884 shares during the period. Wellington Management Group LLP lifted its stake in Tenaris by 187.4% during the 3rd quarter. Wellington Management Group LLP now owns 2,546,184 shares of the industrial products company’s stock valued at $80,943,000 after acquiring an additional 1,660,300 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Tenaris by 102.5% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,050,552 shares of the industrial products company’s stock valued at $33,397,000 after acquiring an additional 531,860 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Tenaris in the third quarter worth $21,454,000. Finally, Mediolanum International Funds Ltd acquired a new stake in shares of Tenaris in the third quarter worth $17,129,000. 10.45% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Jefferies Financial Group raised shares of Tenaris from a “hold” rating to a “buy” rating and upped their price target for the company from $35.00 to $47.00 in a report on Monday, December 9th. Piper Sandler began coverage on Tenaris in a research note on Thursday, December 19th. They issued an “overweight” rating and a $48.00 target price on the stock. StockNews.com upgraded Tenaris from a “hold” rating to a “buy” rating in a research report on Friday, January 17th. Stifel Nicolaus lowered their price objective on Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. Finally, Kepler Capital Markets lowered shares of Tenaris from a “buy” rating to a “hold” rating in a report on Friday, January 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $42.75.

Tenaris Stock Up 0.2 %

Shares of Tenaris stock opened at $38.57 on Friday. The firm has a market cap of $22.42 billion, a PE ratio of 8.40 and a beta of 1.45. Tenaris S.A. has a twelve month low of $27.24 and a twelve month high of $40.72. The business has a 50-day moving average price of $38.14 and a 200 day moving average price of $33.44.

Tenaris Cuts Dividend

The firm also recently disclosed a Semi-Annual dividend, which was paid on Wednesday, November 20th. Stockholders of record on Tuesday, November 19th were given a $0.54 dividend. This represents a dividend yield of 3.6%. The ex-dividend date was Tuesday, November 19th. Tenaris’s dividend payout ratio (DPR) is presently 23.53%.

Tenaris 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.