Point72 Hong Kong Ltd Sells 19,604 Shares of Tenaris S.A. (NYSE:TS)

Point72 Hong Kong Ltd lessened its stake in shares of Tenaris S.A. (NYSE:TS) by 95.2% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 998 shares of the industrial products company’s stock after selling 19,604 shares during the quarter. Point72 Hong Kong Ltd’s holdings in Tenaris were worth $32,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of TS. Allspring Global Investments Holdings LLC bought a new position in Tenaris in the 2nd quarter valued at about $32,000. Covestor Ltd bought a new position in shares of Tenaris during the third quarter worth approximately $40,000. Blue Trust Inc. lifted its holdings in Tenaris by 79.0% during the 2nd quarter. Blue Trust Inc. now owns 3,588 shares of the industrial products company’s stock worth $110,000 after purchasing an additional 1,583 shares during the last quarter. West Family Investments Inc. bought a new stake in Tenaris in the 3rd quarter valued at $200,000. Finally, Naples Global Advisors LLC bought a new stake in Tenaris in the 2nd quarter valued at $233,000. Institutional investors own 10.45% of the company’s stock.

Tenaris Price Performance

NYSE TS opened at $38.78 on Wednesday. The business has a fifty day moving average price of $34.23 and a two-hundred day moving average price of $31.75. The stock has a market capitalization of $22.55 billion, a PE ratio of 8.45 and a beta of 1.46. Tenaris S.A. has a fifty-two week low of $27.24 and a fifty-two week high of $40.72.

Tenaris Cuts Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have weighed in on TS shares. StockNews.com raised Tenaris from a “hold” rating to a “buy” rating in a report on Wednesday, November 27th. Stifel Nicolaus dropped their price objective on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, October 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Tenaris currently has a consensus rating of “Hold” and an average price target of $38.67.

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.