Short Interest in Tenaris S.A. (NYSE:TS) Decreases By 12.5%

Tenaris S.A. (NYSE:TS) was the target of a large drop in short interest during the month of January. As of January 15th, there was short interest totalling 3,920,000 shares, a drop of 12.5% from the December 31st total of 4,480,000 shares. Based on an average trading volume of 1,470,000 shares, the days-to-cover ratio is presently 2.7 days. Approximately 0.7% of the company’s shares are sold short.

Tenaris Price Performance

TS stock opened at $37.64 on Monday. The company has a fifty day moving average price of $38.23 and a two-hundred day moving average price of $33.69. Tenaris has a one year low of $27.24 and a one year high of $40.72. The stock has a market cap of $21.88 billion, a price-to-earnings ratio of 8.20 and a beta of 1.44.

Tenaris Cuts Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc acquired a new position in Tenaris in the fourth quarter valued at about $28,000. GAMMA Investing LLC raised its stake in Tenaris by 140.2% during the fourth quarter. GAMMA Investing LLC now owns 939 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 548 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Tenaris during the third quarter worth about $33,000. Covestor Ltd acquired a new position in Tenaris during the third quarter worth about $40,000. Finally, Allspring Global Investments Holdings LLC raised its stake in Tenaris by 36.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,420 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 377 shares in the last quarter. Institutional investors and hedge funds own 10.45% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on TS. Kepler Capital Markets downgraded 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 report on Thursday, December 19th. They set an “overweight” rating and a $48.00 target price on the stock. Jefferies Financial Group upgraded shares of Tenaris from a “hold” rating to a “buy” rating and raised their target price for the stock from $35.00 to $47.00 in a report on Monday, December 9th. Bank of America downgraded shares of Tenaris from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 29th. Finally, Stifel Nicolaus dropped their target price on shares of Tenaris from $37.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Two analysts have rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Tenaris presently has an average rating of “Hold” and a consensus price target 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.