Tenaris S.A. (NYSE:TS) Short Interest Update

Tenaris S.A. (NYSE:TS) was the target of a large drop in short interest during the month of July. As of July 15th, there was short interest totalling 5,320,000 shares, a drop of 18.8% from the June 30th total of 6,550,000 shares. Based on an average daily volume of 1,890,000 shares, the days-to-cover ratio is currently 2.8 days. Approximately 0.9% of the shares of the company are sold short.

Tenaris Trading Down 0.5 %

TS stock traded down $0.15 during midday trading on Tuesday, hitting $31.43. The stock had a trading volume of 2,978,278 shares, compared to its average volume of 1,957,421. The firm has a market cap of $18.27 billion, a P/E ratio of 5.25 and a beta of 1.46. The business has a fifty day moving average price of $31.70 and a two-hundred day moving average price of $34.18. Tenaris has a 1-year low of $29.56 and a 1-year high of $40.72.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Raymond James & Associates grew its stake in Tenaris by 0.6% during the fourth quarter. Raymond James & Associates now owns 142,121 shares of the industrial products company’s stock worth $4,940,000 after purchasing an additional 911 shares during the period. Ballentine Partners LLC grew its position in shares of Tenaris by 8.0% during the 4th quarter. Ballentine Partners LLC now owns 8,089 shares of the industrial products company’s stock worth $281,000 after buying an additional 600 shares during the period. Greenleaf Trust bought a new stake in shares of Tenaris in the 4th quarter valued at $210,000. Signaturefd LLC lifted its position in shares of Tenaris by 5.2% during the 4th quarter. Signaturefd LLC now owns 15,695 shares of the industrial products company’s stock valued at $546,000 after acquiring an additional 782 shares during the period. Finally, Beck Bode LLC boosted its stake in Tenaris by 2.3% during the fourth quarter. Beck Bode LLC now owns 35,112 shares of the industrial products company’s stock worth $1,220,000 after acquiring an additional 782 shares in the last quarter. 10.45% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Morgan Stanley downgraded shares of Tenaris from an “overweight” rating to an “underweight” rating and set a $40.00 target price for the company. in a report on Thursday, April 18th. Piper Sandler reduced their price objective on shares of Tenaris from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Tenaris presently has a consensus rating of “Hold” and an average price target of $40.00.

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.