Viking Fund Management LLC Cuts Holdings in Tenaris S.A. (NYSE:TS)

Viking Fund Management LLC reduced its position in Tenaris S.A. (NYSE:TS) by 36.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 60,000 shares of the industrial products company’s stock after selling 35,000 shares during the period. Viking Fund Management LLC’s holdings in Tenaris were worth $2,267,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 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 acquiring an additional 377 shares during the last quarter. Ballentine Partners LLC increased its position in Tenaris by 6.1% in the fourth quarter. Ballentine Partners LLC now owns 8,928 shares of the industrial products company’s stock worth $337,000 after purchasing an additional 516 shares during the last quarter. 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 valued at $35,000 after purchasing an additional 548 shares in the last quarter. Evergreen Capital Management LLC lifted its position in Tenaris by 3.7% during the second quarter. Evergreen Capital Management LLC now owns 19,932 shares of the industrial products company’s stock valued at $608,000 after purchasing an additional 710 shares during the last quarter. Finally, Versant Capital Management Inc bought a new position in Tenaris during the fourth quarter valued at $28,000. 10.45% of the stock is owned by institutional investors.

Tenaris Stock Performance

Shares of TS stock opened at $39.20 on Wednesday. The stock has a 50 day moving average price of $37.99 and a 200 day moving average price of $33.25. The firm has a market capitalization of $22.79 billion, a P/E ratio of 8.54 and a beta of 1.45. Tenaris S.A. has a 52-week low of $27.24 and a 52-week high of $40.72.

Tenaris Cuts Dividend

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

Analyst Ratings Changes

Several analysts have recently issued reports on TS shares. StockNews.com upgraded shares of 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 for the company in a research note on Friday, October 11th. Jefferies Financial Group upgraded Tenaris from a “hold” rating to a “buy” rating and lifted their target price for the stock from $35.00 to $47.00 in a report on Monday, December 9th. Kepler Capital Markets downgraded Tenaris from a “buy” rating to a “hold” rating in a research report on Friday, January 17th. Finally, Piper Sandler initiated coverage on shares of Tenaris in a research report on Thursday, December 19th. They set an “overweight” rating and a $48.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.75.

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.