Global X Management Co. LLC Has $24.63 Million Stake in Tenaris S.A. (TS)
Global X Management Co. LLC raised its stake in Tenaris S.A. (NYSE:TS) by 14.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 791,075 shares of the industrial products company’s stock after buying an additional 96,947 shares during the period. Tenaris comprises approximately 0.8% of Global X Management Co. LLC’s investment portfolio, making the stock its 21st largest position. Global X Management Co. LLC owned 0.13% of Tenaris worth $24,634,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of the company. Timber Hill LLC acquired a new stake in Tenaris during the first quarter valued at about $205,000. Marathon Trading Investment Management LLC acquired a new stake in Tenaris during the first quarter valued at about $205,000. JPMorgan Chase & Co. increased its stake in Tenaris by 1,187.5% in the first quarter. JPMorgan Chase & Co. now owns 6,502 shares of the industrial products company’s stock valued at $222,000 after buying an additional 5,997 shares in the last quarter. Paloma Partners Management Co acquired a new stake in Tenaris during the first quarter valued at about $251,000. Finally, BNP Paribas Arbitrage SA increased its stake in Tenaris by 41.4% in the first quarter. BNP Paribas Arbitrage SA now owns 8,200 shares of the industrial products company’s stock valued at $280,000 after buying an additional 2,400 shares in the last quarter. Institutional investors own 18.67% of the company’s stock.
Shares of Tenaris S.A. (NYSE TS) opened at 28.13 on Wednesday. The stock has a 50 day moving average price of $31.14 and a 200-day moving average price of $32.35. Tenaris S.A. has a one year low of $25.19 and a one year high of $37.21. The company has a market capitalization of $16.60 billion, a P/E ratio of 68.61 and a beta of 0.63.
TS has been the topic of several analyst reports. BidaskClub upgraded Tenaris from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. Zacks Investment Research upgraded Tenaris from a “hold” rating to a “buy” rating and set a $37.00 price target for the company in a report on Tuesday, July 18th. Loop Capital upgraded Tenaris from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a report on Wednesday, May 17th. Scotiabank reiterated a “buy” rating and issued a $40.00 price target on shares of Tenaris in a report on Monday, May 1st. Finally, Cowen and Company reiterated a “hold” rating and issued a $30.00 price target on shares of Tenaris in a report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $35.35.
Tenaris SA is a holding company, which is a steel producer with production facilities in Mexico, Argentina, Colombia, United States and Guatemala. The Company supplies round steel bars and flat steel products for its pipes business. It operates through Tubes business segment. The Tubes segment includes the production and sale of both seamless and welded steel tubular products, and related services primarily for the oil and gas industry, principally oil country tubular goods (OCTG) used in drilling operations, and for other industrial applications with production processes that include in the transformation of steel into tubular products.
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