UBS Asset Management Americas Inc. Continues to Hold Stake in Tennant Company (TNC)

UBS Asset Management Americas Inc. held its stake in shares of Tennant Company (NYSE:TNC) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,583 shares of the industrial products company’s stock at the end of the second quarter. UBS Asset Management Americas Inc.’s holdings in Tennant were worth $412,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Riverhead Capital Management LLC boosted its position in Tennant by 86.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,865 shares of the industrial products company’s stock valued at $138,000 after buying an additional 865 shares during the period. Victory Capital Management Inc. purchased a new position in Tennant in the 1st quarter valued at approximately $157,000. State of Alaska Department of Revenue boosted its position in Tennant by 79.5% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,500 shares of the industrial products company’s stock valued at $258,000 after buying an additional 1,550 shares during the period. Russell Investments Group Ltd. purchased a new position in Tennant in the 2nd quarter valued at approximately $369,000. Finally, Municipal Employees Retirement System of Michigan boosted its position in Tennant by 31.0% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 5,240 shares of the industrial products company’s stock valued at $386,000 after buying an additional 1,240 shares during the period. 87.81% of the stock is owned by institutional investors.

Shares of Tennant Company (TNC) opened at 70.10 on Monday. The stock’s 50 day moving average is $66.43 and its 200 day moving average is $69.55. Tennant Company has a 52-week low of $60.05 and a 52-week high of $76.80. The stock has a market capitalization of $1.25 billion, a PE ratio of 61.60 and a beta of 1.12.

Tennant (NYSE:TNC) last released its quarterly earnings results on Wednesday, August 2nd. The industrial products company reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.79 by ($0.19). The firm had revenue of $270.79 million for the quarter, compared to analyst estimates of $268.32 million. Tennant had a net margin of 2.32% and a return on equity of 15.39%. Tennant’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same period in the previous year, the business posted $0.85 earnings per share. Equities research analysts expect that Tennant Company will post $2.29 earnings per share for the current fiscal year.

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Several brokerages have commented on TNC. Zacks Investment Research raised shares of Tennant from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 4th. BidaskClub cut shares of Tennant from a “sell” rating to a “strong sell” rating in a research report on Friday, August 11th. Finally, TheStreet cut shares of Tennant from a “b-” rating to a “c+” rating in a research report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating and three have issued a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $65.00.

Tennant Company Profile

Tennant Company is engaged in designing, manufacturing and marketing of cleaning solutions. The Company’s segments are Americas; Europe, Middle East, Africa, and Asia Pacific. The Company offers a range of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings and asset management solutions.

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Institutional Ownership by Quarter for Tennant (NYSE:TNC)

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