Van ECK Associates Corp trimmed its position in shares of Tennant (NYSE:TNC) by 7.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,505 shares of the industrial products company’s stock after selling 767 shares during the quarter. Van ECK Associates Corp owned 0.05% of Tennant worth $629,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of TNC. Ameritas Investment Partners Inc. grew its position in Tennant by 9.0% during the second quarter. Ameritas Investment Partners Inc. now owns 1,548 shares of the industrial products company’s stock worth $114,000 after buying an additional 128 shares during the period. Flinton Capital Management LLC grew its position in Tennant by 85.7% during the second quarter. Flinton Capital Management LLC now owns 1,768 shares of the industrial products company’s stock worth $130,000 after buying an additional 816 shares during the period. Riverhead Capital Management LLC grew its position in Tennant by 86.5% during the second quarter. Riverhead Capital Management LLC now owns 1,865 shares of the industrial products company’s stock worth $138,000 after buying an additional 865 shares during the period. Quantbot Technologies LP grew its position in Tennant by 1,013.0% during the third quarter. Quantbot Technologies LP now owns 2,226 shares of the industrial products company’s stock worth $147,000 after buying an additional 2,026 shares during the period. Finally, Victory Capital Management Inc. grew its position in Tennant by 17.5% during the second quarter. Victory Capital Management Inc. now owns 2,546 shares of the industrial products company’s stock worth $188,000 after buying an additional 380 shares during the period. Institutional investors and hedge funds own 91.61% of the company’s stock.
Several brokerages have weighed in on TNC. Dougherty & Co restated a “neutral” rating on shares of Tennant in a research report on Sunday, November 12th. TheStreet lowered shares of Tennant from a “b-” rating to a “c+” rating in a research report on Wednesday, August 9th. Zacks Investment Research downgraded shares of Tennant from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, BidaskClub downgraded shares of Tennant from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $65.00.
Tennant (NYSE:TNC) last announced its quarterly earnings results on Thursday, November 2nd. The industrial products company reported $0.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.29). Tennant had a net margin of 1.32% and a return on equity of 13.07%. The business had revenue of $261.92 million during the quarter, compared to analysts’ expectations of $252.13 million. During the same period last year, the company earned $0.64 EPS. The firm’s revenue for the quarter was up 30.9% on a year-over-year basis. equities research analysts expect that Tennant will post 1.56 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 30th will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a dividend yield of 1.30%. The ex-dividend date of this dividend is Wednesday, November 29th. Tennant’s dividend payout ratio (DPR) is presently 123.53%.
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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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