First Trust Advisors LP purchased a new position in shares of Tennant Co. (NYSE:TNC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 6,510 shares of the company’s stock, valued at approximately $351,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TNC. Bogle Investment Management L P DE bought a new stake in shares of Tennant during the first quarter valued at approximately $1,218,000. Goldman Sachs Group Inc. raised its stake in shares of Tennant by 77.9% in the first quarter. Goldman Sachs Group Inc. now owns 38,107 shares of the company’s stock valued at $1,961,000 after buying an additional 16,689 shares in the last quarter. Skylands Capital LLC bought a new stake in shares of Tennant during the second quarter valued at approximately $829,000. Zebra Capital Management LLC bought a new stake in shares of Tennant during the first quarter valued at approximately $245,000. Finally, Rothschild Asset Management Inc. bought a new stake in shares of Tennant during the second quarter valued at approximately $256,000. 86.34% of the stock is currently owned by institutional investors.
Shares of Tennant Co. (NYSE:TNC) traded up 1.31% during trading on Friday, reaching $61.74. 11,525 shares of the company traded hands. Tennant Co. has a 52 week low of $45.92 and a 52 week high of $66.54. The company has a market capitalization of $1.09 billion, a P/E ratio of 34.84 and a beta of 0.90. The company’s 50-day moving average price is $64.02 and its 200-day moving average price is $57.74.
Tennant (NYSE:TNC) last released its earnings results on Tuesday, July 26th. The company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.13. Tennant had a net margin of 3.97% and a return on equity of 18.52%. The company had revenue of $216.80 million for the quarter, compared to analysts’ expectations of $210.61 million. During the same quarter last year, the business earned $0.79 EPS. The firm’s revenue was up .6% compared to the same quarter last year. Equities research analysts forecast that Tennant Co. will post $2.50 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 31st were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.31%. The ex-dividend date of this dividend was Monday, August 29th. Tennant’s payout ratio is 44.94%.
Several analysts have commented on the stock. Zacks Investment Research lowered shares of Tennant from a “buy” rating to a “hold” rating in a research report on Thursday, September 29th. Jefferies Group boosted their price target on shares of Tennant from $54.00 to $56.00 and gave the company a “hold” rating in a research report on Friday, July 29th. TheStreet raised shares of Tennant from a “hold” rating to a “buy” rating in a research report on Tuesday, July 26th. Finally, National Bank Financial lowered shares of Tennant from an “outperform” rating to a “sector perform” rating in a research report on Thursday, July 7th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Tennant has an average rating of “Hold” and a consensus target price of $33.95.
In other Tennant news, SVP Heidi M. Wilson sold 12,158 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $63.68, for a total transaction of $774,221.44. Following the completion of the sale, the senior vice president now directly owns 24,541 shares of the company’s stock, valued at approximately $1,562,770.88. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Thomas Paulson sold 15,304 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $62.00, for a total transaction of $948,848.00. Following the sale, the chief financial officer now directly owns 43,313 shares of the company’s stock, valued at $2,685,406. The disclosure for this sale can be found here. Company insiders own 5.60% of the company’s stock.
Tennant Company (Tennant) is engaged in designing, manufacturing and marketing cleaning solutions. The Company is organized into four operating segments: North America; Latin America; Europe, Middle East, Africa, and Asia Pacific. The Company offers products and solutions consisting of mechanized cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair service, specialty surface coatings, and business solutions, such as financing, rental and leasing programs, and machine-to-machine asset management solutions.
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