Tennant Company $TNC Shares Newly Purchased by Penn Capital Management Company LLC

Penn Capital Management Company LLC bought a new stake in Tennant Company (NYSE:TNC) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 12,647 shares of the industrial products company’s stock, valued at approximately $850,000. Penn Capital Management Company LLC owned 0.07% of Tennant as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Pinnacle Wealth Planning Services Inc. grew its stake in Tennant by 1,683.3% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 428 shares of the industrial products company’s stock worth $29,000 after buying an additional 404 shares during the last quarter. Parallel Advisors LLC increased its position in Tennant by 623.0% in the third quarter. Parallel Advisors LLC now owns 535 shares of the industrial products company’s stock worth $36,000 after buying an additional 461 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Tennant in the second quarter valued at $39,000. Versant Capital Management Inc lifted its stake in Tennant by 44.0% in the third quarter. Versant Capital Management Inc now owns 579 shares of the industrial products company’s stock valued at $39,000 after buying an additional 177 shares during the last quarter. Finally, Simplex Trading LLC bought a new stake in Tennant in the third quarter valued at $52,000. 93.33% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Zacks Research raised shares of Tennant from a “strong sell” rating to a “hold” rating in a report on Thursday, November 5th. Weiss Ratings cut shares of Tennant from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, September 11th. Wall Street Zen upgraded shares of Tennant from a “hold” rating to a “buy” rating in a research report on Saturday. UBS Group set a $85.00 price objective on shares of Tennant in a research report on Thursday, November 5th. Finally, Freedom Broker raised shares of Tennant from a “hold” rating to a “buy” rating and boosted their target price for the company from $77.00 to $85.00 in a research note on Thursday, November 5th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $87.00.

Tennant Stock Performance

Shares of TNC stock opened at $75.05 on Wednesday. Tennant Company has a 12-month low of $60.17 and a 12-month high of $91.93. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 2.61 and a beta of 1.14. The business has a 50 day simple moving average of $68.08 and a 200 day simple moving average of $75.70. The company has a debt-to-equity ratio of 0.65, a current ratio of 2.18 and a quick ratio of 1.46.

Tennant (NYSE:TNC) last announced its earnings results on Monday, November 2nd. The industrial products company reported $1.40 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.42. Tennant had a return on equity of 13.30% and a net margin of 1.85%. The firm had revenue of $322.30 million for the quarter, compared to the consensus estimate of $330.75 million. During the same quarter in the previous year, the business earned $1.46 EPS. The firm’s revenue for the quarter was up 6.3% on a year-over-year basis. On average, equities research analysts anticipate that Tennant Company will post 4.07 EPS for the current year.

Tennant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 30th will be issued a dividend of $0.3250 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 1.7%. This is a positive change from Tennant’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend is Monday, November 30th. Tennant’s dividend payout ratio is 92.54%.

Insider Activity at Tennant

In related news, Director Patrick Allen acquired 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average cost of $69.42 per share, for a total transaction of $208,260.00. Following the completion of the purchase, the director directly owned 4,927 shares in the company, valued at $342,032.34. This trade represents a 155.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 3.50% of the company’s stock.

About Tennant

Tennant Company designs, manufactures and markets equipment and solutions for commercial and industrial cleaning. Its products include floor scrubbers and sweepers, vacuum cleaners, carpet extractors and autonomous cleaning machines, along with cleaning technologies, replacement parts and related services. The company serves customers in sectors such as manufacturing, healthcare, retail, education and transportation. Its offerings support both routine facility maintenance and specialized cleaning needs, and Tennant sells and services its products in markets around the world.