D. E. Shaw & Co. Inc. decreased its stake in shares of Tennant (NYSE:TNC) by 8.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,267 shares of the industrial products company’s stock after selling 476 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Tennant were worth $322,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in TNC. Prentiss Smith & Co. Inc. bought a new stake in shares of Tennant during the 2nd quarter valued at about $3,268,000. Morgan Stanley boosted its stake in shares of Tennant by 40.4% during the 2nd quarter. Morgan Stanley now owns 131,232 shares of the industrial products company’s stock valued at $8,032,000 after purchasing an additional 37,734 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Tennant by 3,919.6% during the 1st quarter. Marshall Wace LLP now owns 38,468 shares of the industrial products company’s stock valued at $2,388,000 after purchasing an additional 37,511 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Tennant by 1.2% during the 2nd quarter. BlackRock Inc. now owns 2,668,005 shares of the industrial products company’s stock valued at $163,281,000 after purchasing an additional 31,018 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its stake in shares of Tennant by 2.9% during the 1st quarter. Clearbridge Investments LLC now owns 921,621 shares of the industrial products company’s stock valued at $57,223,000 after purchasing an additional 26,122 shares in the last quarter. 83.33% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director David S. Wichmann sold 1,660 shares of Tennant stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $69.07, for a total transaction of $114,656.20. Following the completion of the transaction, the director now directly owns 12,171 shares of the company’s stock, valued at approximately $840,650.97. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Chris Killingstad sold 12,843 shares of Tennant stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $66.29, for a total transaction of $851,362.47. Following the transaction, the insider now directly owns 168,008 shares of the company’s stock, valued at $11,137,250.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,074 shares of company stock valued at $3,635,040. 5.60% of the stock is currently owned by corporate insiders.
Shares of NYSE TNC opened at $70.51 on Friday. Tennant has a 1 year low of $48.97 and a 1 year high of $78.64. The stock has a market cap of $1.24 billion, a P/E ratio of 32.34 and a beta of 1.23. The firm has a 50-day moving average of $69.13 and a 200 day moving average of $65.02. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.85 and a quick ratio of 1.23.
Tennant (NYSE:TNC) last issued its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.34. Tennant had a net margin of 3.35% and a return on equity of 15.61%. The company had revenue of $299.70 million during the quarter, compared to analysts’ expectations of $301.00 million. During the same period last year, the company posted $0.82 EPS. Tennant’s revenue was up 2.5% on a year-over-year basis. Research analysts expect that Tennant will post 2.69 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Friday, August 30th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, August 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.25%. Tennant’s dividend payout ratio (DPR) is currently 40.37%.
Tennant Company designs, manufactures, and markets floor cleaning equipment worldwide. The company offers a suite of products, including floor maintenance and outdoor cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
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