Tennant (TNC) Position Decreased by Engineers Gate Manager LP
Engineers Gate Manager LP lessened its holdings in Tennant (NYSE:TNC) by 20.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 11,595 shares of the industrial products company’s stock after selling 2,903 shares during the quarter. Engineers Gate Manager LP’s holdings in Tennant were worth $916,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Amalgamated Bank purchased a new position in shares of Tennant in the 2nd quarter valued at about $230,000. Xact Kapitalforvaltning AB acquired a new stake in Tennant in the 1st quarter worth about $248,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Tennant in the 2nd quarter worth about $301,000. Koch Industries Inc. acquired a new stake in Tennant in the 1st quarter worth about $296,000. Finally, Millennium Management LLC acquired a new stake in Tennant in the 4th quarter worth about $340,000. Hedge funds and other institutional investors own 86.24% of the company’s stock.
Several research firms recently issued reports on TNC. TheStreet upgraded Tennant from a “c+” rating to a “b” rating in a report on Thursday, July 26th. ValuEngine upgraded Tennant from a “hold” rating to a “buy” rating in a report on Monday, July 2nd. Finally, Zacks Investment Research cut Tennant from a “buy” rating to a “hold” rating in a report on Thursday, June 28th.
TNC stock opened at $76.60 on Friday. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.25 and a current ratio of 1.81. Tennant has a 12-month low of $59.00 and a 12-month high of $86.03. The stock has a market capitalization of $1.41 billion, a P/E ratio of 49.74, a PEG ratio of 3.77 and a beta of 0.83.
Tennant (NYSE:TNC) last posted its quarterly earnings data on Wednesday, July 25th. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.29. Tennant had a return on equity of 10.65% and a net margin of 1.48%. The company had revenue of $292.20 million for the quarter, compared to analysts’ expectations of $281.03 million. During the same period in the previous year, the firm posted $0.60 EPS. Tennant’s revenue was up 7.9% compared to the same quarter last year. analysts expect that Tennant will post 2.07 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 14th. Investors of record on Friday, August 31st will be issued a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Thursday, August 30th. Tennant’s payout ratio is 54.55%.
Tennant Company Profile
Tennant Company designs, manufactures, and markets floor cleaning equipment. It 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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