Wakefield Asset Management LLLP Acquires New Holdings in Tennant (NYSE:TNC)

Wakefield Asset Management LLLP bought a new position in Tennant (NYSE:TNC) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 9,668 shares of the industrial products company’s stock, valued at approximately $772,000. Wakefield Asset Management LLLP owned 0.05% of Tennant at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. P2 Capital Partners LLC bought a new position in Tennant in the 1st quarter worth $14,780,000. BlackRock Inc. lifted its position in shares of Tennant by 2.5% during the 1st quarter. BlackRock Inc. now owns 2,887,860 shares of the industrial products company’s stock valued at $230,712,000 after buying an additional 70,606 shares in the last quarter. Crawford Investment Counsel Inc. purchased a new position in shares of Tennant during the 1st quarter valued at about $4,241,000. Walthausen & Co. LLC purchased a new position in shares of Tennant during the 1st quarter valued at about $3,772,000. Finally, Deprince Race & Zollo Inc. lifted its position in shares of Tennant by 11.6% during the 1st quarter. Deprince Race & Zollo Inc. now owns 357,021 shares of the industrial products company’s stock valued at $28,522,000 after buying an additional 37,229 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

In other news, insider Richard H. Zay sold 1,600 shares of the stock in a transaction on Wednesday, August 18th. The stock was sold at an average price of $72.94, for a total transaction of $116,704.00. Following the transaction, the insider now owns 13,418 shares of the company’s stock, valued at approximately $978,708.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Richard H. Zay sold 3,680 shares of the stock in a transaction on Friday, August 20th. The stock was sold at an average price of $71.95, for a total value of $264,776.00. Following the transaction, the insider now directly owns 15,498 shares in the company, valued at approximately $1,115,081.10. The disclosure for this sale can be found here. Corporate insiders own 5.40% of the company’s stock.

Shares of TNC traded down $0.68 during mid-day trading on Wednesday, hitting $73.91. 61,110 shares of the stock were exchanged, compared to its average volume of 64,565. The company has a market cap of $1.38 billion, a PE ratio of 28.00, a price-to-earnings-growth ratio of 1.69 and a beta of 1.10. Tennant has a 52-week low of $57.99 and a 52-week high of $87.40. The firm has a 50-day moving average of $75.30 and a two-hundred day moving average of $79.02. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.32 and a current ratio of 1.84.

Tennant (NYSE:TNC) last released its earnings results on Monday, August 2nd. The industrial products company reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.97 by $0.21. The firm had revenue of $279.10 million for the quarter, compared to the consensus estimate of $271.35 million. Tennant had a return on equity of 16.99% and a net margin of 4.61%. The company’s revenue for the quarter was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.96 EPS. On average, sell-side analysts predict that Tennant will post 4.41 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 15th. Shareholders of record on Tuesday, August 31st will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.24%. The ex-dividend date is Monday, August 30th. Tennant’s dividend payout ratio (DPR) is presently 31.62%.

Separately, Colliers Securities reissued a “buy” rating on shares of Tennant in a report on Thursday, July 1st.

Tennant Profile

Tennant Co engages in the design, manufacture, and marketing of cleaning solutions. Its products include equipment for maintaining surfaces in industrial, commercial, and outdoor environments; detergent-free and other sustainable cleaning technologies; cleaning tools and supplies; and coatings for protecting, repairing and upgrading surfaces.

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Institutional Ownership by Quarter for Tennant (NYSE:TNC)

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